Best Home Buying Tips for First Time Buyers

Published on: 14 August 2017 Last Updated on: 19 August 2019

Having a home is the best asset that each family desires because housing is a basic need. The challenge with most people is that they make several mistakes while buying their first home. You need to be keen because this is a long-term investment. Some of the mistakes you make can cost you for the rest of your life. Here are some of the home buying tips for first-time buyers.

Financial Planning

You will rarely come across a person buying a home in cash. Most of us rely on mortgages to finance their home purchase. It means that you need to do a lot of planning before you make the final decision. First, you will be expected to make a monthly payment towards the mortgage. Look at your financial cash flows and make sure you are comfortable with the monthly installments. You don’t want to buy a house that will be repossessed along the way because of the inability to pay. Assess your future cash flows to make sure that you are on the safe side. It’s good to have an alternative source of income just in case the primary source fails.

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So many financial institution advance mortgages to their clients. Look for a financier whose mortgages have the best features. You need a loan that is not very expensive in the long run. Assess both the finance fee and the loan interest rate to get the best deal. Also, look at the lending policy of the borrower. Look at how they handle default because no one can see tomorrow and you need to prepare for the worst. You can also use probate estate loans. Banks offer different mortgage products and you need to do your homework well to get the best product.

Size of the House

Make sure you evaluate your housing needs before you begin shopping for one. A home is not something that you can buy at any time. It is a long-term investment that can take you even 30 years to clear the mortgage. Make sure you evaluate your future and current housing needs. For instance, a single person who is planning to get married should plan for the future needs of his family. Buy a house with the future needs of your family in mind. It is very little you can do when you discover later that your house is too small. Make sure you buy a house that will meet all your needs in the long run.

Location of the House

Location is an important element when buying a house for the first time. First, look at the accessibility of the house. Infrastructure is very important when buying a home. Make sure you are comfortable with the distance of the house from the road. You should be able to access the house with a lot of ease. The house should also be close to social amenities such as schools, hospitals, shopping malls, restaurants, and gyms just to name a few. It can be hard to get an ideal location but you can try to get the best from what the market has to offer. The last thing to look at is the neighborhood. This element is mainly determined by your age and lifestyle. You can decide to go to a neighborhood that has old people or the young generation.

Using Property Agents

Home buying companies have a long list of houses for sale in the region. Using them can save you a lot of effort. They can give you several options and you will be able to choose the best. You will also get an opportunity to compare the prices of different homes for you to get the best value for your money. You can cushion yourself against exploitation from greedy sellers by using property agents. You will pay property agents some fee but it is cost-effective in the long run. It’s always a good option to use the help of North Coast Financial advisers.

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Things to know before buying a new house

Buying a house is not a small thing. It needs a huge amount of investment. No matter how good the builder is or how new the building is there is no such thing as a perfect house. There are defects in each and everything. We should not assume that the house is perfect as it is a new house. It is truly said that precaution is better than cure. We should be aware before investing in a big property. Problems always pump up without an invitation. New home buyers should have a good relationship with the builder no matter how worst the things turn up. They make the biggest mistake by not getting into laws and depending solely upon the builders. They blindly trust the builders and believe that they are doing work ethically but that is not the case in every situation. Mistakes to be avoided by new home buyers: These things need to be taken care of before buying a new house: 1. Deciding the property be taken before getting a loan approval New house buyer gets attracted to the model houses without even knowing how much they have to pay for it. The builder seduces the new house buyers by showing them the model house. The model house has beautiful rooms that may not exist in reality. The buyer gives the commitment of buying the house before even thinking about their budget. The builder promises about attractive financial schemes that attract the buyers. The buyers should talk to at least 4-5 lenders about the mortgage loan and then take a decision. They can talk to the credit union, bank, or builders about various mortgage programs and then arrive at a conclusion. 2. Details about the builder Many times we fail to check the background of the builder. Whether he has a good reputation in the market or not. The inquiry can be done by asking the neighbors. Consulting few past customers before purchasing the property is always helpful. 3. Ignoring the upcoming issues The new buyers usually fail to ask about the prevailing problems in the house. We can't be assured that all the problems will be solved easily; we need to have a clear picture of the issues before getting further. We need to ask about the punch list of problems from the builder. 4. Inspection before buying the new house Generally, we don't feel to get the new house inspected by a professional. We feel that everything is right as it the new house. But this is the mistake that is done by most of the new buyers that they regret later on. Seeing the interior of the house the buyers think that there can be no issues in the house but the inspectors find problems most of the time. The charges of the inspector are very nominal. 5. Bad negotiation skills The new home buyer fails to negotiate and accept the terms and conditions of the builders without even questioning them. If negotiation is done with proper technique ten it works on the side of the buyers. It should be done professionally and equitably so as to close the best possible deal. Buyers are no more victims. They rule the real estate industry by taking control in their hands. 6. Failing to get the real estimates in good faith Mortgage lenders don't always provide the real estimates to new house buyers in good faith. They need to provide the estimate to the buyers within three days of the loan processing application. The documents need to be clear as per the annual income of the buyer. The loan needs to be compared before applying for it. The buyers need to visit more lenders to get a good estimate and then select the best price as per his negotiation skills which are in his good faith. The new house buyers should take care of all these things before buying a house. If a person is doing such a huge investment in the property then he needs to be careful and take utmost precautions for it. The most important thing is to take considerable time in doing the research before selecting anything. Buyers should consult the new building company and clear the above things and match the criteria before purchasing the house. The best solutions can be provided by them as they have the knowledge about the local trend and culture prevailing. The buyers will also have satisfaction after consulting the local building company as it is from his own locality. They will have accurate information about the company and it will be easy for them to do research about the company. This is the benefit of consulting the local company instead of a company from other states. Read Also: How To Sell Your House Fast?! Five Must-Know Tips To Move Your Property! We Buy Houses: Don’t Build Without Permits

