Whether you’re a single and independent individual exploring the real estate market. Your path to owning a home involves various considerations and steps, all geared toward ensuring your financial well-being.
Let us help you navigate the journey of your first home-buying experience with success.
Settle Up on Your Location Selection
When starting the journey of purchasing a house, it’s important to recognize how it differs significantly from renting. A major decision that you’ll make is selecting the location where you intend to establish your roots. This choice can be life-altering. For many, the location is dictated by proximity to their workplace or their children’s schools. However, if you have the flexibility of working online or running your own business, the location decision rests entirely in your hands. Similarly, if your intention is to purchase the property as an investment, your choices in terms of location are wide-ranging.
Is A Villa Better For You Or An Apartment
The next critical decision involves choosing between a villa and an apartment. First-time homebuyers may have limited financial resources unless they have inherited wealth or received a substantial inheritance. Apartments often present a more cost-effective option compared to villas. Nevertheless, it’s essential to evaluate your personal preferences, consider your family’s requirements and then assess whether it’s a villa that aligns with your budget or an apartment.
Initiate Your Search
In the digital age, virtually everything is accessible online, including real estate listings. You can commence your quest for the perfect home from the comfort of your home office. Explore popular online portals and filter your search based on location, specific requirements, budget and real estate developers. Many websites even offer virtual property tours, enabling you to assess amenities and narrow down your choices.
Websites to help start your search:
Conduct Thorough Research
Once you have shortlisted potential properties, conduct in-depth research to ascertain the reputation of the builder or real estate agent involved. Are they known for adhering to commitments and delivering on schedule? Could there be hidden costs or unmet promises? Crucially, ensure that your builder complies with legal requirements and regulations. Seek out feedback from individuals who have previously invested in the property to gain insight into their experiences.
Schedule a Site Visit
Arrange a site visit to the property at a time convenient for you. During your visit, explore the neighbourhood to assess whether it aligns with your preferences or not. Consider proximity to your children’s schools, workplace, nearby parks, shops, and the distance to the nearest hospital. Evaluate the character of the neighbours and the overall environment as well.
Examine Building Plans
Check out the building plans and layout, ensure that they align with your requirements. If you follow Vastu principles, verify whether the layout conforms to its guidelines. Assess factors such as natural light, ventilation, and the quality of finishes. Determine whether there is room for customization to match your specific needs or not as well. Ensure that all essential criteria on your checklist are addressed.
Inspect Construction Quality
It may be prudent to involve someone knowledgeable about construction standards, particularly if the building is still under construction. Examine the quality of utilities, with special attention to plumbing and electrical systems. Scrutinise the condition of walls, paint, and flooring. Evaluate how well the amenities and surroundings have been maintained. Mind you quality assessment is of paramount importance when making an investment in a property.
Evaluate whether the provided amenities align with your lifestyle. Examine features such as swimming pools, gyms, and open spaces. If you enjoy walking, check for safe walking paths within or near the property. Consider the needs of your family, including children and your spouse. Ensure there is a park within the complex, providing a secure area for children to play independently. Confirm the ratio of built land to open spaces and assess the upkeep of all amenities. Verify the availability of reliable generator backup in case of power outages. Ensure that all fire safety regulations are adhered to and meet your checklist requirements.
Budgeting and Financial Planning
By this stage, you should have a clear understanding of the costs associated with the shortlisted properties. Avoid overstretching your financial capacity and committing to something beyond your means, particularly if you are obtaining a substantial loan. Your home should be a source of joy, not a financial burden. Seek advice from a financial consultant to determine the size of the down payment you can comfortably afford.
Look for financing options with favourable interest rates and flexibility to accommodate early repayments. Maintain a contingency fund for unforeseen financial challenges, allowing you to cover at least four instalments during financial constraints. When considering loan options, weigh the advantages and disadvantages of a longer loan tenure versus higher payments. Never commit to an EMI that exceeds 40% of your monthly income, ensuring that loan repayment remains manageable.
Documentation and Legal Support
Unless you possess expertise in the field, seek legal advice from a qualified individual with knowledge of real estate transactions. At a minimum, verify the following documents are in order:
- 1. Sale deed (also known as Title deed or Mother deed)
- 2. Encumbrance Certificate for the sale of previously owned properties
- 3. Power of Attorney if the sale is conducted through a third party
- 4. Allotment letter from the builder
- 5. Building and layout plans approved by the statutory authority
- 6. Necessary NOCs (No Objection Certificates) from the local Fire Department, Pollution Control Board, Water Works, Electricity Department, and Airport Authority, as required
- 7. Approved construction plan and construction licence
- 8. Cost estimates and valuation reports
- 9. Details of payment plans and stages
Investing in your first home is a big decision, one which affects the long-term well-being of your family, which is why it’s important to make all considerations and not dive head-first. We hope with this guide you end up choosing your ideal first home.
For people interested in buying a home in the city of dreams or for those looking for a topreal estate companyin Mumbai, check out Sunteck Realty, one of the finest luxury home developersin the country.