Things first-time home buyers should keep in mind

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The shift from renting a home to owning one is a major one. Most of the first-time home buyers end up investing their hard-earned money in the wrong house just because they are unaware of what considerations one should make while buying a home. To make it simple, experts at Modi Builders have come up with some of the most important things one should keep in mind while buying a home.

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Plan your finances beforehand

Financial planning well before you are set to buy a home is a must. You must have a fair idea of how much you can spend on your home. Set an expense limit and stick to it. This not only helps you in finding the ideal home, but also ensures that you don’t end up in a financial crisis.

Know what you want

While looking out for a new home, you might want to settle for the very first house you’ve seen. A home with a nice backyard might catch your fancy more than the other houses that you’ve seen, even when you don’t really need a backyard. Before setting out for a ‘home search’, decide what you need in your home.  Don’t get deviated even if you come across something you find more pleasing to your eyes.

Don’t forget ‘Loan Shopping’

With numerous finance companies offering home loans, one might find it difficult to deduce which one is the best. Experts at Modi Builders suggest that a prospective home buyer should first compare all the finance options available, along with their interest rates and approval status. Pre-approved loans are always better since they give you a fair idea of how much you will have to spend. Choose the one that suits you the most, only after exploring all the options available to you.

Location matters

Never forget to do some research about the location of the house you want to move in. Make sure that schools, hospitals, malls and such amenities are nearby. Moreover, do check the demographics of the neighborhood. You wouldn’t be happy living in a neighborhood full of single people if you have young kids.

With the above tips from Modi Builders, you would surely save a lot, while being the proud owner of a home that you always wanted. Happy home search!

Last modified: May 12, 2017

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