Valuable Lessons for First-Time Home Buyers
Metro Group | 25th May, 2019
Buying a home can be thrilling and nerve-wracking, especially for a first-time homebuyer. Whether you are looking for a lavish lake facing apartment in Mumbai or a normal 2 BHK flat in Chembur – it’s difficult to know exactly what to expect. With that said, we would like to share some valuable tips for first time home buyers, so that they can enjoy the benefits of owning their dream home with peace.
Start Saving Money Right Now
Most mortgage lenders require a cash down payment of 5-10%, or even up to 15% of the purchase price. So it’s important that you start saving money right now.
The earlier you start saving for that down payment, the easier it gets. You need to save up at least 20 – 30 % of your future home’s value to use as a down payment. That’s easier said than done, but it becomes a much more realistic concept if you start saving right away.
Don’t Get Mortgage From Any Unknown Lender
Even before you find a realtor; it’s important that you look for a proven, professional and trusted lender. Try getting a referral from those close to you, or from other real estate professionals who you know and respect. Ask home-owning friends and co-workers about their experience with their mortgage lender, this will give you an idea, as how you need to communicate or deal with your lender.
Also make sure you check in with at least two or three lenders so you have an idea of what’s out there. In addition to the interest rate and loan terms, have each furnish you with a breakdown of your total costs, so that you get a chance to compare.
Pay Attention to The Home Inspection
You might think your new home is perfect, but that’s far from the truth. Whether it’s a lavish penthouse near a beach or a standard 3 BHK flat in Chembur – buyers tend to get caught up in the cosmetic beauty of a home, which indirectly allows some potentially costly or unhealthy issues to go unnoticed. Hence make sure to check every nook and corner of the house thoroughly to avoid post-closing headaches or heartaches.
Don’t Go Shopping for Home Decors Immediately
Before you go shopping for home decors, take time to plan out the space so you know what you can fit where. Measure your space so you know what you have to work with. For better results, draw it all out on some graph paper and carry it along while you go shopping. This will help you compare your measurements against the size of furniture or the carpet etc; you want to buy. Look what kind of amenities your new home is offering you, this in all will help you plan your shopping list and help you save on your budget.
For example: A bigger home like a 4 BHK flat in Chembur might require some different decor elements to get rid from the lake moisture and dust, while a normal flat in Mumbai might just need some basic decor elements. Depending on your needs, put up a plan before you go shopping for home decor.
Try To Avoid Any New Debts
Another piece of advice while buying a new home is – staying away from new debts. As you prepare to buy a new home, try to stay away from taking any new loans, including car loans. You’ll be in a much better place to get your ideal mortgage, if you are debt-free.
Also remember, any monthly obligations you have could stand in the way of taking out a mortgage for the home you are really planning to buy since years.
Get a Second Opinion
A beautiful residential project in Mumbai might just allure your senses, however those “love blinders” can cause expensive mistakes if you fail to notice something wrong with the property. When you’ve fallen in love with a house, it’s easy to overlook things that may not be quite right. That’s why it’s important to take a relative or a family friend along while inspecting the new home. Since they aren’t buying the property themselves, they’re more likely to see it for what it is. Different eyes spot different things, and friendly eyes will tell you the problems they see.
Metro Group India is one real estate developer to offer supreme residential projects in Navi Mumbai and Mumbai – where your life will be buzzing with excitement. Currently Metro Group is offering 2 & 4 BHK flats in Chembur. Each and every project of Metro is tastefully planned and meticulously designed, so that you don’t leave disappointed, when you come to inspect your beautiful home with lot of dreams and hopes. Hence, you need not worry about spending more on home decors for your new home designed by Metro Group. In short, you can save alot of your money, by not purchasing unwanted stuff.
So if you are one of those looking for a 2 & 4 BHK flats in Chembur and planning to save on money, then look no further than Metro Group India.