Given that builders are extending attractive property prices and home loan rates are at an all-time low, now is the perfect time to buy a house.
Selecting the right property is the hardest part when you are out, buying your first home. After all, there are plenty of options available, a range of aspects to consider, and significant funds on the line. No wonder many people rely on checklists to arrive at a buying decision.
Looking for one yourself? Here’s a checklist of the dos and don’ts of buying a house.
#1 Look for RERA approved properties
As a first-time homebuyer, keep a keen eye out for choosing a RERA approved property. This is because RERA provides a unified legal framework improving the transparency in the home buying process while keeping the interests of the home buyers in mind. Hence, with a RERA approved property, you never have to settle for a lesser carpet area than negotiated or wait endlessly to have your apartment constructed, among other things.
#2 Check your developer’s track record
Getting a property with a reliable developer can ease many home buying concerns. But how do you know if a developer is reliable? Check their project completion rates and average time frames, the quality of materials used and most importantly, customer reviews.
#3 Research the prices of the properties in the neighbourhood
Before buying a house, make sure you know the average cost of properties in the area. While you’re at it, also check if the cost of your chosen property is in line with other apartments of similar configuration, amenities provided etc., and do a cost-benefit analysis with your other property options.
Additional Read – A Complete Guide for a First-Time Home Buyer in Mumbai
Dos and Don’ts While Buying Your First Home
#1 Leave your finances for the last minute
Remember buying a house is a large financial investment, often requiring down payments upfront. So, start looking for properties only after deciding your budget. Don’t have enough funds? Consider getting a home loan you can repay over time. Most home loans cover 70-90% of the costs, thereby making home-buying more accessible.
In fact, these days, you can get first time home buyer benefits like tax rebates on your home loan interest and tax benefits on the principal repayment too.
#2 Get a house away from social infrastructure
Property prices vary with location depending on how accessible the social infrastructure is. This includes schools, colleges, hospitals, groceries, places of worship, etc. For instance, you could get a lower price for property far from the railway station, but if you’re dependent on railways for daily transport, is it really worth the cost savings?
Simply put, you should choose a housing location keeping your family’s necessities in mind.
Additional Read – 5 Essential Home Buying Tips for Millennials
Choosing the perfect house is much easier when you consider factors like the locality, the developer, your budget, and more.
And if you need the perfect financing option to help you purchase your dream home, Tata Capital is right here. We offer attractive home loan interest rates, home loan EMI calculator and flexible tenures, making your application process as smooth as it gets.