6 Things a Novice Buyer Should Know Before Buying a Home

Written By: Sumita Roy

A new buyer is scared as well as excited about buying a new home. But he should have a right mind that always goes into understanding the market, satisfying his necessity and making the best decisions possible. It is therefore imperative to do some research before investing.

The things he should look for are:

First, the locality he wants to reside in- whether it is an urban city setting or a suburban one. Both come with their own boons and banes. In an urban setting one is most likely to get an apartment, or condos. Villas and bungalows are also available but at a much greater price. The benefit of an urban setting is the commuting process, with commercial places at hop skip and jump away distance, one has the world at his doorsteps. Whereas a suburb has the merits of a peaceful, tranquil environment and even a hobby for gardening can be cherished easily.

Secondly, the affordability always varies from person to person. One can get a bigger place in the suburban area at the same price than in a city. The bank loans seem to be very affordable from a casual approach. But one should do a thorough study before any commitment is made.

Thirdly, often builders advertise before the completion of the houses. It is important for the buyer to view the plan and inspect the locality before promising anything. Certain builders advertise only in papers or in their own website to keep better control over their transactions. So the buyer should not depend only on the web listings.

Fourthly, the buyer should be completely aware of the construction process by maintaining regular surveillance at the site. He should also be conscious of the reputation of the builder.

Fifthly, it is often advantageous to hire a broker to find houses in accordance to the buyer’s necessity. He should be able to look after the interests of the buyer by performing certain key duties namely- bargaining, legal formalities, discounts offered in various properties and so on.

Lastly, it is often profitable to buy houses from a builder who is just entering the market. For higher sale, he often announces discounts on properties. Or, one may even buy from the last stock of property of the builder ensuring not a reduction of price but, rather, an increase in matters of internal amenities which are, usually, not acknowledged in the market, keeping the image of the builder intact in the market and benefitting the buyer as well.

But it is always better to hire a broker, an expert in this field, who will point out the advantages and disadvantages of properties and help the buyer in making the right decision.