The Buyt Desk
Buying a home is one of the biggest dreams of many. It is also one of the most pertinent decision as a significant amount of cost is involved in it. Buying a home involves precise planning and a focused approach. The real estate market in India is growing at a phenomenal rate and cut-throat competition has brought lucrative offers for buyers. Thus, when it comes to buying a home, there are a few points that a buyer must consider.
If you are buying a home for the first time, this checklist will give you a complete guide on important points that you must consider while purchasing a home for the first time.
Budget– It is easy to fall in love with a home and overlook some crucial points. The first and crucial step of buying property is finalizing the budget. You might see numerous offers in the market offering you homes with all the latest amenities, but it is pertinent that you finalize your budget before starting to explore various options. To fix a budget for your property, evaluate your finances. There will be many home loan givers but you have to ascertain your capability of payment. You must understand how the monthly EMI will impact your daily expenses. How comfortable will you be in fulfilling all the other basic requirement after the monthly EMI deduction? Do the math and fix your budget. Job stability will also play a crucial part in your decision.
Location – The location of the home plays a significant role. It should be safe and secure. The concept of residential colonies is in vogue these days. This is because, these residential colonies offer integrated amenities like the swimming pool, dedicated sports facility, clubhouse, hospital, etc. Do check out the connectivity of the location. How accessible is it by public transport is an important question that should be answered.
Legal Check – In the past years, it has been seen that people invest their hard-earned money in buying a home and then get stuck with a bad developer. Thus, it is important to ensure that the property has all types of certification. The developer should have NOCs and approvals from all concerning departments. However, if you take a home loan, then banks or other entities cross verifies all documents, still getting it checked personally will help you with things. In addition , it is paramount to do thorough research of developers and sellers to avoid any future complications. A property having all cleared paperwork is a more reliable option.
Additional Cost– Many dealers and builders do not share the complete cost of their project. There remain lots of additional costs, like parking facility, registry, maintenance charges, etc. All these charges you have to bear after buying the home. There will be many other charges that you will have to pay after taking home possession other than the EMI (If you have taken a loan). You must check all the additional or hidden charges to get a fair idea about how much cost you are going to bear after the possession of the property.
Property Insurance – Either it is construction, purchase, lease of property or its sale, taking legal advice is good. Update yourself about laws that govern the area of the property. You must take all legal advice and prepare an agreement that states all terms and conditions.
Basic Amenities-The water supply of that area, waste and sewage treatment, power supply, drinking water supply should be on the checklist. Before buying the property, make sure that the property is going to have an uninterrupted supply of all basic needs, and governing civic body provide all the services.
When buying a home, don’t allow your emotions to influence your buying decision. For people, buying a property is a sense of freedom and pride, but remember, either you are buying your first home or tenth, you must do the same level of research at the ground level each time.
