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Essential Tips for first time home buyers

It is a tough process to buy a home for the first time and it is one of the biggest purchase decision of our life.

Start saving early for Down Payment:

It is common to pay 20% as down payment. But, in recent days, the lendors permit as little as 3%. This, in turn leads to a higher monthly payment and payment for mortgage insurance. The lesser the down payment, the heavier will be the monthly and net payment. Hence it is better to start saving early.

Check your credit:

Before buying a home, we have to check our credits. Because it is one of the key factors for the approval of mortgage loans. We have to explore opportunities which will increase our credits. And we also should make sure if there is anything that could bring down the credits.

Pause new credit activity:

If the credits status worries us, it is better to pause new credit activities as it will affect our credit score. When we apply for a loan or a credit card, the lender will send a request of information to the credit bureau to verify our credit worthiness. This is called “hard inquiry”. Soft inquiries is when we apply a new bank account or when someone runs a background check on us. These inquiries doesn’t affect the credit score.

Determine how much we can afford:

Before we start to look for a new home, we have to assess what is our price range and we have to determine how much we can afford to spend. For instance, let us take the salary we take home. Calculate how much is left after spending for taxes, savings for retirement and college, health insurance. Then add the monthly bills, not just bills but also groceries, utilities, etc. we have to be comfortable that we will be able to take care of all the household obligations while meeting other financial needs. It is better to keep six months of expenses in an emergency fund.

Research state and local assistance programs:

The government may also conduct programs for first time home buyers. In addition to central government programs, many state governments offers help for the first time home buyers with perks.

Budget for Closing Cost:

The cost incurred when the title of the property is transferred from seller to buyer is called the closing cost. The total amount of closing costs depends on where the property is being sold and the value of the property being transferred. Usually a percentage of 2 to 5 of the purchase amount is paid by the homebuyers.

Set aside more money:

If you're moving into a new home, there will be all kinds of expenses that we hadn't thought of. Once we have saved closing cost and down payment, we should also set aside a buffer to pay for the things that will go inside the house like appliances, furnishings, rugs, updated fixtures, new paint and any other touches that we’ll want to have when we move in.

The above tips to make this journey less stressful.

Voora can help make your journey less stressful. Voora Provides the best real estate services in chennai by providing Luxury Apartments in Chennai, 3 bhk flats in t nagar etc...

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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One more thing to notice before buying an apartment

Before buying an premium apartment in chennai , it is essential for a buyer to note and analyse multiple parameters. It is essential for them to note the recent turn of events in the real estate industry.

One of such event is the passing of Real Estate (Regulation and development) Act’2016 in May 2016. The main intention of this act is to protect the home buyers and boost investments. The rules of the said act were to be issued by the respective state governments within 6 months of the passing of this act. As a result, the TN state government introduced TNRERA (Tamil Nadu Real Estate Regulatory Authority) in June 22, 2017. The state government notified that it is mandatory for the Real Estate agents and property dealers to register with TNRERA.

Promoters of housing projects with a minimum of 8 housing units (Apartments) should register with TNRERA. The tedious process involved in accessing the authentic building approval for larger projects is removed by the introduction of TNRERA. Officials started uploading links to details about the projects under its purview online.

Real estate developers in chennai and Agencies are supposed to register with TNRERA. The buyers can view the details of the agents or agencies like name, addresses and the registration numbers on the TNRERA portal. The validity of said registration is 5 years. The agent and agencies must periodically renew their registrations. the registration fees of agents and agencies are 25,000 and 50,000 INR respectively. TNRERA has the power to revoke the registration of the agent or an agency for any irregularities or illegalities.

Just within a month of introduction of this bill, over 5 major realtors registered with TNRERA. By October 2017, over 150 projects have been registered by various realtors across Tamil Nadu. Majority of said projects are centred around Chennai and few around Coimbatore. Hence, the buyers should make use of this portal to learn about the new projects in the locale of their desire before making their purchase decisions.

