To buy home first time is an exciting & a little confusing as well. You are to under go physical, mental and financial exercise before buying home. To avoid disappointments, there are some key points you are to keep in mind before coming to property scene.

Home Purchase Loan

While buying home - You are to consider your budget first. How much you have as bank deposit and how much your lender is willing to give you? Your lending amount will be entirely upon your income, debts, savings etc. Before lender gives finance to you he will definitely see how much your income is stable? Changing jobs frequently in the past will give negative impact upon your credit history. If you are to buy some car also, postpone this idea for some time, as your debts for car will effect upon your amount of lending for house. Because buying house is a big investment. There are different types of mortgages available in the market : fixed interest, variable rate, 25 year duration, 35 year duration etc. If you are not sure about which is suitable for you, ask your independent financial adviser. He will help you to come out from this problem.

Survey the area before buying home

Now after setting your budget, you are to survey the area suitable to you to buy a house with this budget as well. As rates in some areas may not be up to your reach. So start hunting with real estate agents, newspapers & of course directly go to the signboards "For Sale" where owner wants to sell directly.

While selecting your dream home, many things you are to keep in mind:

• - Legal Formalities of your new home

  Checking legal documents of the house is very important to avoid getting

  cheated. If you are unaware of these formalities, take help of real estate

  agent or any legal advisor.

• - Home location should be near to your workplace

  Don't take house very far from your work place. Ask neighbors also about

  purchasing that house. Drive yourself to that place and see what is happening

  in night (means any loud sounds or music which may be disturbing). See views

  from front back, left right and of course in night and daylight.

• - Sewerage system of new home

  Daylight in the house, sewerage system and rainwater outlets are of utmost importance while surveying any house to purchase. See if rooms are well lighted, gutters & sewerage system is maintained. Provision of rainwater outlets are outwards from house. Any pits in back yard or front yards.

• - Building standards of your home Make sure that your dream house meets building standards and there is not any nasty or hidden expenses in the brickwork. See roofs also, if all are intact. Doors & windows are in good condition. Paint of the house is not chipped. Flooring of the house, if wooden, it may not be stained, sometimes stains are covered under the bed or carpets. So visit to a vacant house is necessary.
• - Resale value of your home

  You are not going to live in this house for rest of your life. If you want to sell it in future, what may be the outcome. Everybody wants some plus after some time. If it can be sold without any hitch. If there are any negative points for reselling that house. Otherwise you will be struck with that house for long time.

• - Repair expenses of your home

  If some major repairs are to be done, who is going to bear the expenses? Seller or buyer. Settle down all these things on paper to avoid any disappointments.

• - Renovation costs of your home

  Your prospective house meets your requirements? Are you able to change it according to your needs? Suppose any tree is there and can you cut it if required. You can get a Home Improvement loan too to cover up renovation costs.

• - Make an Offer

  Imagine yourself in that house after making your necessary changes. How you would feel? If you think it fits into your budget and your needs, go ahead, make an offer and settle all papers legally.

Marc Sylvester is a freelance writer and a House Loan expert. Visit MyhomeAdvise.com to get tips and tricks on how to get equity home loan at lowest rate.