Flat Buyers in India has to face many challenges while buying first flat
Are you trying to buy your first-home in India? As a first-time flat buyers in India it can be very challenging and makes exciting situation to deal in while purchasing your first home.
Buying your first own flat in India is an expensive task which is going to be a huge financial investment for you. While purchasing or buying your first flat you should be prepared according to the situation and should know some condition before purchasing it. With a good investment you can get a better investment return on your purchased property in future.
Here are 8 must follow tips for first time flat buyers in India before purchasing your property.
Contents
Own Assessment
Make your own assessment first, What type of flat or apartment do you need? Which area would you like to invest in? as question arises more. First make your research and assessment with home you want, win budget you want to prefer, investing in ready-to-move flats or in new launch. The certifications, approvals, finance are the options you have to look after it before purchasing your property. Talk with your neighbours, locality people and agents where they will suggest you some good property investment.
Location
Location is the most important thing while buying a flat in India. When finding the right location there are many things to be considered. Areas in which you can have the nearest railway stations, metro stations, markets, schools, hospitals, gardens, offices which will provide comfort according to your need. People looking out to invest in their first flat should look after good connectivity and social conditions around the area. Choose like – new locations in cities, developed locations, affordable locations.
Developer
The value of your flat depends on the developer you purchase with. A reputed builder in the market will bring more interest and good name in the community where people can easily invest in. As a first-time flat buyer go discuss with builder for any difficulties as they will suggest you good investment option. Understand every formality with the builder before signing your document to avoid further problems.
Amenities
As a home buyer you look after the conveniences, modern and luxurious amenities for great living. Flats with more amenities comes at higher cost and builder may charge extra according to the facility they provide. You may choose the best and comfortable flat with amenities that suits you & your family. From gardens, parking, swimming pools, gyms, club-house, lifts, security, are some of the options that everyone look for. You should at least look for some amenities that can provide you with comfortable living.
Budgeting
Budgeting is also an important factor for all while choosing their first property. Your first investment in the house is biggest financial commitment for anyone. Prepare your own budget and discuss with your builder or agent the amount of money you are willing to invest. A proper budget helps in segmenting the type of property you can get for. It’s advisable that you prepare your budget before at least six months before investing in your flat, so that you can get some proper knowledge for investing.
Price Evaluation
Evaluate your price according to the real estate market you would like to invest in. The price can be evaluated with type of apartment you need like 1 BHK, 2 BHK or 3 BHK with the price per square feet. The best price with best flat options can help you get good deal while purchasing your first flat. You have to also evaluate the extra cost you will be required to pay like taxes, flat maintenance, society charges and much more. So wisely choose your flat according to your income that you can spend on the extra cost.
Financing Options
You may opt for different financing options which are widely available nowadays. There are various loan schemes various finance option you may opt in. As a first-time flat buyer who are salaried based working individual may choose this option. Usually you have to make 15-20 percent of down-payment of the home value and rest can be paid in EMI’s. Choose the best tenor of the loan with the interest rate according to the financer. Discuss broadly with the financer with all the details before opting for any of the loan. There are builders who can also help you with this.
Documentation
Make sure you check all the related documentation while purchasing your first flat. Check for license, NOC, OC, RERA and more legal documents before investing in any property. Investors should look after the project or flat with all the necessary clearances. Check with flat price as per the carpet area of your flat is mentioned or not. Proper documentation will thus help us to analyse and take final decision while buying first flat. Thus, the right documents will give you more confidence while investing a good flat or property having no issues for the future term.
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