When purchasing a property, especially if it’s your first time, you must create a thorough checklist describing all the features you want in your new home. Any residential property has two uses: for personal use and as an investment. Once you are clear on your goals for the purchase, a home purchasing guide will be helpful. The path forward is very straightforward if self-use is your goal. The targets in your overall plan of things will be earning rental income and property appreciation if the new endeavor is seen from an investment standpoint.
Knowing the type of home you want to buy is more important than anything else before we move on to tips for first-time homebuyers. You can choose the property that best suits you by taking into account your budget, maintenance fees, and type of investment. You have a choice of apartments, houses, lots, villas, etc. But selecting the ideal property can be difficult, particularly if it’s your first time. Therefore, getting advice from someone who has recently purchased a house or has already invested in real estate can be helpful.
Tips For First-Time Homebuyers
Moving on to the home-buying advice, you should bear in mind the following advice whether you are purchasing a home for personal use or as an investment.
1. Check for Bank-Approvals
Checking whether or not the project has received approval from a reputable bank is a crucial factor to take into account when purchasing a home. These initiatives always have the certainty that they are both legally and financially compliant because the bank itself verifies everything.
2. Verify the Property Through RERA Registrations
Visit the RERA website to see if the property is registered with the RERA (Real Estate Regulatory Authority) and to check the RERA number. Check the article to know What is the Real Estate Regulation Act (RERA).
3. Consider the Amenities & Specifications Within the Development
Following your choice of house type, you must further consider the lifestyle you want to lead; this is where the features and amenities provided by the property are important.
4. Review Maintenance Costs
Another crucial aspect to take into account, particularly if the project offers a variety of amenities and services. You can estimate the overall cost of living in a specific project by inquiring in advance about the annual maintenance expenditures.
5. Request for an Aerial View of Your Home
You can then request a drone photo of the view from your potential new house. You can also use it to determine the house’s floor, balcony view, and presence of ventilation and natural light.
Useful Article: Advantages of Working with Real Estate Agents When Buying a Home
6. Check Out Your Home’s Noise-Cancelling Features
While it’s a popular misconception that a flat on the top level isolates you from outside noise, this is not necessarily the case. Your home might hear the honking horns and ruckus if the land is parallel to the main road. Check to see if the developer is offering you sound-proof windows that greatly reduce outside noise. After all, your house should be a haven of safety and tranquility apart from the busy city life.
7. Check If Your House Is Vastu-Compliant
Although individual beliefs may vary, the vast majority of homebuyers take Vastu compliance into account. Consequently, the majority of real estate developers ensure that the residences they build adhere to Vastu. While purchasing a home, you may also look into this element.
8. Explore Social Structure
Next, look into the city’s connectivity and social infrastructure. Make sure the property you purchase has excellent citywide connectivity and is close to the greatest healthcare and educational options.
9. Considerations and Guidelines for NRIs to Buy Property
If you are a non-resident Indian (NRI) planning to purchase a property in India for the first time, you must also consider the following additional factors.
