Buying a home is a major decision that needs proper planning and execution. For a first time buyer, the process may look immense and complicated. However, if you have your priorities and plans in place, buying a house can be a cakewalk. Developing a strategy for buying a house is a stage by stage process. Though we can compartmentalize each phase of the purchase planning, these stages are in fact mutually inclusive. Let us examine how to go about planning for your home buying, taking tips from the experts at Sulekha Properties.
Budget considerations and sources of finance
One of the first things that a home buyer needs to decide is how much they can spend on a home. This will be the foundation on which all other stages of the purchase planning will rest. When you consider the budget, it should include all costs and prices related to buying a home like down payment, taxes, service charges, etc. It should also include any repairs or renovations that may be required for an older property.
Once the prospective buyer has set a goal in terms of the expenditure, the next step is to plan the sources of finance. Home loans, savings, and other sources that can provide funds for purchase must be clearly marked with the percentage of contribution from each source. Another aspect of planning the financial side of the purchase is the time period taken to arrange the funds. For some buyers, it may take years to save a considerable amount every month to buy a house. Have clear targets in terms of monthly or annual savings.
Type of house and facilities
Your budget will decide what type of residential property you can have. Likewise, the house you choose or want can influence your budget plans. Whichever way it works, make sure that you are choosing a house that meets your requirements and expectations.
When you consider the location where you want to buy a property, do not stick to any particular place. For example, you may be looking for house for sale in Coimbatore. If you cannot find any suitable property, do not just end the search there. It is possible that there are many other properties in the nearby areas that meet your needs. Always be open to search in areas beyond your first choice.
How to go about
You may want to have a clear planning about how to start the actual process of buying. If you are confident enough about your understanding of the real estate market or the purchase procedures, you can start on your own. Otherwise, consider the services of a real estate agent who can chart a better plan for you right from the start.