Moving home checklist: What you need to know

They say that moving home is one of life’s most stressful events. However, to make the process as streamlined as possible, we have compiled a quick-moving home checklist in collaboration with Yopa so you don't have to worry about forgetting vital items when making the leap into the wild blue yonder. 6 weeks before the move : Plan how you are going to move. If you need to hire a van, decide whether you want to load it yourself or whether you want a professional packing crew. Vehicles tend to get booked up rather quickly, so make a reservation well ahead of time. If you do decide to move your items yourself, you will need to get boxes and gradually get everything packed. Clear the loft, clear any rubbish you have, and make sure that every item that you take to your new home is something that you need or want to keep. Expect several trips to the local charity shops or to the local tip. 4 weeks before the move : Now is the time to inform various suppliers that you will be moving house. Utilities, mobile phone companies, banks, and care providers need to be told, as does your local council and employer. If you can arrange a continuation of service to your new home, great – it will make the move so much simpler. Don't forget to update various websites, especially those that deliver (Amazon and eBay in particular!). You can also arrange for the Royal Mail to redirect your post from a specific date. You also want to consider emptying your freezers and fridges and gradually eating all the items in them. Make sure you also get everything from the back of the cupboards. The average British home only has a few weeks' worths of supplies so prepare for some interesting meal combinations over the next few weeks – tomato soup with peas, anyone? 1 week before the move : Pack, pack, pack! You need more boxes, packing tape, bin bags and everything else than you ever thought possible. Work your way through all your items, packing up the least used first and saving the major stuff for last. On the day itself, you definitely don't want to have to do any packing apart from the few items that you need to function. 2 days before the move : Prepare a travel bag with two days' worth of clothing and the toiletries that you'll need. In addition, check around and make sure that you haven't left anything in the garden, the shed or the loft. All of these places can result in last-minute panics if you don't take care of them in advance. Your house should mostly be boxes with only large items remaining. It's moving day! : By now, everything should be packed, so all you have to do is move your earthly possessions into the vehicle. If you've paid for a moving and packing service, just sit back and relax – it's being done for you. Once everything is out, vacuum the floors, pick up your travel bags, drop the keys off (if necessary) and head to your new home. Don't forget to order a takeaway when you get there — unpacking is hard work, and if you arrive there late, you might want to crawl into a sleeping bag and have a good snooze. Perhaps have a bottle of champagne on ice too… Read Also : 6 Things You Must Know Before Selling Your Home How To Sell Your House Fast?! Five Must-Know Tips To Move Your Property! 6 Expert Tips For Finding The Right Home To Buy

