Purchasing a home for the first time is definitely a challenge as tempting offers leave you in a dilemma. Buyers often find it difficult to decide whether to go with the first house that comes within their budget or continue to rent. First time home buyers in India require following safety guidelines before signing on the dotted lines of the agreement. Some of the mentionable tips are given below that are intended to guide the inexperienced home buyers as they are about to finalize one of the most important investments in their life.

Let’s focus on the tips to have a successful purchase.

Considerations before you buy a home

  • Financial planning: Before you make the decision to invest in a property it is immensely important to ensure absolute financial planning. Take the initiative by reviewing your recent liabilities such as life insurance, student loans or any other commitments to get a bird’s-eye-view of your actual monthly income. Limit your budget for purchasing a home based on your household budget and the amount of money you can afford to put aside for the monthly EMI of your home loan. Except for the EMI you need to have a healthy savings account that can support you while paying additional incidentals such as registration, stamp duty and other sundry charges.
  • Your future goals and needs: If you are deciding to invest in a property then it is essential to not only have a clear idea of your present requirements but you also need to consider your future goals and needs. Some of the buyers seek capital appreciation through a long-term investment, some of the buyers just want a perfect home for the family, there are some buyers who wish to be a part of the new upcoming complex, and some desire to move closer to their workplace. When you are investing a huge amount of your hard-earned money you need to be clear about your future needs and goals, and to ensure that you make an informed choice.
  • Research location: Location is another chief factor to consider before you make an investment. It is always wise to purchase a high-growth area where there is enough potential for capital gains and growth. Keep things in mind for considerations such as proximity to educational institutions, connectivity to business area, shopping malls and hospitals. You are advised to be prepared for your financial targets which may have a detrimental or positive impact on the predicted price of your property. Make sure that the location of your new home suits your budget and personal requirement.
  • The credibility of the builder: This is considered as one of the important factors to check while making investments. Before buying a property, the buyer must look into the credibility of the builder. This essentially stands for checking on the developer’s previous projects, rate of appreciation in value, quality of construction, number of future projects and current demand in the market. The purchaser would be beneficial if the developer is affiliated with a governing body such as CREDAI.
  • Allotment letter: Have you selected your property and paid the first installment? If yes, then your builder may soon give the allotment letter to you. This allotment letter contains details about the property that has been allotted to you.
  • The sale deed: It is to be the most valuable document in a buying process of a real estate. The sale deed is an essential document which is governed by the registration act for both the seller and the buyer. Until the sale deed is signed between the seller and the buyer, the sale or purchase of the property is not legally completed.

Above are the key factors which has to be considered while purchasing properties. A healthy mix of the above considerations will definitely guide you towards your ideally located home.

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We are currently in the process of revising our website in consonance with the REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 and the RULES made thereunder (“RERA”), which have been brought into effect from 1st May, 2017. Until our website is duly revised and updated, none of the images, material, stock photography, projections, details, descriptions and other information that are currently available and/or displayed on the website, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA.
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Brand impressions, floor plans, layout plans, specifications, images, names, drawings, perspectives, models, graphics, logos, icons and other details herein are only indicative and the Promoter / Owner reserves the right to change all or any of them. Amenities and features of the project listed on the website are subject to change / deletion at the discretion of the Promoter and / or subject to changes on the directions issued by the Competent Authorities. The offerings outlined in those advertisements in whatever form may not be a part of the initial phase / present phase of the project and may be delivered in later phases or on completion of the Project.
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