Being a first time homebuyer is a pretty expensive call. It is very important to be cautious and careful before plunging into such kind of activity. A friend of mine was planning to buy an affordable apartment in Jaipur, but as she was a first time buyer, she was unaware of many things. She was unsure of the steps to be taken to get into her first deal. Needless to say, that the challenge of purchasing a flat for the first time can truly be daunting, nerve-wracking and at the same time thrilling as well. True, the learning curve can be sometimes extremely steep, but to be precise, most of the struggles on your end could be resolved by doing a little homework.
Take a quick look at the house-hunting strategies for your ready reference.
Primarily, before you start by searching for houses, all you must have is a clear plan of what kind of neighbourhood you would prefer to live in. Also, know the style of house you would like to have. Always remember that real estate does not sleep. So, if you are planning to invest in a good residential property, you have to act very quickly, or you may lose the chance of getting an excellent flat.
Analyse the Markets
This is one of the most important points you must note when you are looking to buy a home for the first time. Check out the market statistics concerning the properties available in the market. Paying less attention in this particular area will lead to problems, so ensure that you analyse the markets properly. Always try investing your money and time in a market that has signs of positive growth.
Once you have finished analysing the market, the immediate step would be to contact the real estate brokers. Make sure you have the basic knowledge of the real estate market’s demographics. Contacting a broker will always be a fruitful idea, as he will be a key resource from whom you can specifically learn about the market.
Build a Team
Start building a team gradually if you are really looking forward to getting a good apartment without any complicacy. First, get in touch with the broker because he will be the best person to help you build the entire team. Check with your broker, whether he has any recommendation for an accountant, an attorney, a banker, a property management company and so on. It is always best to have a perfect team before plunging into the property-buying affair.
As a first time buyer, make sure you know the approximate amount you need to spend for your property. So, calculate and divide it accordingly as there will be down payment and EMIs to be paid on time.
Whatever you do, make sure you do not judge a book by its cover. Before finalising a flat, step inside and look around properly to get things clear. Hope, the above-mentioned roadmap will work as a great guide for you when buying an apartment.