Posted on July 12, 2013

First time home buying

The challenge of buying a home for the first time can seem so daunting that it’s tempting to either just go with the first house that falls in your price range or continue to rent. To help you demystify the process and get the most out of the purchase, we’ll examine what you’ll need to consider before you buy, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.

Unlike renting, buying a home is an investment that can appreciate over time and help you accrue some equity and long-term financial security.

The first thing you’ll need to determine is what your long-term goals are and then how home ownership fits in with those plans. It could be that you’re simply looking to transform all those “wasted” rent payments into mortgage payments that actually give you something tangible. Others see home ownership as a sign of their independence and enjoy the idea of being their own landlord. Narrowing down your big-picture homeownership goals will point you in the right direction. Here are five questions to ask yourself:

What type of home best suits your needs?
You have several options when purchasing a residential property: a traditional single-family home, an independent house, a condo, or a multi-family apartment with two to four units. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. You can also purchase a pent house, although the amount of time, sweat equity and money involved into your dream home might be much more. Saran Developers’ Mulberry Woods have great options of 4 bedroom condos for home buyers.

What specific features will your ideal home have?
While it's good to retain some flexibility in this list, you’re making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your needs and wants as closely as possible. Your list should include basic desires, like neighbourhood and size, all the way down to smaller details like bathroom layout and a kitchen that comes with trust-worthy appliances. A highly equipped clubhouse and spacious balconies are some of the features Mulberry Woods offer. It also comes along with a fully facilitated gymnasium and guarded children’s play area.

How much home can you actually afford?
On the other hand, sometimes a bank will give you a loan for more house than you really want to pay for. Look at the house’s total cost, not just the monthly payment. Of course, looking at the monthly payment is also important, along with how much down payment you can afford, how high the property taxes are in your chosen neighbourhood, how much will the insurance cost, how much you anticipate spending to maintain or improve the house, and how much your closing costs will be.

Acquiring a home – sweet home or rather building one has always been on top of the list of ambitions for every Indian. The beginning of the 21st century has witnessed significant growth in this trend with an increased supply of disposable income in the hands of young Indians. The proliferation of information technology business had added further impetus and cities and towns are growing vertically and horizontally to cater to the demand for new homes. Getting a foot on the first rung of the property ladder can seem an uphill struggle. Saran Developers’ easy and comprehensive work modules help even the first time home buyer to purchase a home of his own.