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With the lowering of home loan interest rates and real estate costs reducing, many people must be thinking about purchasing an apartment. As per a recent survey, it has been found that a large number of people in their 30s are investing in the properties.
If you are also planning to become a property owner; then make sure that you take a lot of caution and exercise due diligence before agreeing to the agreement. Mentioned below are the tips that will help the first-time homebuyers to make the best investment:
- Before you make a decision to invest in the property, you should evaluate your current financial situation. Find out if you have any loans, insurances or any other commitments. In case you have, calculate what will be the remaining money on your hand and if you will be able to bear the EMIs. Also ensure that you have proper savings by which you can pay for society fees, car parking, stamp duty etc. Experts suggest keeping a backup of four to five EMIs so that during situations like loss of employment it can assist you.
- Determine your future requirements and objectives before you finalize on a property. For instance, if you are planning to buy a property in coimbatore for your family, make sure there are schools and colleges and shopping centers and hospitals nearby. If you are investing on a property just to give it out on rent, confirm that there are tenants available.
- When taking a home loan from the bank, you will be given two choices, either to opt for a fixed rate of interest or floating rate of interest. While a fixed interest rate means there will be no change in the rates; the floating rate indicates that depending on market fluctuation, the rate will change. You can opt for fixed-floating home loans where you will need to pay a fixed interest rate in the starting years and afterwards the rate will vary depending on the market.
- You can use the online portals as well as the newspaper ads or other media to buy apartment in cities like Coimbatore. Also, you can check with your friends or relatives who have recently purchased an apartment to get more information on flats for sale in Coimbatore.
All these simple points will help the first time buyers in making the best investment.