House Buying Tips: Buying a house for the first time? Memorize these 5 things..

Buying a house for your family is one of the biggest and most beautiful dreams of life. But this work should not be done just out of enthusiasm. You should buy a house with complete planning and after thinking well, because small mistakes made in this matter can cost you heavily in the future. If you are going to buy a house for the first time, then understand some things well, as these can prove to be helpful for you.

Make the loan a support, not a burden.

Home loan plays a very big role in turning your dream of owning a house into reality, but it is very important to take it wisely. If you have a good credit score, the bank can give you a loan up to 90% of the property value, but this is where you have to be smart. Try to make at least a 20-30% down payment from your pocket. This will reduce the burden of your EMI, and you will be able to save lakhs of rupees in interest in the long run. Before finalizing the loan, compare the interest rates and terms of 4-5 banks. Take the loan from the one where you get the cheapest loan.

Don't just look at today's salary, look at tomorrow's salary too.

Don't decide to buy a house just by looking at today's salary. Think about how much your income will grow and how much your expenses can increase in the coming years. Remember, home expenses are not limited to EMI only. Expenses like society maintenance charge, property tax, water-electricity bills, and minor home repairs will also be paid from your salary. Always ensure that your home loan EMI is not more than 35-40% of your monthly take-home salary.

Rein in expenses

Once the home loan starts, EMI will become a part of your life. Therefore, along with making up your mind to buy a house, start cutting down on your unnecessary expenses. By reducing expenses like eating out on weekends, online shopping, and expensive parties, you can create a good emergency fund. This fund will be useful in paying your EMI in a difficult time in the future, and you will avoid becoming a defaulter. Developing the habit of saving is the most important step.

Say 'Bye' to the broker, say 'Hi' to the developer directly.
When you buy a house through an agent or broker, the agent takes 1 to 1.5% commission from you and also takes 1% from the seller, which the seller later recovers from you by adding it to the property price. Suppose you are buying a flat worth 50 lakhs, then you pay around 1.25 lakh to 1.50 lakh rupees to the agent. Try to buy the property directly from the developer or seller. This can save you lakhs of rupees.

Is it new or old? Know the age of the property.
It is very important to know how old the house you are buying is. In today's time, the average age of an RCC (cement, concrete, steel) structure is considered to be 70-80 years. The older your property is, the lower its resale value will be, and the higher the maintenance cost will be. To know the exact age of the property, you can take the help of the old residents there, property documents or a structural engineer. Getting a loan for an old property may also be a little difficult.

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