Buying a new home is the most exciting yet daunting time for everyone. It is the biggest milestone one ever achieves. It is a big deal, especially in the current economic scenarios. Firstly, I would like to congratulate you on making it this far in life and being ready for the big step. So, you are thrilled to be finally able to get your own space but you are also scared at the same it. It all might seem like unfamiliar territory. Whether you are looking to buy your first home in DHA phase 2 Islamabad, DHA phase 5 Islamabad, Bahria town Islamabad or any other place, my top tips will help make the process easier. Without further ado, let’s get started:
This is a no brainer that personal referrals to real estate agents are your best bet when you are looking to buy your first home. We all need a real estate agent who can get us the best deal within our budget. And the best way to find one is by asking your circle of family, a friend who has worked with a particular agent in the past and had positive experiences.
If you have found a handful of agents through personal connections, great. If not, the internet is your best friend. Some sites are dedicated to providing reviews on real estate companies and agents. On these sites, people share their experiences, you can see the history of the realtor, etc. All of this information will help you make an informed decision.
Make Sure they are a Local Agent
Most people overlook this aspect but you need to find a real estate agent that is well versed with the locality you are planning to move in. For instance, if you are exploring DHA phase 2 Islamabad, DHA phase 5 Islamabad, and Bahria town Islamabad, there is no point in hiring an agent who is based in Lahore. There is a major difference between each locality, let alone a different city. So, choose wisely.
Arrange a Meeting
Do not rely on email, WhatsApp, or phone conversations when it comes to hiring a realtor for buying your first home. Meet with them in person. You can tell a lot about the credibility of a person by meeting them. Your agent is a person you should be comfortable with and someone you can trust. So, unless you land on the right one, keep digging.
Explore the Amenities Nearby
One of the most important things one needs to look for before purchasing their house is the facilities a particular society or area has to offer. There is a reason why most people in the twin cities are drawn to DHA phase 2 Islamabad, DHA phase 5 Islamabad, Bahria town Islamabad. These societies provide all the facilities and entertainment opportunities within the gated community. As an example, if your kids go to school, you work at a certain space and you need access to gyms nearby, make sure all these facilities are available nearby before making the big move.
Visit the Neighborhood
It sounds like a no-brainer but I am surprised by the fact that many people do not pay much attention to this aspect. Visiting a place on the internet is much different from visiting a neighborhood in person. And, one visit is not enough. You need to visit the locality multiple times to get a feel for it and then decide.
Look up the Crime Rates
One of the most important aspects is looking for a crime rate in a particular locality. You can search home buying sites and then look up crime rates for different localities. A home is a safe and secure place. A home is a safe place. You need to rest assured that you are looking for a safe space for your family as well. This is the reason why people prefer living in DHA phase 2 Islamabad, DHA phase 5 Islamabad, and Bahria town Islamabad. Because these communities are gated.
Consider a Fixer Upper
If you are tight on a budget, you can always consider a fixer-upper. A Fixer Upper is an old house that needs renovation and minor improvements but is considerably lower in price as compared to a newly bought home. However, it requires a significant amount of investment of time and a bit of money. Consider these aspects while making the final decision.
Hire a Reputable Home Inspection Team
Always, always get a home inspection done. Your home inspection team will list all the merits and demerits of your home. If there are potential issues, you might be able to negotiate a better deal. Never buy a home without proper inspection. The home might look all fine and den on the outside but there is a possibility that poor quality materials are used. It is perhaps the most important step once you find the house you like.
Involve a Lawyer
If you don’t have a lawyer, get one. Make sure to choose one who is well versed in the real estate industry. I have seen several cases where people were not able to get a good deal or encountered a scam because they didn’t invest in a lawyer. It is very common in Pakistan to skip this step. I don’t want you to make the same mistakes as a lot of people did. Always, read through the clauses. Make sure that there are no hidden charges or gimmicks involved and then make the final call.
I should have probably mentioned it first but I’ll mention it here. Keep your budget in mind while setting the expectation for your first home. We are living in unfortunate economic times and it is nearly impossible to find your dream home within the budget you have. While you need to think long term while purchasing a home. Always remember that this home is your first home. It doesn’t mean that it will be your last one. Choose the best one according to your budget and you can always upscale as you go.
Each locality has a set of rules every resident needs to follow. With those rules, come certain payments that are to be paid every month. For instance, certain localities require you to pay maintenance charges every single month. Some require you to maintain your front and back yards, security fees and the list goes on. Figure out these costs in advance and then move in. You do not want to make the big move only to realize that you cannot sustain the living costs.
Imagine Future Prospects
Most people live in their homes for at least a decade. 10 years is a lot of time. You need to consider multiple aspects; members of your families, rooms you will need in the future, what is the resale value of a particular house, routes, public transportation system nearby, etc. Don’t buy a house based on your needs at present. Purchase by imagining what your needs will be in 10 years from now. Ask questions to yourself such as will your family grow? How many kids do you want? What are the schooling and employment opportunities like? If you make an informed decision, you will never regret your first home purchase.
Figure out the Loans and Insurance Plans in Advance
If you are buying your home on full payment, you don’t need to worry about the bank loan. However, you need to look at insurance plans. Insurance is one of the most ignored aspects in our country but it can save you big time in case of any unfortunate incidents. I would highly encourage you to do more research on it and get a plan that’s suits you best. If you are buying a house on a home loan, do the basics. Figure out how much money do you need to put towards it every month, the markups, the possibility of change in the markups due to new policies, and much more.
I hope that you found this article helpful if you are planning to purchase your first home. I would take this opportunity to congratulate you on achieving this big milestone in your life. Always choose a safe and secure environment for yourself and your family and make it a loving harmonious space. Do share this article with your friends and family if they are on the same path as you are. If you have any questions, concerns, or queries, simply mention them down in the comments section below and our team will get back to you shortly. Happy House Hunting!