FAQs For First-Time Buyers

 

Buying a home for the first time seems quite challenging for many people and it is not a thing you should be done lightly. It is the largest financial investment for many. There are numerous requirements that an individual has to fulfill and multiple risk factors are also there. So, going anxious is natural for a person who wants to buy a house first time. In this blog, we will address queries that first-time buyers generally face.

Q. Should I buy or rent a house/apartment?

Although a rental house has some short-term advantages for you in the long run this will be an unwise decision. If you can buy a house, then probably you should not think of a rental house and it would be better if you purchase a house. Buying a house has multiple advantages for you like you will have a sense of pride as it is deemed an achievement. Secondly. You will have freedom and you will not be answerable to anyone in this case. Thirdly, you shall have security and will not have to think about things like rent, owner, etc. Fourthly, you will have your property and value of property increases.

Q.  How much can I afford?

This is the obvious question everyone asks himself. But we recommend you to answer this question optimistically as you would prepare yourself or your schedule accordingly. You will have to evaluate your expenditures, income, and other financial resources. And you can make a rough estimate of your capacity. It will also help you to seek a loan and its amount.

Q. How much do I have to arrange for a down payment?

Down payment varies from property to property.  So, it is better t
o find out about the down payment of your desired house or property. You can arrange a down payment then accordingly and you will not have to arrange it in hurry. So, it is better to find out and start arranging a down payment before proceeding further. For example, on a 5 Marla plot in Nova City Peshawar, the down payment is 20% but on 10 and 20 Marla plots, the down payment in Nova City Phase 1 is 10%.

Q. Should I hire a real estate agent?

Most people are confused about whether they should hire a real estate agent or not. It is not a compulsory thing to hire a real estate agent. You can buy a house without any realtor or a broker if you think you are well-informed, can communicate your deal, and complete the documentary requirements by yourself. Otherwise, it is better to proceed with a real estate agent because he has keen knowledge about the value of the property and can communicate on your behalf in a skilled way.

Q.Will my credit score impact my decision-making?

A credit score accentuates consumer worthiness.  It is a numerical value that describes the financial standing of an individual to a lender. If your score is higher, there are better chances for you to get an easy and favorable loan with low-interest rates. If your score is good enough then you can easily get your desired loan from a lender.

Record Marketing has taken up this opportunity to guide and provide you with the finest information about Nova City Housing Society Peshawar in a bid to ameliorate the standard of living in our country.