Buying a home is a milestone for many. At the same time, it can be challenging, especially for a first-time home buyer. It is the most crucial decision one makes in their entire life. From excitement to nervousness to anxiety, finding a home is a complete roller coaster ride! As the largest investment, purchasing a home necessitates a well-thought-out and structured plan. However, with proper guidance, you can achieve it all!
So, here we are helping you with five things a home buyer must know while purchasing a home!
Developers’ Integrity and Goodwill
In today’s times, it is imperative to find a developer who stands true to his commitments. Therefore, you must keep an eye on reputed developers, who have created a track record built on successful delivery of projects and built up their profiles based on timely delivered, quality projects. Shortlist a few developers who have built this kind of reputation and goodwill in the Indian real estate market. Research their delivered projects, listen to clients’ feedback and visit the project site to build your own opinions. Discuss their pricing models, benchmarking the price and size against comparable projects and any financial support that they are offering. If they fail to meet your expectations and requirements, use the process of elimination to choose your most preferred developer partner.
Evaluate the property
Now that you have shortlisted your developer, you can proceed by visiting the site and evaluating the properties. Consider the property layout, carpet area, parking area, and amenities that the developer promises to offer. Also, explore the connectivity to other areas and scan the vicinity of the property to find out if the essential facilities like hospitals, medical stores, grocery shops, schools, parks, malls, etc., are in proximity to the property. Further, find out the rental and resale value of the property to understand the future gains you can reap out of the property in case you plan to rent it out or sell it later. Scrutinize the security, privacy, and safety protocols, provided in the complex and investigate the legal and quality checks to ensure your investment is done right.
Schemes & Payment Plans
It is necessary to choose a well-structured payment plan before finalising any property. To ease the buyers’ financial pressure, developers offer various plans and schemes including down payment plans, construction linked plans, time linked plans and flexi payment plans. Each plan has its unique characteristics. Therefore, understand each plan thoroughly, and choose the one that best suits you and your financial requirements and home purchase budget. Also, explore the discount options available with your developer, which will reduce your financial burden a little more in no time. In the case of home loans, financial institutions generally disburse the amount based on the project status, meaning your EMI starts after possession, though interest payments start immediately.
Bank home loan
With an option to choose the best payment plans provided by developers, you also get an opportunity to choose your bank for a home loan. The home loan is sanctioned based on your monthly income and age, making it paramount to research different bank websites or visit banks and meet their home loan personnel in person. In addition, there are differences in processing fees, repayment & prepayment terms, and turnaround time. Therefore, you need to compare the plans and choose the one that best suits your requirements.
It is advisable to read the agreement carefully before signing it. Know the clauses, penalties, and their implications beforehand to avoid any fraud or loss of funds in the future. Check the possession date and confirm if there are any hidden charges that you are liable to pay. Also, ensure that you have calculated registration fees, stamp duty, and GST, which are over and above your flat cost. In case of a delay in possession, you are entitled for compensation by the developer.
A house is significantly more than just four walls that allow you and your family to kindle and create memorable memories. Owning a home is a substantial investment in anyone’s life that gives them emotional security and a sense of belonging with no uncertainties and compromises. We appreciate you taking a step forward towards a secure and bright future. Reach out to our experts and find your perfect home!