Tips for First-Time Home Buyers: What You Need to Know

August 27, 2024

Are you ready to buy your first home? Finally, moving out of the maze of renting home after home, year after year? It’s a wonderful feeling to own your house. An exciting step in your life. But have you done your homework before plunging into the process?

Tips for First-Time Home Buyers: What You Need to Know

Before you short-list your potential home, here are some pointers for you.

1. Budget Planning

The current real estate market offers a wide range from luxury apartments to budget homes. Before starting the property search, you must know your budget. It would be easier to short-list the projects that offer homes that are the right fit. Visiting properties ad-hoc is not only a waste of time but also risky as you may choose a property that doesn’t fit your budget. Since buying a property involves large sums of money, it is prudent to do some research before starting the process.

2. Location

The convenience of a location decides the quality of life of the residents. Factors like the distance of the residence from the work location, its connectivity and accessibility, and necessary facilities like schools, colleges, and hospitals are some considerations that will determine the daily experience of living in the new residence. By considering these factors you are being proactive about day-to-day life in the future.

3. Reputation of the Developer

In today’s day and age, every developer and builder promises the best residences and amenities in their upcoming projects. It is not sensible to blindly believe the brochures and catalogs as these are designed to impress potential buyers. By visiting the developer’s previous projects and discussing the experiences of its residents, one can get a good idea of whether the developer lives up to their promises. The project should be registered on the RERA website and all the details like plans, configurations, area, and timelines should be listed.

4. Home Inspection

A physical inspection of the property before making a downpayment is every buyer’s responsibility. The quality of the construction and interiors of the property should meet your expectations. There should be no flaws in the physical structures and interiors of the property. You don’t need any major or minor repairs after moving in that will further add to your expenses.

5. Facilities and Amenities

After inspecting your future home, you must check the space and facilities in the project. This includes the common areas, parking space, gardens, recreational areas, clubhouse, and other amenities. They should match the details specified in the brochure. The final price of the property includes the cost of providing amenities so checking these is crucial.

The complete process of buying a home and moving in is a fine balancing act. It is not possible to get a property that fits your budget and your requirements. However, always try to find the best fit that ticks most of the boxes on your checklist.

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