20 Tips For First Time Home Buyers in India
Buying a house is an important step in your life, but the experience can be daunting as well. So when buying a new home for you or family check these tips and you’re sure to succeed in your goal.
1. Don’t buy a house if you’re not attached
If you can’t remain at the same place for a couple of years, then buying a house isn’t probably the best idea for you. Transaction costs of buying and selling a home may arise and you may finally end up losing money which would make the situation worse for you.
2. Keep ample money for Down Payment
The first point which will come to your mind while buying a new home is the amount of money for down-payment. Keep a handsome sum for the purpose, because fewer funds would ultimately mean cutting down costs in other spheres and you may end up paying extremely high interest rates which is not at all desirable.
3. Check your credit history
Before buying a new house keep your credit history as proper as possible. A few months before you look for a new house, get some copies of your credit report. Make sure you have the correct facts and fix up any problems you discover.
4. Choose the type of land before buying a new house
Buying the correct piece of land, could save you huge sum of money while building your new house.
5. Aim for a home which you can actually afford
Nowadays, buying a house is pretty easy as you have to give only 20% of the total cost as down payment. Now, you know your salary so before buying a house analyze properly so that you don’t end up overspending on something which you probably can’t afford.
6. Get your priorities correct
If buying a new home is your priority then adhere to your goal and try cutting down costs on less important stuff.
7. Search for local incentives
Local incentives like cash rebate and low APR may help you save some money while buying a new home.
8. Talk to your builder about saving money
Your Builder might be familiar with the concept of saving money, so talk to him frequently about it and maybe he might be able to help you as well.
9. Do the small jobs yourself
Before buying a house get a plain and simple idea regarding painting, decking, flooring and landscaping. You can definitely save money if you can do some of this yourself or maybe if some of your best friends can help you with these.
10. Try re-using materials
Enquire locally to look for sources which provide surplus supplies. This will not only save money but will also turn out to be environment friendly.
11. Decide the type of house you want to buy
Before buying a house plan the type of house you want for yourself. This will save both time as well as money.
12. Use energy efficient products as possible
Using specific ENERGY STAR rated appliances, furnaces and air conditioning units for your house could save 10-20% percent of overall energy consumption.
13. Choose carefully between points and rate
If you plan to live in your house for 3-5 years then the option of paying additional points will be perfect for you & on the other hand lower interest rates may help you in the long run.
14. Leave a portion of your home unfinished
You can leave a portion of your home unfinished & complete it later when you have ample money.
15. Skip upgrades
Select standard features and appliances and save upgrades in the future.
16. Pick the Right Contractor
Pick out a contractor who is willing to work for you instead of somebody who only aims for his own profit.
17. Buy building materials in bulk
Buying building materials in bulk can save you ample money in the long run.
18. Number of Windows
Decreasing the number of windows can cut down the costs to some extent.
The plumbing of your home is a necessity that doesn’t have much room for adjustment but you have plenty of choice when it comes to plumbing fixtures.
20. Don’t rush
You have a dream of owning a house and you want to achieve your dream as soon as possible, but always remember that rushing may actually ruin it. So handling issues patiently is important!
Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on FB, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