Here’s a checklist that you tick off as a first-time property buyer

Buying a home for the first time can be quite a daunting task. There are a lot of aspects that need to be taken into consideration as the process includes an investment of a hefty amount of money. New homebuyers often tend to commit mistakes, resulting in the loss of their valuable time and money.
Hamptons International’s comprehensive list of tips and tricks will help you with things you need to buy a house for the first time.

1. Do not outspend your budget

Deciding on a budget is one of the first steps towards buying a new home as it is crucial to know how much you can truly afford.
You may feel that you can handle a little financial stretch in the initial months but in reality, you will find it hard to cover unforeseen expenses which will cause stress, disturbing your life.

2. Not purchasing from a trusted developer

Purchasing a property from a reputed developer can help you ensure that all legal aspects in terms of approvals for plan, clear land title, amongst others are covered. You can also be assured of the quality of construction and timely delivery.
You may save some money while buying from a lesser-known developer, but you will have to end up compromising on quality and may also face delays in getting possession of your home.

3. Not conducting enough research

It is of utmost importance that you decide on the factors that you are looking for in your new home, which may include the budget, preferred location, lifestyle and so on. Once you have the list of factors ready, you should start researching for projects that meet your criteria.
Most of the projects can be found online where you can also enjoy a virtual walkthrough. The process will help you browse many more projects than you would have by physically visiting each of them. The research will also help you with the kinds of projects available in the market and help you make a better choice for yourself.

4. Not focus on other expenses

There are a lot of hidden expenses that you need to have into consideration even after your budget is finalized and your loan has been approved. Hidden expenses may include registration fees, taxes, interior design charges, moving expenses, maintenance charges and so on.
Such expenses are usually not covered by the loan amount and that is the reason you will have to make provisions for them.

5. Do not ignore the future requirements of your family

As your family will grow, their needs and requirements will also grow. The little ones will require proximity to educational institutions and venues for recreational activities. If you have elderly family members, you should live close to medical facilities.
Since buying a home for you may be a once in a lifetime event, it is very important that you consider the needs of a growing family so as to not regret your decision later on.

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