step-by-step guide to buying your first home
Buying your first home is a huge milestone—but it can also feel overwhelming. From planning your finances to finally getting the keys in your hand, there are many steps to consider. This detailed guide simplifies the entire home-buying journey for first-time buyers.
Step-by-Step Guide to Buying Your First Home
1. Assess Your Financial Readiness
Before you start looking at properties, assess your financial situation.
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Check your savings: You'll need funds for the down payment (usually 1020% of the property price) and other costs like registration, taxes, and brokerage fees.
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Know your credit score: A good credit score helps you secure better home loan interest rates.
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Set a realistic budget: Include future expenses such as maintenance and EMI payments. Use a home loan EMI calculator to plan better.
2. Get Pre-Approved for a Home Loan
A pre-approved loan gives you a clear idea of how much you can borrow and shows sellers you're serious.
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Visit banks or NBFCs or apply online.
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Submit your income proof, ID, address proof, and credit report.
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Choose a lender offering a competitive interest rate and flexible repayment terms.
3. Identify Your Requirements
Decide what kind of home you're looking for:
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Location: Close to your workplace, school, hospital, or public transport.
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Property type: Apartment, independent house, or plot.
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Size and layout: Based on your current and future family needs.
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Amenities: Security, parking, water supply, power backup, etc.
4. Start Property Search
Use both online platforms and local real estate agents to explore properties.
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Filter options based on your budget and preferences.
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Visit the shortlisted properties in person.
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Check construction quality, neighborhood, connectivity, and future development potential.
5. Verify Legal Documents
Before you proceed, verify these essential documents:
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Title Deed proves sellers ownership
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Encumbrance Certificate ensures property is free from legal dues
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RERA registration especially for under-construction properties
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Building Approval Plan issued by local authorities
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Tax receipts check property tax payments are up to date
You may hire a real estate lawyer to help with verification and reduce risks.
6. Make an Offer and Negotiate
Once you find the right home, make an offer.
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Negotiate the price if possiblebased on market value and property condition.
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Discuss inclusions like furniture, parking, and fixtures.
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If accepted, sign a Letter of Intent or Sale Agreement with terms clearly mentioned.
7. Apply for Home Loan (if not done already)
Now finalize your home loan.
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Submit property documents, sale agreement, and ID/income proof.
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The bank will verify the property and sanction the loan.
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Pay the processing fee and await loan disbursement.
8. Complete Property Registration
This is the legal process that transfers ownership to your name.
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Visit the local Sub-Registrar Office.
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Pay stamp duty and registration charges (varies by state).
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Sign the Sale Deed in the presence of witnesses.
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Once registered, you officially become the legal owner.
9. Take Possession of Your Home
After registration and full payment:
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Ensure the seller hands over all original documents, keys, and possession letter.
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Inspect the property before moving in.
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Apply for utility connections if not already active.
10. Secure Your New Home
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Get home insurance for financial protection.
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Change the locks, install CCTV (if needed), and inform local authorities (municipality/society).
Final Tips for First-Time Buyers
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Always stay within your budgetdont over-borrow.
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Research the developer or sellers background.
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Dont skip legal verificationthis is a must.
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Consider resale value and rental potential if you plan to move later.
Important Links
How to Invest in Real Estate with Little Money
THOMSON VIEW NEW CONDO: MODERN LIVING IN SINGAPORES PRIME DISTRICT
Unlocking the World of Real Estate: A Simple Guide for Everyone
Why Singapore Remains a Safe Haven for Real Estate Investment in Southeast Asia
The Ultimate Guide to Buying a Condo in Singapore as a Foreign Investor
Thomson View En Bloc Condo Showflat
