Real Estate Buying Tips First Time Buyers Don't Usually Hear

 If you're beginning to think about buying real estate for the first time, you've probably realized that there's a lot you don't know about the loan process, home values, down payments, and mortgage insurance. Here are four little-known tips for first time homebuyers that may make the process easier and less stressful.

1. Make sure you have enough money to cover closing costs. The closing is the actual purchase of the real estate, the day that it becomes yours. The money you'll need to have in order to cover closing costs is more than just the down payment. It also includes title insurance, attorney's fees, recording fees, the pro-rated taxes for the year, and everything that goes into escrow if you decided to use it, including around 15 months of your homeowner's insurance, around seven months of your taxes, and your mortgage insurance premium if you put down less than 20%.

2. Pre-qualify for a loan before you start looking at houses. Sitting down and talking with a mortgage broker before you step foot in any real estate on the market will give you a realistic idea of how much house you can afford. Remember, you're paying homeowner's insurance, taxes, and sometimes other costs on top of your principle and interest every month. The broker will be able to give you an idea as to how much your interest rate will be and can show you different purchasing scenarios.

3. Putting more money down than is required by your loan is never a bad idea. If you're looking to put less than 20% down, you'll have to pay mortgage insurance every month, which is calculated by taking a percentage on what you still owe on the loan. This is money that you pay that you won't get back in investment value. In fact, you can't remove this cost until you owe less than 80% of the selling price of the house. The more you can put towards this number, the more money you'll save in the long run.

4. Real estate investments aren't recession proof. As many people learned during the recent housing bust, home prices aren't guaranteed to go up. In fact, it's possible that they can fall so much that buyers can wind up owing more than their "investments" are worth. Predicting future value is really difficult because it depends so much on human whims. However, if you're looking for the stability of owning your own piece of property, and you're emotionally and financially ready, it's the right time to buy for you.

Purchasing real estate is part of the American dream, and it's a goal held by many people. We've all heard advice about buying when the market is low, looking in neighborhoods with good schools, reading carefully through the inspection reports, and making sure you completely understand all the loan documents. However, these four tips are advice that many newcomers aren't given.

Good Places For Investment

 Property is something which everyone wants to own. It is a long-term asset and if kept for some time then it can actually deliver huge returns on investment. This depends upon person to person as one would want to keep a property for a shorter duration and the other for longer. There are some other investment options such as mutual funds but people prefer the real estate sector over any other option. This is because people believe that this industry can fetch good returns even if it takes some time to bring them for the customers. With the expansion of this sector, there are several developers which have offered their projects to the patrons.

Due to the presence of number of constructors, this industry is witnessing a tough competition. We can say that it is good for the end consumers because increase in the race among the builders will make a scope for affordable housing. This is what is happening and it will continue like this only. These developers are offering their projects to the clients at various locations. The sites are chosen keeping in mind all the requirements of the buyers. This ensures a comfortable living for the customers at the most reasonable prices.

The prices of property have boosted in Delhi owing to which the builders are now providing their townships in other areas. The regions include Noida, Greater Noida and Ghaziabad. The Ghaziabad site is one of the most desired places to purchase a property among the clients. It is a suburban district placed at Uttar Pradesh of the National Capital Region. This district is also a part of Meerut Division. There are handfuls of constructors who have built their townships in this region. The developers are Prateek, Bharat, Saya and Mahagun Group. Their projects running at this site encompass Prateek City Residences, Bharat City, Saya Gold Avenue and Mahagunpuram. These entire cities provide state-of-the-art facilities to the buyers' at the most reasonable prices.

All the modern amenities are available at this site due to the well-developed infrastructure. This place is also situated close to our country's national capital. It has become an industrial town due to the availability of cheap land and well-established infrastructure. It is because the development authorities of this region have worked hard to strengthen the framework of this area. Owing to this, some of the reputed companies like ITC have established their manufacturing units at this site.

The lack of space in terms of residential and commercial spaces in Delhi has turned the customers towards buying property at this region. This site is one of the most important locations among the clients for investment. Those people who cannot afford to invest in Delhi are heading towards this prominent site which offers the same facilities at pocket-friendly prices. It also takes one away from the daily hustle bustle of a metropolitan. Although people work in the capital of our country but they stay in this area. This is one of the significant reasons due to which the developers have provided number of townships at this site.

The price of the property has risen here owing to its easy connectivity with the capital as well as other cities of NCR. One can easily commute from one place to another through this smooth network. The prominent reasons why this area has seen enormous growth is the rise in the price of property in Noida and Gurgaon. The sugar and power generation projects at this region have received foreign direct investments.

Now let's have a look at some more reasons why people are heading towards this site instead of Noida and Gurgaon. This region especially targets mid-segment of the society and provides them affordable townships. Some of these places constitute Kaushambi, Vaishali and Indirapuram. These places are enriched with a green environment which ensures a healthy living for the patrons. All the above mentioned points prove how beneficial it is to invest money at this prominent location. So, if one wants to enjoy all these facilities then this site is the most prominent for investment for the patrons.