The decision to buy a home involves both an emotional and a financial commitment. You cannot just decide one day and buy a home unless you have a financial backup. Additionally, there is a process you must follow from the time your loan application is approved until you are seated at the closing table.
Even while it can seem daunting, if you break down the process into easy steps and take your time, you could one day fulfill your dream of being a homeowner with Goodbrick Realty Navi Mumbai.
This blog will help you understand what you should be looking out for when buying your first property. So, let’s dive in and get a better understanding of it!
Let’s check over the factors you should keep in mind when buying your first home:
Knowing what you want is one of the most crucial things in the realty market today. A buyer now has more options than ever when it comes to real estate assets. To make it simpler for you and to find the best suitable home for yourself, the foremost thing you need to do is narrow down your options to a chosen few. Goodbrick Realty Navi Mumbai builds homes that give you a premium living experience.
You will require some money for a down payment. The part of the purchase price of the property that you pay in cash to the real estate developers in Navi Mumbai at closing is called the down payment. You’ll spend more in fees and interest over the term of the loan if you put less money down when buying a property.
When considering investing in real estate, money is the most crucial factor to consider. A budget has two components: the first is the investment cost you are ready to pay for a certain property, and the second is the amount you are trying to take the loan for. We at Goodbrick Realty Navi Mumbai have an effective payment plan where you pay 5 Lakh as a token amount and the rest as per the payment schedule. Potential homeowners would be able to readily get loans due to the adaptable plan.
From the perspective of your living comfort and investment, the location of a house you’re considering buying is quite significant. There are several characteristics that make a place suitable for buying property. Our ongoing project, Vistara in Nashik, is close to malls, hospitals, public gardens, schools, and institutions. In addition, it is conveniently located with quick access to the Mumbai-Nashik highway and other areas of Nashik city.
All builders and developers in Navi Mumbai have their unique selling points (USPs) that attract buyers. Additionally, because the number of buyers, as well as real estate properties have substantially increased, it is important for buyers to understand which form of property best suits their needs. There are 3 primary types of properties available: flats, villas, and villaments (a mix of villas and apartments). Purchase the one that best meets your needs.
Before looking for a home, it’s important to be aware of your credit score. To those customers who have strong credit scores, most real estate developers in Navi Mumbai sell real estate without difficulty. The credit score ranges from 0 to 1000 and is determined by a number of factors relating to a person’s financial credit history. Builders believe anything above 650 to be acceptable enough to allow a person with that credit score to buy a home from them.
With so many real estate projects going on, there are some unreliable builders out there that are only in it for the money. Buyers being misled into honey traps by unethical builders has also multiplied. Before purchasing any house from a builder, it’s crucial to research their track record.
Once you have finalized the builder, and the type of flat, visit the project to check for any infrastructure issues like seepage which raises major problems later. The best time to check for it is during monsoon season. That way you know the property is well constructed and there’s no seepage in the walls of your future home.
To benefit from wealth generation or equity, you should have a minimum five-year plan for dwelling in or maintaining the home you are buying. When closing fees and interest payments are taken into account, selling before 5 years is likely to result in a loss or a break-even situation.
You’ll need to either develop handyman skills or have money set aside for home maintenance and repairs. For yearly maintenance, budget around 1% of your home’s purchase price. Take into account monthly costs as well, such as society maintenance charges, etc.
Hope this blog enlightened you and satisfied your curious mind regarding what to consider while buying a home for the first time. At Goodbrick Realty Navi Mumbai, we would love to welcome you with open arms as a member of our enormous, ever-expanding family of homeowners.
We stick by our promise to provide you with a haven of love, laughter, and delight as well as transparent association and hassle-free transactions.
Goodbrick Realty aim to always make sure that the beginning of your journey to a new home welcomes you with amazing new opportunities. So, why wait now, book your dream home with us today!