Buying Your First Home? Here Are Some Basic Steps

Buying Your First Home

Buying Your First Home? Here Are Some Basic Steps

Buying Your First Home

When it comes to buying your first home, looking through brochures and making a decision does not work. Before you make the purchase, there are a few steps you must take. Inquiring about the real estate developer, researching the location, and arranging finances are just a few examples.

Who hasn’t wished for his or her own home as a child? When the time comes, however, it is a serious and life-changing decision. Owning a home in India is a decision that is both financially and emotionally taxing. It is perfectly acceptable to be overly vigilant, to conduct extensive research, and to be doubly certain. After all, it is your money, and you must make an informed decision. When you’ve decided to buy your first home, here’s a checklist of things you should do.

Research about the location

When it comes to finding your dream first home, location is everything. Because this is a once-in-a-lifetime decision, having a peaceful location with sound social infrastructure such as educational, medical, and recreational facilities is essential. Explore the area and conduct your own research. Consult with local brokers and residents to determine whether there are any issues. When you finally decide to relocate, water supply, electricity connections, and connectivity to major roads will come in handy.

Enquire about the developer

When you’ve narrowed down the location and the project, it’s time to do some in-depth research on the real estate developer. Perform a quick background check. In order to make an informed decision, it is necessary to ask questions such as previous projects delivered, ‘turn-around-time’ in the case of under-construction projects, and whether promised amenities were provided or not. A general impression of the developer and a track record of successfully completed projects will give you an idea of whether to proceed or abandon the idea.

RERA Registration and Documents

Real Estate Regulatory Authority (RERA) registration has become a must-have when looking for a home. Do not be afraid to request an official registration certificate. The names of all registered builders can be found on the websites of their respective RERAs. When you are satisfied with the RERA registration, you can request additional documents such as the Occupancy Certificate (OC) and Completion Certificate (CC). Never believe a claim at face value and always cross-verify. Being satisfied with the legal documents can save you a lot of time and money in the long run.

Keep your finances in order

Yes, indeed! Buying Your First Home will cost you a significant amount of money. You must be very clear about the financing arrangement; whether you want to pay it all at once, in instalments, or according to the developer’s payment plan. Builders have a payment plan for under-construction projects that is linked to the actual structure built. Understand it completely. If you want to apply for a home loan, find out which banks and Housing Finance Companies (HFCs) have the best interest rates. Make an effort to secure as much of a down payment as possible. It will lower your loan amount and, as a result, your Equated Monthly Installments (EMIs).

Know the possession timeline

You can move in immediately if it is a ‘Ready-to-move-in’ project. However, in the case of under-construction projects, knowing the possession timeline is critical. You should hire developers who have a track record of completing projects on time. It is always recommended to choose ready-to-move-in options over under-construction options. If not, under-construction projects with shorter delivery schedules are an option. A clearly extended possession timeline always carries the risk of default.

ALSO READ: Real Estate Market Favorable For Buyers

Know the charges

Maintenance charges in societies can sometimes be so high that they become a burden in and of themselves. Knowing the clubhouse fees, membership fees, power supply rates, and security deposits may assist you in making an informed decision.

To summarise, Buying Your First Home must be a well-informed and satisfying decision. Thorough research will go a long way toward reaping the benefits of home ownership.

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