According to an old thought, food, clothing and shelter are a man’s basic needs. However, shelter is no more basic. Buying a home in a developed city is a luxurious affair. Having a home of your own gives you freedom from living in rented apartments and provides you with a lifelong security of owning a property of your own. Most of us spend a good part of our lifetime in buying a house. Make sure you pick the property as it is a long term investment and yields good returns in future. Here are 7 things you should take into consideration if you are buying a home for the first time –
Type of residence
Initially, you have to decide on the kind of house you need. However, the answer to this question depends on the city you chose to stay. If you plan to stay in a metro city, you can go for a flat style home in a building. However, if you are cool with the idea of staying in a 2 tier city, you can look for a single apartment, a row house, a pent house or a bungalow. The best part about smaller cities is that the real estate prices have not touched the sky and therefore you can afford a bigger home.
Size depends on two factors- your family and your budget. If yours is a joint family, you must go for a bigger and spacious apartment whereas a nuclear family can look for compact homes.
Your house should be located in an area that is closer to school, hospital, market place etc. The cost may be a little high as compared to a house located in a remote area but this is worthy as it convenient for the family members. Also, look for areas where there are kind of anti social elements present as it compromises the safety of your family members. Go for areas with lush greenery as it gives you fresh air all day. You can opt for cabins for sale in Pinetop AZ. Choosing the right location can also give you a good benefit when you sell your property.
Mode of payment
If you are applying for a loan, take in to consideration the loan amount, all other household expenses and a contingency fund for emergencies. Finalise the loan amount only when you are done with these calculations i.e. Income-Expenses-Savings-Home Loan. Prepare a proper budget as it then leaves you some funds for luxuries and holidays.
Ways to look for a house Estate Agents
The first choice of most people when it comes to buying a property. Estate agents show you multiple properties in the area of your choice and in exchange charge a commission/fee for the services provided.
Local Newspapers – The property classified columns are filled with offers on flats/offices. You can contact the seller directly. This mode does not involve any estate agent.
Real estate sites – This is a new trend of late. You can sell your property, list your property, rent your property etc on these real estate websites.
Builder/developer – The best is to directly visit the builder’s site and check the house on your own. This system also eliminates the estate agent.
Take a second look – Narrow down a few choices and go for a second look to the flats and thoroughly analyse the entire property.
Research – Check the structural condition properly before finalising your deal. If you are buying a villa or a bungalow, check all the land related documents carefully. You can also take legal assistance in this case.
Quote your offer – Try to find the disadvantages of the property as it helps in negotiating for a lower price.