Buying the first house is an emotional affair. From selecting your dream home to negotiating for the right price combined with regulatory laws — the entire process can be tricky and overwhelming.

To solve all your woes, here’s a 10-point definitive guide to buy your first home:

Step 1: Rent or Buy
The first and foremost decision you need to make is to understand your needs and long-term goals. While it may seem like a feasible option to go for a home purchase, it could be a better idea to just rent if you plan to move cities or have any other major expense lined up. Home purchase can also come with long-term mortgage payments and other hidden expenses such as maintenance, interiors design etc.

Step 2: Budget
Second is to figure out your price range. Fix an affordable budget and work around it. You may want that five-bedroom dream home, but your budget may allow for just a two- or three-bedroom apartment. So instead of stretching yourself and ending up in a difficult financial position, understand your affordability. Experts advise that the home cost should be limited to two and a half times the annual salary.

Step 3: Best Payment Options/Mortgage
Next step to figure out is the payment option. Can you afford a complete downpayment or will a mortgage suit better? When it comes to mortgage, you’ll be surprised at the wide types of loan options available. Get in touch with a bank or a financial consultant to understand your requirements better.

Step 4: Finding Your Dream Home
Now that you understand your needs and affordability, it’s time for the most significant and exciting step: Selecting your dream home. A good way to start is to shortlist all the properties you can afford in you fixed budget.

Step 5: Home-making Factors/Infrastructure
A loving family and happiness are not the only factors that make a good home. Check out the location and connectivity from the neighborhood. Is transport easily available? Are their markets around? Check out the construction and materials used to build the house. Does the home come with in-built interiors or do you need to spend more for cupboards and kitchen cabinets?

Step 6: Pause
After following through the first five steps, it’s time to take a break. Sit down and think if you’re happy with the home you plan to buy. Does it make sense to buy your five-bedroom dream home on the outskirts of the town or would you rather invest in a two-bedroom flat near the city center? Is it the right time to invest in a property in the current economic conditions or would you rather wait to see if better property prices are offered? Talk to you financial adviser, friends and family before taking the final call.

Step 7: Ground Check
After finalising a property, its time to go Sherlock! Check out the credentials of the builder or the owner. If it’s a builder, find out his market reputation, all the pros and cons attached to the project. In case of a previous owner, ask why is he/she selling? How long did the owner live in the home? A string of short-term owners should ring alarm bells. Also meet up with city authorities and find out if the apartment/building has all the requisite certificates and not violating any laws.

Step 8: Negotiation & Finance
Now, that you’ve selected your dream home, its time to get into negotiation boots. Find a good realtor and see what’s the best offer you can get. Find out the market rates for similar properties and how much discount can you get. If you opt to go for mortgage, next step is to finance your project. Get in touch with the bank or other financial institutions and hammer out a deal that suits your pockets.

Step 9: Home Insurance 
Insurance is one of the last and an important hurdle to overcome. Experts advise to invest in the safety net in case something happens to the house. You’ve invested a lot of money in the home and it’s important to make sure it’s protected.

Step 10: Interiors
One of the final steps before moving in is finalising the interiors. Choose your colours, furnishings to enjoy your new home. Maybe build or buy that the five-door wardrobe you’ve eyeing. Set up old items in the new home. Just make sure change your mailing address with the banks, authorities and other important places.