Purchasing a new home is both a financial and emotional decision. There is nothing more satisfying when you purchase your first home. But for many of us the process can be quite challenging because purchasing a home is a big financial commitment, and it often involves many different steps that can be confusing to consumers. These challenges can make the purchase complicated and difficult. Here are 4 big obstacles you can overcome as a first-time homebuyer.
1. Affordability
Price of home is increasing day by day thus the cost of living. In such situations buying a home can be quite difficult. The affordability issue is not just about the sales price of a house, it’s about being able to make the down payment or not. In such situations one can find help by applying for an FHA (Federal Housing Authority) loan.
If you qualify your down payment will be 3.5% of your mortgage loan.
2. Poor Credit History
A poor credit history may create a big obstacle in your way of home buying process. Borrowers with good, established credit scores are less risky to lenders, and that can translate into lower mortgage rates. Your credit score history is a deciding factor when it comes for a mortgage or whether your application is accepted or not. Making student loan payments on time can also help you to build up your credit history. And you can help to repair a damaged credit score by reducing your credit card balances and making your payments on time, every time.
3. Verifying Property Registration and Other Related Documents
Whether you are purchasing a home, a villa or a plot of residential land it involves certain checks likes, title deeds, environmental clearance, RERA certificate, NOC, Completion certificate, allotment letter and what not. This can indeed be overwhelming for first-time buyers.
This is where choosing a reputed builder is a huge benefit. Choose only those who have reputed and trusted portfolio. Alternatively you may also hire a lawyer to do all the legal things.
4. Working on the Interiors
Most of the home buyers are shocked when they get to know that they need to again invest lakhs of rupees on interior things. Like the painting, flooring, electrical appliance fitting, cupboard, and kitchen installations, decorating – cost a fortune.
To overcome this problem choose ready-to-move-in properties which are 100% completed and you can move in immediately. The builder takes care of all the details, including the interiors, common amenities, and sometimes even post-sale maintenance, thereby reducing the burden of the home buyer.
5. Simplify your Dream Home Purchase
Purchasing a home for the first time can be both overwhelming and intimidating. Use the above guidelines to overcome the major obstacles and ensure that the process goes smoothly. Always trust reputed builders like Anshul Group to experience the easy flow of purchasing the home. For more details visit our website at www.anshulgroup.com and get a quote today.
