The millennial couples have a different set of priorities these days and investing in a property is one of them. Taking a decision to buy a house is no more just restricted to couples in their mature relationships when they think that they have enough money to invest in a property. The banks are willing to give considerable amounts of home loans to young home-buyers for a financial backup and the Government is giving an opportunity to save on income tax when buying a property.
There was a time when home-buyers in their 50’s would make use of their provident fund money to buy their dream home, but nowadays with financial backing conveniences, more and more young couples in their early 30’s are taking the bigger plunge.
Here are some guiding tips for young couples on buying their first home –
Educate yourself about the real estate market
A house that you will be able to call home in the first few years of your marriage is thrilling. An impulsive decision can often lead to a wrong settlement on a property. So before you start house-hunting how about you do some research over the internet about the ongoing real estate market and the prospects of the location you are looking to buy a house in.
Know your fundamentals
What is your present financial status? How big an apartment do you need? What is the distance between your living space and your workplace? These are some questions that will help you choose your home better. Being a newlywed, chances are that you might buy a second or a third home later in your life. So, consider this first home as your starter home.
Differentiate between need and want
Let’s say it has always been your dream to purchase your own house and deck it up as your home. In this case, every new apartment or villa you see, you seem to fall in love with. A drawing room with an amazing view, a kitchen island and a luxurious bedroom with large french windows is everyone’s dream, but these come at an exorbitant cost. So you might want to question yourself, do I actually need these and are these features those inevitables I cannot do without? If you are a professional young couple, a modest 2 BHK apartment is enough for you. You most definitely won’t be needing an Italian style modular kitchen or a huge sprawling apartment in an utterly luxurious gated community. Giving importance to factors like location and neighbourhood or the build quality of the apartment is logical for your first apartment so it vouches for a promising Return on Investment.
Do some online research
The internet is your salvage to make this task easy. Make sure that you don’t select a property just because you like it. There are many factors for you to consider when you are buying your first home.
Have a clear idea of the real estate trend in the area you are looking to buy a property in. This involves the pace of real estate growth in the area, future ROI (return on investment), and the ongoing property rate in the area. Your next step would be to visit the site physically and take a look at the property. You can also talk to the neighbours ensuring that there are no hassles in the apartment vis-a-vis water problem or power cuts.
Also Read: Factors to consider while buying a property
Refine your credit score
The financial burden that comes along with buying a property at a young age might seem intimidating but when financially planned properly, it’s a breeze. If you are applying for a home loan, the concerned bank will check your credit score before approving your loan amount. Though many credit sites will tell you that a credit score of 500-600 is a good number of avail a home loan but the truth is that it is actually a fairly low score to get a home loan easily. The truth being is if you want a better deal on a home loan, you need to up your credit score to 700. So take some time and work on improving your credit score if it is lower. This will not only help you qualify for a home loan easily but also fetch you the best deal on the interest rate.
You can also improve your credit score by paying off your outstanding debts. These outstanding debts include student loan, personal loan or a car loan. Once you have cleared off these debts or have a history of paying off debts within time, the lenders will consider you as a desirable client and your home loan application will get easily approved.
Take your time to find the right house
Last but not least, don’t rush into finalising your dream house. Being newly married, take time to figure out what you need as a couple. Find your common interests and likings before buying a house. Unless it is an immediate urgency, wait for a couple of years to accumulate enough capital for the down payment, create an impressive credit score and plan your finances well.
Deciding to choose the wrong house cannot be easily rectified. There is definitely no compulsion that you must have a house immediately after you get married. Be patient and persistent, you’ll know it when you find your home.
If you are a resident of Hyderabad and considering to buy a house, Honer Vivantis developed by Honer Homes is a good option. It is a gated community project comprising of luxurious 2 & 3 bhk apartments for sale located in Gopanpally, Gachibowli. A high-tech residential property, Honer Vivantis boasts of some luxurious amenities and other essential facilities for a secure and deluxe living. This residential apartment project in Hyderabad represents contemporary living.