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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The Top 5 Mistakes Home Buyers Make

In today’s times, it is quite tough and intimidating to buy a house, especially, for the first-time home buyers. You will get all sorts of advice and information but when the financial stakes are so high, it is best to be thorough in checking facts of the zeroed-in property.

Here are top five mistakes to avoid while investing in real estate:

Not checking your loan eligibility before booking a property – In case the lending bank doesn’t grant the loan amount you need, you have to arrange it from other sources (on heavy interests). This can be truly disastrous for your financial health! You may end up cancelling your purchase agreement and forfeiting your booking amount.

Voora Tip: You can easily figure out your investment budget by sourcing indicative loan eligibility from banks or financial institutions (in housing sector). This is known as pre-approved loan status. They gauge your ‘loan repayment potential’ by inspecting your CIBIL score, employment documents, and existing loan records. Around 40-50% of your monthly salary is considered as affordable homeloan EMI.

Selecting a property for emotional reasons – At times, people end up buying a house for its ‘vibe’ or its emotional significance to them. When they move in, many issues crop up - like insufficient electricity, poor locality, water shortage, high maintenance costs, poor construction, lack of infrastructure etc. They could have easily averted the crisis by being objective and choosing another property.

Voora Tip: Be practical about the cost, facilities and location of the property. Talk to the residents of the building or take professional help to find the red flags. Then reflect if those flaws can be rectified or lived-with because there is nothing like ‘100% perfect flat’. Objective analysis can save years of distress.

Don’t go by quoted prices – What builders promote in advertisements are never exact. They may refer the super-built up area (includes lobby, stairs etc.) as the size of the flat but the actual carpet area might be 30-40% lesser. They may not include floor rise (incremental price buyers pay for the desired floor), maintenance charges (to be paid in advance), car parking cost etc.

Voora Tip: Do your research and ask relevant questions. Apart from the usual ‘hidden charges’, don’t forget to include stamp duty, GST, registration charges and home insurance premiums while calculating the overall cost of the house and monthly EMI amount.

Not paying dues on time before applying for the homeloan – Loan lenders depend heavily on CIBIL scores for deciding on applicants’ loan eligibility. If there are delays in your EMI payments or changes in your income the CIBIL score dips. This reflects in lower loan amount (than pre-approved loan offer), higher interest rate or even loan rejection.

Voora Tip: Plan your finances wisely. Don’t allow your credit score to change before you get your homeloan approved. Remember, pre-approved loans are not guaranteed ones. Any change in bank’s policy, your CIBIL score or Government regulations might throw your planning out of the window! Also, completely avoid taking new loans or credit cards.

Not seeking professional help – Purchasing a property can be a daunting process. These days many real estate constructions get delayed (sometimes for years) due to insufficient permits or approvals. Delayed Completion Certificate further defers the possession date. You may later find that a lot of things promised to you by the seller have not materialized.

Voora Tip: Lawyers are better equipped to read the fine prints in sale deeds, permits, and other relevant documents. By not taking legal help for verifying these documents you may save a few thousand but will end up losing in lakhs.

Doing meticulous research and financial planning can make your life easy in the long run and will allow your ‘dream home’ to be just that!

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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Villas vs Apartment

Luxury Villas and Apartments are those that offer you more than the essentials and bare minimum necessities a standard shelter is expected to provide. Although Apartments have its own pros and cons, what makes Villas stand out is that it defines one’s independency and standard more prominently. An independent house provides you greater degree of freedom and It gives the liberty to design the house as per one’s wish. Villas can be rebuilt to suit changing tastes and requirements, at any point of time. The house can be expanded horizontally if space permits or vertically, by adding more floors. These are impossible in a unit in an apartment. In an apartment one is restricted to regulations and space of the society/area, whereas Villas provide optimised utilization of the space around. It opens opportunity to gardening and housing/raising pets.

