Buying a home is a dream for everyone but being a single buyer is a tough thing. In fact, the journey from being an aspiring home buyer to a homeowner actually is no less than a roller coaster ride. This is the case particularly for the single homebuyer as the prospect is responsible to pay monthly bills and EMIs along with managing the budget for its own livelihood that includes commutation from work to office and more.
Hence, below we have listed tips to consider for the single homebuyers:
1. Fix Budget
Price plays a pivotal role in finalizing a home deal and thus a single home buyer must always determine the budget before stepping into the property market. The listing of monthly expense separately is important as this allows the aspiring home buyer to know how much more money is required for making a down payment.
2. Review Loan Offers
The lenders or financial institutions or the banks have multiple loans offer but be cautious as the loans have several terms and conditions that are required to be fulfilled. Thus, it is important to understand the best home loan for the single homebuyer. The simple way to figure out the best option is to compare the Interest rate, tenure and percentage of the sanctionable amount by all the lenders.
3. Know the Locality
The homebuyers have preferred locality and he/she should carry out research to understand the area, neighbourhood, security and standard of living themselves before approaching any realtor. This activity holds utmost importance as the seller will always highlight the pros of locality and knowing about the Cons of an area is really important as the prospect invest hard-earned money into buying a home.
Also, never disclose your knowledge about the locality in front of the realtor but let him/her give you detailed information about the area. This is a fair way to know the place where you wish to buy an asset.
4. Return on Investment
No happiness is bigger than owning a home and the same is also an investment option for some people. But, you must think about ROI i.e. the return on investment even if you are a single home buyer. An ideal way to accumulate ROI is to know the current property value, infrastructural development in the area, connectivity to and from the locality. This tip is essential if the prospect plans to hire a tenant for the same property.
5. Age of Property
This is the most important tip to remember as the age of property reflects on its cost in the future. Also, the safety of people residing in the home holds importance. Hence you are suggested to carry out a thorough inspection of the unit before finalizing the deal.
The age of property is also a factor that decides the resale value and thus keeping this point in mind is essential for a single home buyer.
A single homebuyer is surely in a win-win situation if he/she keeps all these tips in mind at the time of buying a home.