London Defender

The Daily Mirror of the Great Britain

Life Saving tips for first time home buyers

By Shravan Gupta

Mumbai: It is the need of the hour to have one’s own home. We are in uncertain times where home investment seems to be a good idea. The youth have realized the value of having their own homes. Hence, there is no dearth of first-time buyers in the real estate segment. Most builders like Shravan Gupta have youth as a prime customer base. This strategy seems to be extremely beneficial.

For any first-time buyer, it is vital to focus on these essential points. Every new buyer should know about this and choose the right home.

  1. The right loan segments.

Most first-time buyers prefer to go for home loans. There is a dearth of home loans with attractive schemes. It is vital to go for a home loan which is within one’s own budget. Home loans are being offered at low rates by most banks and this has drawn many first-time buyers. Real estate experts like Shravan Gupta believe that one should analyze their budget and choose the right type of loan. Although home loans are low, any sudden disruption in the economy will make it hard to repay loans.

It is a good idea to check prices for various flats and compare their prices. The best way to check for property prices is through newspapers, real estate portals and agents.

  • EMI calculation.

It is not enough to go for a home loan. Any first time home buyer should always calculate the EMI first. Shravan Gupta feels the correct approach is to make large EMI Payments. The large loan repayment will make your loan free in less time. But if it is not possible, one can go for long term home loans as it makes EMI more affordable. Alternatively, a buyer can go for a joint loan too. It is vital to take into account the home expenses after EMI payment.

3. Choosing a reputed builder.

There are many new homes on offer making the consumer spoilt for choice. But the best option is to go for a builder like Shravan Gupta, who has a good reputation in the market. When a person buys from a reputed builder, the construction quality will be high and the flat will be delivered on time as well. Some builders also offer amenities like extra parking, large balconies and extra carpet area.

Hence, a first-time buyer should visit various builders before choosing the right home.

4. The perfect location.

There is no such thing as a perfect location when searching for a new house. If a buyer keeps certain things in mind, the choice becomes easier. Some essential points to consider while choosing a new house is:

  • Residential area- If a house is in a prominent residential area, it is close to the market.
  • Transport- The area one chooses should boast of public and private transport systems. It makes it easier to go to work, and travel and lessens the travel time.
  • Centrally located- Shravan Gupta stresses that the house should be located centrally.

One buys a home once in a lifetime. Hence, every first-time buyer should be wary of these facts before choosing the right family home. It is also good to start research on flats early and choose the right home for your family.