A guide to buying your first home in today’s market

05.Aug.2023

The young generation or working class of 2023, want to purchase a house in today's market scenario because they see the house as an investment that gives a return in the future. But before buying a flat proper planning, research and due diligence must be conducted before buying the first home in today's market in 2023. Here are a few things to know before buying your first flat.

Budgeting

The first step to buying a home is to figure out your budget or how much you can afford to pay for your first house. To own a first home, it is advisable to spend not more than 30% of your monthly salary on EMI and loans, and the house's overall value should not exceed 20x your annual income.

Budgeting is very necessary because apart from buying a flat or apartment, taxes, and registration charges, the brokerage is also needed to pay by the buyer, which could range between 2% to 6% of the total transaction. Savings must also be checked before buying any home, and if savings are not appropriate, consider adding a source and delaying the house for some time.

Research and due diligence

Searching for a home is never easy. Factors such as price, location, area etc., must be checked thoroughly and critically before buying any property. List down these things that can be helpful and necessary while finding a home to live in. Visiting the maximum available option in your budget, checking the neighborhood, trusting your instinct, and being patient with your needs and requirements can help you to form a better decision and take another step toward owning your first home.

Location

Before buying a home take a proper inspection of the home to see whatever space, locality, size, neighborhood, structure, and amenities fit your requirement. A home inspection helps you to study the location and the structure of your dream home. The home inspectors will tell you about the advantages of the locality of buying in a certain sector or highlight the checklist that suits your need and requirement. Visit as much as possible because this can clear your mind regarding the needs and wants of buying your dream home.

Capital appreciation

Before buying a home in today's market, check the price appreciation of that location and locality it has given so far in the last few years. Taking a real estate forecast can give you the best return, predict future demand, and nearby future projects that are coming in that will increase the price of the property in coming years.

Prepare for EMI

Once you get a clear idea of how much you are borrowing and how much amount is emi going every month, you will need to arrange the emi amount every month to keep your loan going safe and secure. The EMI amount must be put in every month to avoid delay and manage with money in hand. In this way paying and budgeting will avoid you from spending more and can save money so that the loan can easily be offloaded and savings can be used for down payment.

Documentation

With RERA coming in to regulate the real estate market transparency is the major factor of working of RERA. Proper documents must be needed and duly checked by the experts which ensure that the transaction of buying a real estate is done legally. Documents such as floor plans and blueprints must be rera approved and needed while purchasing a property. This saves a lot of money while registration and completes a hassle-free process to buy your first home.

Expert advice

Before buying a flat, it is always advised to take the consultation of the expert, which are real estate brokers and agents. Because they have updated information of what is going on in the market, and what space, project, and location fits you according to the demand of the customer.

We are at Realty Dart and have vast experience in the Noida market of more than 12 years. Our team has experts who help our clients to complete their aspirations of owning their first home. You can contact us at 7053707070.

Conclusion

While buying a house all these above-listed factors such as budgeting, location, documentation, expert advice, EMI, and expert advice is necessary to maintain and looked before applying for registration and owning the flat legally. A proper credit score and maintaining proper payment of EMI on time can save up a lot of money. Any time is the right time to buy a house to complete your aspiration of owning a house.

A guide to buying your first home in today’s market