Construction and installation factors need immense supervisions but ensures the quality, efficiency and functioning of all plumbing and electricity mechanisms. Many people who have sold their independent houses to move into flats and are now ruing their decision , as the quality of construction of their flats was bad, especially the plumbing and electrical. In apartments, the maintenance of complexes extends to include a host of items that require a fully functional office and maintenance staff on call round-the clock.

Additional advantages of Luxury Villas:

• More privacy with no more problems with regard to sound • you can always expand the space as per requirement in the future when your children grow up. • You can develop the higher floors when you want to make some additional income through rent.

Best space for Family time and best vacation residence.

Can rent to tourists who come for vacations.

Own villas in gated colonies or large residential projects. This option would provide the key advantages of an apartment such as security and other facilities and also provides a greater degree of freedom similar to an independent house. However there are few disadvantages such as limited flexibility to design the exterior and amount of independent space in front of the house

Villa Projects in Chennai are growing tremendously. Real Estate groups choose Chennai due to its steady market. Luxury Villas in ECR are known for their outstanding infrastructure, location and spacious rooms, so, they will be able to fetch good returns when sold. Voora Real Estates offers Villa 96 project, a villa project with 96 residences each spread across 2,500 sq.ft of sprawling space at Injambakkam just off the famed East Coast Road (ECR) at Chennai. Built in true contemporary style across 7.5 acres of pristine land, Villa 96 is a masterpiece in luxury villa projects bringing together a host of world class, state-of-the-art amenities and conveniences that will leave you spell bound. The landscaped gardens and green environment set makes it a cut above the ordinary. These luxury villas in ECR are designed to become a landmark in OMR. The enclave is packed with exciting features.

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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Best Things to ask your contractor before the renovations start

Home renovations are no small feat, and can put a big dent in bank account. Considering the huge expense, you want to be sure every rupee is spent wisely throughout the renovations. Knowing exactly what to expect even before the project even begins will help prepare you for the project

And to make that happen, you should start off by asking your contractor a number of critical questions before the process starts.

Do you have any reference I can contact?

Speaking with some of the contractor's previous clients is one of the best ways to make sure your chosen contractor is reliable and competent enough to get the job done properly, inquire about things like how well the contractor communicated, if the job was done on schedule, and if the quality of the finished project was up to snuff.

What's the schedule going to be like?

You want to know roughly how long your project is going to take. Thinking it is going to end before summer holidays and you end up waiting until thanksgiving for your project to be completed can be really disheartening. Find out what the start and end date will be, as well as the different milestones that will be reached throughout the process.

How will charge orders be dealt with?

It is inevitable for things to change throughout renovations. The question is, how will you be charged if and when changes occur? You may have been quoted a specific price of for the original work to be completed, but changes to the scope of work can add to that price "chargers orders" should always be included in a construction contract , which essentially stipulate the changes, as well as the price associated with them. Both you and the contractor will then sign the contract as a written agreement of the alterations to the work and the applicable costs.

Who will be on-site every day?

Someone's got to be at your home every day to ensure that work is going to be completed. Ask your contractor who will be responsible for locking up every day , who will be supervising various trades, and who will be the main point of contact should you have any questions at any point.

Will you be applying for required building permits?

Any work that requires a permit should have one.Some contractors will try to convince their clients that permits are not needed just to save time and money. But without one, Your are not only compromising the integrity of your home. You will also be putting yourself at risk of having to start from scratch should it be determined after the fact that the project indeed needed a permit. It should ultimately be the contractor to put the permits.

Do you guarantee your work ?

Reputable contractors will have no problem guaranteeing the work done, usually with a specific amount of time. Much like you would expect a new car to come with a warranty for a certain amount of time, you should expect the same with the contractor. Your written agreement should stipulate these guarantees, which usually covers problem stemming from defective materials and workmanship issues.

What type of payment schedule do you require?

