Considerations when you are buying a Home for the First Time Challenge of buying a home for the first time is daunting. It is tempting to either just go with the first house that fits your budget or continue to stay in the rented house. In order to demystify the process & make the most out of the purchase, there are considerations which you should be taking into account before buying that house. Here are some handy tips for making life easier before you purchase your first house.
Considerations before You Buy Home Your long term goals are the first thing you need to determine. Evaluate how home ownership will go along with those plans. Different people see home ownership differently. Narrowing down goals of home ownership will take you in the right direction. Some questions which you should be asking yourself prior to buying your home are enumerated below. 
What type of home best suits your requirements?
You normally have many options while purchasing residential properties in Hyderabad; a condo, townhouse, traditional single family home, co-operative, multi-family building with 2/3
BHK. While each of these choices will have its own pros & cons depending upon your goals, this is where you will need to decide as to which of these will best suit your goals. You can try to save on purchase price in any of these categories by choosing a fixer-upper. But then the amount of money, sweat & amount of time required for turning it into your dream home may turn out to be much more than you had asked for.
What specific features you feel your ideal home should be having?
It would be sensible to retain some amount of flexibility in this list. You are probably making the biggest purchase of your life and therefore deserve to fit both your wants & needs as intimately as possible. This list should include your desires like size, neighborhood & smaller details like kitchen with quality appliances & bathroom layout.
What is the mortgage amount you qualify for?
It is very important to have an idea of how much loan can you avail for purchasing your first home before you actually start shopping. While you think that a certain amount of money you could borrow for your home, the lender may feel otherwise & give you less. This will however depend upon factors like your monthly income, the duration of time you have been in the present job & how much of other debts you have.
How much of payment for home can you actually afford?
Sometimes, banks are willing to give you more loan for house than you wanted to pay for. However, you will like to look for the total cost of the house & not merely the monthly installments. Looking for monthly installment is also important along with the amount of down payment that you can afford. Other factors which should be considered include the property taxes applicable in the chosen area, cost of homeowners insurance & the amount of closing costs on property. Undertake Home Inspections
This was an alien idea in India some years back. Things have changed & the present real estate market is flooded with builders in Hyderabad offering home inspection services. During home inspection you can go through every inch of the place & spot defects. Since you have decided to buy, you have every right to do so. You can also take help of professional services as their eyes are trained to spot defects in comparison with your novice eyes. These guys will also inform you of potential damages & which you can rectify in advance. With some thought & research, buying a home can in fact turn out to be the most beautiful experience in life.