First Home Buyer Tips: Having a home is a symbol of stability and security. For some, it’s a way to build wealth, while for others, it’s a place to call their own, where they can create lasting memories with loved ones. As a first home buyer, you might not be sure where to begin. In real-estate, you have to understand and learn a lot of things.
Buying a home is often a once-in-a-lifetime purchase for most of us, so when you start searching for 2 BHK flats in Kolkata or other properties, be extra careful. The process requires you time, effort as well as commitment. Before we move into the first home buyer tips, there are a few things you need to decide. We can call it a checklist.
First Home Buyer Checklist
- Purpose- clarity for the purpose is essential. Any real estate property serves two purposes- self use and investment. In case of self use, the focus will be on amenities and facilities as per requirement while in case of investment, the primary focus will be on rental income and property appreciation with the time.
- Type of property- After clarifying the purpose of buying a property, deciding the types of property you should look for is crucial. You can choose from flats, apartments, villas, bungalows, plots, etc.
- Particular Requirement- you should also pen down any particular requirement in your home. It could be a garden area, theatre, swimming pool, security, etc. First home buyers generally ignore these minute things.
- Size of the Property- It’s important to determine how big is too big. It depends on budget, number of family members, expectations etc.
It’s important to do your research, understand your financial situation, and look for trusted real estate developers to find the right property for your needs.
First Home Buyer Tips
Identify Trusted Developers
The first step is to identify trusted real estate developers in the city you want to own property. The best option would be to contact persons who have already bought properties in that locality or have enough experience. You can also read online reviews and check the developer’s track record.
Location Matters the Most
When choosing a property, location is the most important factor. Visit the site and check yourself how far are schools, hospitals, colleges, shopping malls etc. from the property. You should also anticipate the future developments and upcoming projects in that area.
Verify the Property through RERA Registration
The Real Estate Regulation and Development Act (RERA) is a law that protects homebuyers from fraudulent developers. Make sure that the property you are interested in is registered with RERA.
Make sure that the property is approved by major banks. The bank verifies properties in every aspect on their own. This will ensure that the property you are interested in is genuine.
Evaluate the Amenities & Facilities
Consider the amenities and facilities that are important to you. Some common amenities include a swimming pool, gym, clubhouse, and children’s play area. However, every homeowner requires basic amenities which include power backup, security, CCTVs, fire extinguishers, etc.
Is the Property Vastu-Compliant
Many people in India believe in Vastu shastra, which is a traditional Indian system of architecture and design. If you are one of them, make sure that the property you are interested in is Vastu-compliant.
Review Maintenance Costing
Consider the maintenance costs of the property. Many times the maintenance cost is very high including the cost of things you need not to use. This includes the cost of maintaining the common areas, such as the swimming pool and garden.
Check for Finance Facilities
If you are planning to own a house with 10 or 20 percent down payment and rest in EMIs, then check for finance facilities. Many developers offer finance facilities to homebuyers by collaborating with banks and NBFCs.
Once you have found a property that you like, make sure to get it inspected by a qualified professional before you make an offer.
Buying your first home is a big decision. It’s an investment in your future, and it’s something that you’ll want to do right. But it doesn’t have to be overwhelming. By following the first home buyer tips in this article, you can set yourself up for success.