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Team Studycafe | Sep 12, 2022 | Views 6456

A Detailed Guide For First-Time Home Buyers In India

A Detailed Guide For First-Time Home Buyers In India

Buying a house is one of the most crucial decisions you can take in your life. It requires a significant investment, followed by considerable research. In India, investing in real estate is not only viewed from the financial viewpoint because many also attach emotional value to it. When something is so valuable, you cannot take any chances while shortlisting any property as your house.

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If you’re a first-time home buyer in India, it is natural to get surrounded by doubts and endless thoughts. Hence, to make your home buying journey easier, we’ve curated this epic guide that covers everything you should do before making the final move. So let’s check the tips shared below.

1. Start with Fixing Your Budget

When you start looking for houses, you may begin shortlisting and visiting homes, depending on their aesthetics. While looks matter a lot while buying a home, so does the budget. If you want to save time by eliminating properties you cannot buy, be clear with your budget. You can then filter the searches based on the property price. Knowing how much you’re willing to spend will help the real estate brokers suggest relevant properties.

If you feel buying a house is a once-in-a-lifetime decision, and you don’t want to settle with average options due to budget constraints, check if you can avail of a home loan to buy your dream house. Many developers help prospective buyers secure home loans from commercial banks or NBFCs, so you can always have this option open.

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2. Pay Special Attention to the Location & Locality

Owing to the rising demand for residential buildings, developers have now started constructing new projects in suburbs or locations far away from the main city. You wouldn’t want to stay in an apartment in a very chaotic locality. A remote area shouldn’t be your choice either. A secure and decent locality would work perfectly.

Location and locality are primely important and can hugely influence your staying experience, so choose wisely. Always look for houses built near the central city or the main city, so you always remain well-connected with the rest. If the properties you’re looking at are located in remote areas and seem unsafe, it should be instant no.

3. Evaluate the Home Insurance Value

Many house buyers overlook a critical aspect of the insurance cost while buying a house. When you put your life savings into something, securing it for life is essential. People have increasingly started to secure their new house under reliable home insurance.

When you invest in house insurance, you’re creating a safety net to protect you from the financial losses arising from house damages due to fire, burglaries, floods, earthquakes, and other events covered in the insurance.

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4. Take the Stamp Duty & Registration Fee in Mind

Buying a house is expensive because it is not the purchase cost you will incur alone. To get the house legally registered in your name, you will have to pay a stamp duty and registration fee to the concerned authorities in your location.

These expenses are generally a percentage of the house cost, so expect to pay more to authorities if you buy a big, expensive house and vice-versa. Consider these expenses while deciding on your budget, so you don’t have to come across any unexpected expenses at a later stage.

5. Look for Amenities in the House

When purchasing one’s own house, people no longer want to compromise. They want the best for themselves and their family. So if you’re looking for an apartment in a secure and beautiful complex, you can expect access to facilities like a swimming pool, gym, spas, community club, parks, etc. You can also look for other amenities in mind. But always remember that the higher the amenities, the more expensive the property will be.

6. Cross-Check the Developer’s Credentials

Real estate scams are no longer uncommon these days. News of builders taking advance payment from prospective home buyers and leaving them with unfinished properties or delaying delivery dates has been all over the internet in recent years.

As an informed house buyer, you should always check the developer’s credentials and past project history. You should also ideally check if the developer has obtained relevant approvals for constructing the project in the particular location. The more information you quickly gather, the safer you’ll remain.

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7. Check Whether Home Loan Facility is Available

People always dream of owning the best house, but such properties always come at a high price. If you don’t wish to compromise with the type of house you wish to purchase due to budget constraints, taking a home loan would be the best option.

Generally, most developers offer the facility to help prospective home buyers obtain a home loan from a banking institution. If you’re trying to quickly figure out how much EMI you’ll have to pay on such a loan, use an online home loan EMI calculator.

8. Review the Proposed Project’s Layout Plan

Reviewing the project’s proposed plans is an excellent way to confirm whether the developer is offering the promised infrastructure and amenities. Such plans highlight every detail of the project, ensuring you get to know what all you will be getting.

A layout plan will help you confirm the availability of amenities like gyms, kid’s play area, parks, swimming pool, the total number of residential blocks in the complex, and much more. When you visit a project site to review the property, you can always ask the person showing around for a copy of the project’s layout plan.

Get the House of Your Dreams

Everyone wants to own a house they can be proud of. But buying such a house is not an easy process. It involves a lot of research and investment. If you’re buying a home for the first time, it is natural to be doubtful about the entire process. Sometimes, all people need is guidance to find their way to the right house. It is why we’ve listed above all the steps you should include in your home buying journey for a rewarding experience. Following them will reduce your chances of falling for the wrong house.

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