At some point in our lives, we decide to invest in real estate and buy the property of our dreams. However, we often lack the required knowledge to purchase our first home. If you would like to understand the process of purchasing a property better, considering the below points may help you.
Location
Location is of prime importance while choosing a property and the below questions need to be answered before going ahead.
- Does it suit your work and personal requirements?
- Is the selected property well connected to major points of interest?
- What developments are expected in the area?
Builder
The reputation and credibility of the builder is another important factor to get peace of mind. A thorough background check on the work done by the builder is necessary to see the capability of the builder to meet their stated claims.
Project
It is important to check the Project on Legal & Technical grounds. Having passed this test, project further needs to be reviewed for the quality & completion period.
- Does the land have clear title?
- Does the project have received all required Sanctions?
- Does Project have RERA registration?
- What is the current stage of construction?
- Is completion period acclaimed by the builder, achievable?
Stage of construction of the project is another deciding factor.
- Construction not started
- Under construction / nearing completion
- Ready-to-move-in
Project in any of the above stages, should be selected based on one’s needs and wants, and should be decided on the basis of the return on investment, the urgency to move, home loan availability, payment plan, and other such factors. Property should be evaluated by considering the current market conditions and one’s personal conditions before making a decision.
Amenities
It is also important to look at the amenities that the builder is providing, and the utility you can derive from them. Lift, CCTV surveillance system, and solar water heater system are common amenities across good residential properties. First home buyers also need to look for properties that have good amenities as these provide end-to-end housing solutions for homeowners. These amenities should be desirable & useful for the home owners.
Size & Configuration
Square footage is not the only factor that needs to be taken into account. Optimal usage of carpet area and efficient configuration of rooms and spaces is necessary while buying a home.
Price
Price should be taken into consideration, accounting for factors like budget and home loan availability. Price should not be seen just as a derivative of square footage. It should be viewed as a long-term investment, taking into account the builder’s reputation, location, amenities, construction status etc. When all is said and done, do ensure that you stay within the limits of your home loan.
If purchasing from a reputable builder like Heda Buildcon at Nagpur where all sanctions are in place, construction is in progress, and quality is being maintained then one may reconsider one’s budget, owing to the value that a creditworthy builder can offer. Real estate purchases are long term decisions, and considering that they may yield high returns, it is always advisable to conduct thorough research and make an informed decision.
Author – Dr. Anuradha Rathi