Here are tips for first-time homebuyers:
Prepare a budget
First-time purchasers need to be financially and emotionally ready to buy.“The first thing every buyer should do is to really look at their budget and know what they want their monthly payment to be,” says Bhavesh Trivedi, owner of Croma Enterprises in mumbai, an agent with nearly 15 years of experience. “They need to include a homeowner’s association fee, maintenance, taxes and insurance, too.”
“Buyers need that preapproval letter so they know they’re looking in the right price range and to be competitive when they find the place they want,” says Bhavesh.
Find a trustworthy real estate agent
“The most important advice I can give to any buyer is to make sure you talk to a lot of people before you choose an agent and a lender because you need to know you can trust them,” says Bhavesh.
Sandeep Oza, an experienced broker in Borivali , Mumbai, recommends having a financial plan in place and saving money for a home inspection, an appraisal, a downpayment and closing costs.
Make time for research
Setting aside time to research homes and locations is also key.
“I often see engaged couples who have the ambitious goal to find a house and plan a wedding at the same time,” says Bhavesh. “I highly recommend that people free up time and mental space to undertake the search for a home. Buying your first place is demanding and all-encompassing and it requires focus.”
Once you have established your price range, Bhavesh suggests getting to know several neighborhoods well before you start seriously shopping.
“Go to a Different areas like Railway stations , market or a coffee shop and at open houses to see what a neighborhood is like,” Bhavesh says.
Another pre-search task is to develop a list of your priorities.
Know what kind of home you want
“Our first priority was to have a clear concept of floor plan,” says Sandeep. “We like to entertain, so the flow of the floor plan is important.”
“Lots of people say things like ‘I need an 1500 -2000 sqft flat ’ but it’s important to find out what they really mean,” Bhavesh says.
“For example, the people who want flat may just want privacy and would be OK with a smaller property that backs to green space with trails,” he says. “Understanding the way people plan to use their space opens them up to more options.”
“Factor in what’s most relevant to you”, says Sandeep.
“Think through what amenities and services you really want to pay a premium for,” says Bhavesh. “And it helps if you know where you’re headed, such as starting a family or plannig a child.”
Croma Enterprises 