NEVER agree to pay the entire amount upfront before the work starts. Any contractor who asks for the full price from the get-so is surely a scammer. Of courses, a deposit will be requested as a measure of good faith that the contractor will indeed get paid. But this initial amount should ideally be no more than 20%. After that, a certain percentage of the total can be paid on a certain schedule following the completion of stages. Just make sure that this payment plan is established from the onset of the project.

Can we include a termination clause in the contract?

Having a termination clause in the contract gives both you and the contractor an out should there be differences that can't be rectified. If the contractor is lagging way behind schedule , you can terminate the agreement. By the some token, the contractor can bail on you if you are a few payments shy of being up to date. Either way, it lets you both off the hook should the circumstances be unfavorable for either side.

Do you belong to any professional organization?

While it is not necessary for contractors to join various professional organizations related to their industry, it does show that they are more committed to their profession. These associations offer additional training and information needed to make sure that contractors stay on top of their game.

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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Home ownership is a great investment

Here are the top Financial & Emotional reason to own a home according to Harvard University's Joint Center of Housing Studies.

Housing is typically the one leveraged investment available.

You're paying for housing whether you own or rent

Owning is usually a form of "forced savings"

There are substantial tax benefits to owning

Owning is a hedge against inflation

Owning a home is a good way to build up wealth that can be passed along to your family

You will have physical structure providing space and safety to you and your family

It gives you control over what you do with your living space, like renovations and updates

It means having a good place to raise children & provide them with a good education.

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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The Final Checklist for Selling a Home

1. Living Rooms & Family Rooms

Keep coffee tables clear

Remove and ashtrays

Keep furniture at a minimum

Any toys should be stored out of sight

Use pillows and throws to soften the space.

2. Dining Room :

Bottom of chandelier should be at min. 60" from the floor

Keep dining table clear except for one nice centerpiece.

Remove extra chairs from the table

Remove extra leaves from the table

Table should seat at 4 to 6 chairs max.

3. Kitchen:

Clear all items from kitchen countertops

Clean tile grout; bleach if needed

Clean the stove, oven and microwave

Clear the refrigerator of magnets , pictures and messages

Repair broken or loose corners on Formica countertops

Replace burner pans on the stove if worn

Keep all mops, brooms, vacuums etc put away.

Empty the garbage before each showing

Remove any pet food and water dishes before showings

Organize pantry to look nice and neat

Box up any dishes & cooking supplies you can live without

Scrub/polish the sink to make it look like new again

4. Bedrooms:

Make beds daily

Invest in new bedspread if necessary

Clear off bedside tables, dressers etc

Store daily necessities in drawers or closets

Organize closets to be nice and neat

Keep closet doors closed

Keep all the floors clear and vacuum regularly

Remove all wall decor, other than a tasteful piece of art

Repair any holes or damage to walls

5. Laundry :

Put soap and supplies in cupboards

Keep all surfaces and sink clean and empty

Use high watt bulbs to make it look brighter

Remove any and all clothing, dirty or clean

Keep floors cleared of clutter and mop regularly

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar

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Tips for making your dream of buying a home come true

Automate your down payment saving:

Saving a down payment is often one of the biggest barriers to home ownership cited in survey after survey. One way to jump start your savings is to automate your checking account to automatically save a small amount of your paycheck into a separate savings account or "house fund"

"Amazing enough for down payment takes discipline & perseverance, but setting to automatic savings can make it easier. If you never see the cash. you won't spend it."

Build Your Credit History & Keep It Clean:

When you go to apply for a mortgage , lenders will want to see that you have been able to pay off past debts. This means staying on top of your student loans, credit cards and car loans and paying them on time

"Credit bureaus recommend using no more than 30% of the credit available to you"

Practice Living on a Budget :

Downsizing your spending now will allow you to save more for your down payment & pay down other debts to improve your credit score. A recent study showed that "95% of first time buyers were willing to make sacrifices to buy their home faster"

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai|Real Estate Companies in Chennai | Apartments for sale in t nagar