Key points homebuyers should consider before investing
Key Consideration: Value for Money
- The primary factor in real estate investment is ensuring the property is value for money.
Essential Prerequisites for Buying a House
- Carefully weigh options in relation to requirements and budget.
- A once-in-a-lifetime investment, making optimum benefits crucial
Analyze the Track Record of the Builder
- Verify on-ground details about completion timelines, construction quality, etc.
- Utilize RERA for transparent information.
Find a Suitable Home as Per Requirements
- Determine size based on family structure.
- Assess space flexibility for potential changes.
Location Survey
- Consider proximity for easy commuting or a quiet neighborhood.
- Evaluate socio-economic infrastructural developments for property's capital growth.
Paperwork
- Keep necessary documents handy.
- Register sale deed in the Sub-registrar’s office.
- Include RERA registration, Extracts, No-Objection Certificate, and Copy of Building Plan.
Awareness Regarding Financial Benefits
- Understand financial benefits for cost-effective purchases.
- First-time home buyers enjoy various financial benefits.
Legal Due Diligence
- Conduct thorough legal due diligence to ensure there are no legal disputes or encumbrances associated with the property.
- Verify property titles and ownership records.
Future Development Plans
- Investigate any upcoming development plans in the area, as these can impact the property's value.
- Consider potential zoning changes or infrastructure projects that may affect the neighborhood.
Resale Potential
- Evaluate the resale potential of the property by analyzing market trends in the area.
- Assess the historical appreciation rates for similar properties.
Home Inspection ( For Resale Houses )
- Prioritize a professional home inspection to identify any structural or maintenance issues.
- Ensure the property is in good condition and doesn't require immediate costly repairs.
Negotiation Skills
- Develop effective negotiation skills to secure the best deal.
- Be aware of market trends and comparable property prices to negotiate from a position of knowledge.
Financing Options
- Explore various financing options and choose the one that best suits your financial situation.
- Consider interest rates, loan terms, and any applicable government schemes for homebuyers.
Community and Amenities
- Evaluate the surrounding community and amenities.
- Access to schools, hospitals, parks, and shopping centers can significantly impact the quality of life.
Environmental Factors
- Consider environmental factors such as pollution levels, flood risks, and Traffic Congestion etc.
- Assess how these factors may affect the property's long-term viability and resale value.
Insurance
- Explore insurance options for the property to safeguard against unforeseen events.
- Understand the coverage and terms of insurance policies available for homeowners.
