Like many others, if you are a first time home buyer, there are chances that you are confused about certain aspects of the home buying process. It is a cherished dream of every Indian to own a home, so we have put a list of things that you should check before entering any contract with the developer.
- Hand-pick a good real estate agent
Finding a knowledgeable and dependable agent is half the battle won. A good agent can really make the whole process easy for you. He can give you an idea about localities, appreciation value; he can guide you with paperwork and show you home options as per your criteria.
- Identifying properties and Localities
Start looking for a home in your preferred localities with your agent. Location of the property plays a key role. Objectively ask yourself few questions like travel time from work, infrastructure development of the area, public transport, water and electricity supply, hospital and education facilities in the vicinity. Make sure the properties you choose fits the list of your key parameters of home buying.
- Developer’s Credibility
It is absolutely crucial to check developer’s financial and project card report. Today you can find everything online regarding their present and past work. This will help you ascertain developer’s market reputation and also understand his project portfolio.
- Affordability Quotient
If you intend to pay for your home through a bank loan, you need to carefully figure out how much EMIs can you sustain each month without depending on your savings. This will be a monthly expense. Often people set a budget for a new home however they get carried away at the time of making the purchase. Ideally, your EMIs, home loan charges, property taxes and so on should not exceed 30-35% of your total income.
- RERA Act
RERA act has made the life easy of home buyers. It is paramount that you check if the project is registered under RERA. Check whether the project you are interested is registered or not If yes, then check the possession date, past record, legal cases if any, credible consultants, work completion percentage and statutory approvals. This will ensure transparency and timely delivery of your home.
- Total Cost of Investment
There are many other costs that are added with buying a property. You need to ask about all the additional costs before signing the contract. Check with the developer about the taxes, parking charges, clubhouse membership, initial maintenance charges and so on.