When someone plans to buy their very first home, that moment is filled with so many emotions. It is because you are about to achieve something that many fail to do in their entire life. However, in all the excitement, don’t forget when buying a home, you need to make many crucial decisions.
As a first-time buyer, the chance of making a wrong decision is high. So, to keep you away from such trouble, here are the details or points you must keep in mind.
Don’t Forget to Review Your Finances
No matter where you are planning to buy your very first home, it is essential to have all the finances in order. In order to get approved for the mortgage, you must have an exceptional credit score.
This is the reason if you are thinking of buying a home in the smart city in Lahore, it is better to review your finances first.
While reviewing your financing, you can also find out how much you can afford. There is a general rule introduced by the experts for this, and that is your housing never ever takes more than 30% of your total income.
Down Payment You Can Afford
When buying a home in any housing scheme, be it Park View City Lahore or anywhere else, you must know that a down payment is key. Mainly as a buyer, you have to pay 20% or more down payment to secure a property. Later, you can pay the price following the installment plan offered by any housing scheme.
Before paying a down payment or anything else, make sure you clear your debts. There is the possibility that you need to take a loan, and without a great credit score and heavy debts remaining unpaid, you cannot get a loan.
Look for an Experience Real Estate Agent
If you don’t know anything about the real estate market, your survival will become impossible. One wrong move can result in a huge loss. So, to save yourself from such a terrible situation, it is better to hire an experienced real estate agent.
Finding a real estate agent isn’t hard. However, the process is a bit time-consuming. You might have to interview more than one agent. While interviewing, if you have the slightest doubt in mind about anything, don’t compromise. Instead, keep on looking, as it is a better move.
Shop Yourself for Your Home
Once you hire a real estate agent and discuss everything with them related to the home and budget, don’t think your responsibility is over. You still need to be attentive and show up during home visits. Even if your agent is sending you a picture of a property, remember that this isn’t enough.
There is the possibility that once you visit a home, you don’t like it and find it better than the pictures. So, be prepared for the home tours.
Make a Quick & Right Offer
Once you like a property, there is no need to wait as you never know who else is planning to buy the same property. So, it is suggested to make an offer as soon as possible.
However, when making an offer make sure it is the right one, as per your budget, as compared to the market, and even for a seller. Make no error as otherwise, you may lose your dream house. To ensure your offer is better you must take suggestions from your real estate agent.
They know about the real estate market very well, and no one else knows well what the best bet to bag the deal is.
Always Negotiate
Now if the seller tells you a price for the house and you think it is reasonable, still prefer to negotiate it a bit. Remember, there is always room for negotiation in real estate deals. There is a high probability that you end up saving a good amount of money.
In case your negotiation skills aren’t up to par, it is better to hand over this job to your real estate agent. He/she will surely do an excellent job for you.
Now You Are All Set to Invest!
Now that you have learned the key points, it is time to make a move. Surely you will find a deal that will be the best for you in every manner.
But here is one more tip for you! Once you enter the real estate world, never stop learning. The real estate market never stays the same, so stay up to date about it.
