Buying a home is a milestone for many. At the same time, it can be challenging, especially for a first-time home buyer. It is the most crucial decision one makes in their entire life. From excitement to nervousness to anxiety, finding a home is a complete roller coaster ride! As the largest investment, purchasing a home necessitates a well-thought-out and structured plan. However, with proper guidance, you can achieve it all!
So, here we are helping you with five things a home buyer must know while purchasing a home!
Developers’ Integrity and Goodwill
In today’s times, it is imperative to find a developer who stands true to his commitments. Therefore, you must keep an eye on reputed developers, who have created a track record built on successful delivery of projects and built up their profiles based on timely delivered, quality projects. Shortlist a few developers who have built this kind of reputation and goodwill in the Indian real estate market. Research their delivered projects, listen to clients’ feedback and visit the project site to build your own opinions.
Evaluate the property
Now that you have shortlisted your developer, you can proceed by visiting the site and evaluating the properties. Consider the property layout, carpet area, parking area, and amenities that the developer promises to offer. Also, explore the connectivity to other areas and scan the vicinity of the property to find out if the essential facilities like hospitals, medical stores, grocery shops, schools, parks, malls, etc., are in proximity to the property.
Schemes & Payment Plans
It is necessary to choose a well-structured payment plan before finalising any property. To ease the buyers’ financial pressure, developers offer various plans and schemes including down payment plans, construction linked plans, time linked plans and flexi payment plans. Each plan has its unique characteristics. Therefore, understand each plan thoroughly, and choose the one that best suits you and your financial requirements and home purchase budget.
Bank home loan
With an option to choose the best payment plans provided by developers, you also get an opportunity to choose your bank for a home loan. The home loan is sanctioned based on your monthly income and age, making it paramount to research different bank websites or visit banks and meet their home loan personnel in person.
It is advisable to read the agreement carefully before signing it. Know the clauses, penalties, and their implications beforehand to avoid any fraud or loss of funds in the future. Check the possession date and confirm if there are any hidden charges that you are liable to pay.