How to File a complaint under RERA ACT

Nothing could be more disheartening and unfortunate that investing into the property that never reaches its completion date; either there are inconsistencies in the construction of the property or the builder turns fraudulent. RERA complaint filing needs some extra care. Whatever be the reason, under all scenarios, the only option left for home buyers is to withdraw their money from the project and invest elsewhere. But this is not as easy as it sounds. Majority of the real estate developers refuse to return the booking amount on one pretext or the other. Thankfully, the RERA (Real Estate Regulatory Authority) Act has brought a paradigm shift in the real estate sector. Formed to empower home buyers who are looking forward to buying a property in India, and safeguard their interests, the Act enforces stringent laws, rules, regulations, and time frames for the scheduled delivery of projects. The Act mandates all real estate developers to register their projects before the launch, thus bringing the entire real estate market under one regulatory body. But do you know how to file a complaint under the RERA Act? What are the timelines for dispute resolution? And why is the Real Estate Regulatory Authority better than other existing consumer protection laws? In this article, we’ll take a closer look at the process of filing a complaint under RERA and the benefits of the Act. What is a RERA Complaint? Constituted as a discrete grievance redressal system, RERA Act, 2016 strives to resolve any dispute involving a property deal, affecting either the home buyer or the builder. It necessitates every state to form a separate authority to settle disputes between builders and buyers. Therefore, every state has laid out a different set of procedures to register a complaint, and the time taken for the redressal of the cases is also different. Both real estate developers and home buyers can file a complaint about all kinds of disputes related to: Delays in project delivery Non- fulfillment of the property plan Compensation settlement Delay in deposit or installments beyond deadlines "RERA has streamlined the real estate sector in a big way. It has increased transparency and instilled confidence in home buyers who can now take errant builders to court and seek justice. However, RERA authority in every state has different rules, procedures, and forms for filing a complaint, and home buyers need to carefully read through them before lodging a complaint." How to File a Complaint under RERA? A complaint can be filed under Section 31 either with the Real Estate Regulatory Authority or the adjudicating officer. A complaint can be filed both online as well as offline but needs to be filed strictly on the form prescribed by the state government. You need to visit the RERA portal of your respective state to download the form and know the rules and procedure laid out by your state government. To log register your complaint, you need to visit the respective RERA portal of your state: State/UT Website Gujarat http://gujrera.gujarat.gov.in Uttar Pradesh www.up-rera.in Chandigarh http://rera.chbonline.in Dadra and Nagar Haveli http://maharera.mahaonline.gov.in/ Andaman and Nicobar Islands http://www.tnrera.in/ Daman and Diu http://maharera.mahaonline.gov.in/ Madhya Pradesh http://rera.mp.gov.in/ Delhi http://dda.org.in/rera/index.aspx Maharashtra https://maharera.mahaonline.gov.in/ Andhra Pradesh https://www.rera.ap.gov.in Odisha http://orera.in/ Bihar https://nagarseva.bihar.gov.in/rerabihar/ Rajasthan http://rera.rajasthan.gov.in/ Jharkhand http://rera.jharkhand.gov.in/ Uttarakhand http://www.uhuda.org.in/real-estate-act/ Tamil Nadu http://www.tnrera.in Karnataka https://rera.karnataka.gov.in/ Punjab https://www.rera.punjab.gov.in/ Chhattisgarh https://rera.cgstate.gov.in/ Haryana http://www.harera.in/ Telangana http://rera.telangana.gov.in/ Himachal Pradesh http://www.hprera.in/ Goa https://rera.goa.gov.in/ The fee for filing the case also varies from one state to another. For example, in Maharashtra, the fee for the application is Rs 5,000, whereas in Karnataka it is Rs 1,000. In general, the complainant needs to furnish: Complete details of the applicant as well as the respondent. Registration number and address of the project. The reason of complaint along with facts and findings. Reliefs sought if any. Timelines for Dispute Resolution: RERA works on the policies of the quick proceeding and immediate judgment. While there is no time frame for registering a case, the authority needs to resolve all complaints within 60 days of receiving the application. To seek immediate relief, consumers must approach the regulatory authority as soon as possible. Did you know Maharashtra is the most active state in implementing the RERA Act and has more than 65% of projects registered? MahaRERA has received 2,737 complaints and has already passed justice to around 1,476 cases while the rest are in the hearing. Benefits of RERA over Other Consumer Forums: Till now, home buyers were protected under the Consumer Protection Act (1986). But due to heavy footfall of cases, the proceedings were slow and the builders used to file an appeal to the National Consumer Disputes Redressal Commission (NCDRC), making the whole process invariably slow. But being a quasi-judicial authority that has been formed to handle only real estate cases, RERA aims at an expeditious resolution of all complaints. Some of the advantages of filing a case under RERA include: It’s an independent adjudicating body formed to handle real estate cases only. Completely consumer-friendly. Offers quick resolution of issues and complaints. Offers complete transparency in proceedings. Imparts financial discipline to all builders. Mandates compensation to home buyers for delayed deliveries of projects. With all documents ready and proofs at hand, filing a complaint under the Act is not a difficult task. So, whether you are an aggrieved buyer or an unhappy builder, you can now approach the RERA authority and seek immediate relief for all legal disputes pertaining to the real estate industry. Featured image: realtyplusmag.com

Best Home Buying Tips for First Time Buyers

Financial Planning

Size of the House

Location of the House

Using Property Agents

Buying or Selling a Home in Seattle?

Finding The Right Moving Company

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

Things to know before buying a new house

Moving home checklist: What you need to know

How to File a complaint under RERA ACT

Best Home Buying Tips for First Time Buyers

Financial Planning

Size of the House

Location of the House

Using Property Agents

Share this Article

Buying or Selling a Home in Seattle?

Finding The Right Moving Company

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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