Real estate is known to be one of the best investment options, especially in the Indian subcontinent. It is the go-to financial investment plan in many households when compared to other sectors like stocks, and even gold. By investing in real estate, you reap long-term benefits along with the security of having a roof over your head, making it the safest and most reliable form of investment.
However, deciding to buy a house is only half the battle won. Many first-time buyers find the process of purchasing a property quite overwhelming due to the high amount of money at stake and the plethora of upcoming and ready-to-move properties available in the market. There is also a ton of paperwork and legal formalities involved. But, the ecstatic feeling of stepping into your new home to start a brand new chapter of your life is priceless. If you are planning to buy a home, read on for our top five tips for first-time home buyers in India.
Work around a budget
Before you step out to hunt for a property, it is a good idea to sit down with your family and have a small discussion about what you are looking for. Narrow down on a budget and write down a checklist of what you need in your home. Focus on factors such as the number of bedrooms, the surface area of the property, the amenities you can’t do without, your preferred neighbourhood and other features that directly affect the price of your property. You can perform a detailed research on apartments vs. villas to make the right choice. It is better to be focused on what you are looking for rather than stepping out into the real estate market and getting attracted by the abundance of lucrative offers presented by the developers.
Check your loan eligibility
Checking if you are eligible for a home loan should be your first step while making real estate investment plans. Go through all the housing schemes offered by leading banks and financial institutions before deciding on your method of funding. It is also important to get a detailed credit report from the Credit Information Bureau India Pvt. Ltd to check if you have a good CIBIL score. Make sure you take measures to increase your CIBIL score as a good score will get you good loan offers at minimal interest rates and also speed up your transactions in a hassle-free manner.
Invest in a good locality
The locality of your property plays a very important role in determining your return on investment. To get the best out of your investment, choose a developing neighbourhood with a promising growth rate in the near future. Focus on aspects such as the amenities and facilities available in and around the locality, along with the connectivity it offers to the other parts of the city. It is also important for the neighbourhood to have a good amount of hospitals, schools, supermarkets, restaurants, banks and many other such basic necessities for a comfortable living. If you are planning to rent your property out, the key is to think long-term. Give yourself a minimum of five years to enjoy the returns as appreciation solely depends on the social development of the neighbourhood. You can check out our extensive blog on the top 7 residential localities in Bangalore for an insight on the leading neighbourhoods in the city.
Rely on a credible developer
With a multitude of options available in the property market today, finding your dream home can get a little mind-boggling. To make the search easy, you can short-list the projects based on the reputation and credibility of the developer. Opting for a property from a well-established developer which is RERA certified, such as Brigade, gives you the guarantee that you have made the right choice.
The prestigious Brigade Group is one of India’s leading real estate developers with luxurious projects scattered around India. Our remarkable projects are packed with world-class amenities and facilities and are recognized as landmarks on their own.
Verify your property thoroughly
Once you have short-listed a property based on all the factors mentioned above, make sure you verify the property thoroughly. Apart from the verification received from the bank on the credibility of your property, it is important for you to perform a quality check of your own. From construction quality and fool-proof layout of the building to legal paperwork and government authorisation, your round of verification is what will make or break the deal. It is also good to keep a lawyer in the loop to watch over all the transactions and legal formalities. A legal expert will guide you through the process and let you know if you have missed out on something.
Investing in real estate is every family’s dream. Head out to the Brigade Group today and find yourself a house you can call home.