Buying a house for the first time is bliss and there are a number of factors that you must consider before making such a huge investment. You can go through different luxury residential projects in Pune to see what suits your budget and taste. However, that is not all that you have to see.
Things to Keep in Mind for First Time Home Buyers
Here are a couple of things that you must keep in mind if you are thinking to buy a house for the first time:
Start Saving Early
The amount of money you’ll need for a down payment will vary depending on the type of loan you get and different projects. Some conventional loans for first-time homebuyers with good credit allow for as little as a 3% down payment. However, even a small down payment can be difficult to come up with even if you are considering low-interest home loans.
To get started, use a down payment calculator to determine a goal and then set up automatic transfers from your checking account to your savings account. Following the purchase of your home, you’ll require some funds. Make a budget for immediate home repairs, upgrades, and furniture.
Research First-time Homebuyer Assistance Programs
Many states, as well as some cities and counties, offer first-time homebuyer programs, which typically include low-interest mortgages as well as down payment and closing cost assistance. Some first-time homebuyer programs provide tax credits as well.
Pick the Right Neighborhood
Given your lifestyle and budget, weigh the benefits and drawbacks of various types of homes. A condominium or townhouse may be less expensive than a single-family home, but it will have less privacy due to shared walls with neighbors. You can’t go wrong with the Zen Estate as it is just the right area for you. When looking for condos and townhomes, as well as houses in planned or gated communities, don’t forget to factor in homeowners association fees.
Stick to Your Budget
You may be pressured to spend more than you can comfortably afford by a lender, or you may feel pressured to spend more than you can comfortably afford to beat another buyer’s offer. Set a price range based on your budget and stick to it to avoid financial stress in the future.
Features for the Home
While it’s important to keep some flexibility in terms in this list, you’re making what may be the most important purchase of your life, and you deserve to have it meet both your needs and desires as closely as possible. Your wish list should include everything from the basics, such as size and location, to smaller details, such as bathroom layout and a kitchen with long-lasting appliances.
Related Post – Amenities And Features To Look For When Buying a Home
Tips on Low-interest Home Loans
It is always preferable to obtain pre-approval. Low-interest home loans are another option. Pre Approval has a number of advantages, including:
You know exactly how much money you have: Once you have a preapproval letter in hand, you and your real estate agent will know what you can afford. This will allow you to shop on a budget.
You can make a better offer: Sellers want to know that the buyer they choose will be able to afford their house. A preapproval letter informs a seller that you have the funds to purchase the property.
You’ll have lesser surprises: When you have a pre-approval, you’ll have fewer last-minute surprises or delays with your lender.
Related Post – 5 Hurdles in Home Buying Journey and How We Fix It?
Why Go for Mahalaxmi Zen Estate, Kharadi?
Kharadi, which is located along Pune’s eastern side, is home to a number of well-known IT hubs and commercial parks, which is why IT professionals are flocking to every available residential space in the area.
The assurance of a beautiful life, one of the best upcoming residential projects in Kharadi, extends not only to the residents but also to the environment. Zen Estate is an IGBC Leed certified project that will be developed as an inclusive green habitat.
Several sustainable components will be used in the construction and design of Zen Estate, including the prudent use of recycled construction materials, rainwater harvesting, wastewater reutilization, and smart energy conservation methods, to mention some.
If living at Zen Estate comes with the guarantee of tranquility, investing in a home here will also provide you with complete peace of mind. With Kharadi becoming a popular destination in eastern Pune, this suburb has seen tremendous growth over the years. Apart from this, Zen Estate is brought to you by two of Pune’s most reputable real estate developers – Mahalaxmi Group and Kohinoor.
If you are a 1st time home buyer, all you need to do is consider Mahalaxmi Zen Estate Kharadi. Get in touch with us to know more and see the best home loans with low interest rates. Visit Mahalaxmi Zen Estate Kharadi, Pune for more details.