Wednesday, 21 August 2019

Questions All First-Time Buyers Should Ask

Are you ready for the largest financial investment of your life? Buying a home is definitely the biggest investment you’ll ever make in your life. So, you should do if after thorough research and prior homework.

To help you make the right decision, here are some of the major questions that every first-time home buyer should ask.

Q.1. What Are The Best Locations In Ghaziabad To Invest In?

Flats in Nh 24 Ghaziabad are the most preferred homes for first-time home buyers, owing to their location advantage and budget-friendliness. But, there are other locations as well - 
  • Raj nagar extension 
  • Indirapuram 
  • Crossing republik 
  • Vaishali 
  • Vasundhara 
Q.2. Should I Buy Or Rent?

This is completely dependent on your budget and preferences. However, the benefits of buying flats in Ghaziabad are definitely better than renting. Some of the major benefits include - 
  • Capital gains
  • Appreciation in value
  • Tax breaks
  • Financial gains
  • Equity
  • Complete freedom and security
Q.3. What Is The Relation Between My Credit Score And My Ability To Buy a Home?

Your credit score gives you a clear picture of your financial standing. With a higher credit score, you have better chances to get a home loan at attractive interest rates. On the other hand, with a low credit score, it will take a longer period of time to get a home loan. 

Q.4. Do I Need To Save For Down Payment?

Yes, of-course. Depending on the lender’s requirements, you might have to pay 5% to 20% of the total amount as down payment. So, make a budget, and stick to it, in order to save for down payment. 

Q.5. What Will Be The Cost Of Property Taxes?

Most of the first-time home buyers get disturbed by the cost of property taxes. But honestly, there is nothing to be shocked or get disturbed about. While you are researching and filtering home options, ask the seller about the estimated taxes on the property. If the total amount fits in your budget, buy the home or else, switch to another option. 

Q.6. Will I Need An Emergency Fund? 

If you are investing in a newly constructed home, you may not need this. But, if you are buying a home that was previously occupied by someone else, you will have to have an emergency fund for making all the repairs and improvements. 

Q.7. What Type Of Concessions Should I Ask For?

Asking for concessions from the seller is very important to make sure you bring a perfect deal at the closing table. You can ask for concessions in anything, like in the rate of the property. If the seller agrees, you will certainly get benefited. 

So, buy your first home today!!


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