Tips for first time home buyers in India
Buying your first home is one of the biggest financial investment of your life with large capital investment and heaps of long-term benefits. However, investing in real estate can be tricky. There are a multitude of factors to ponder upon, coupled with tons of research and analysis. If you are a first-time home buyer, read on for some useful tips and suggestions before you take the leap.
Decide on the type of property
There are a plethora of property types in the market, tailor-made as per the needs of the investors. From old-school apartments and villas to new-age gated communities and row houses, make your choice as per your budget and circumstances. While ready-to-occupy properties are in more demand, you can also opt for other projects as well if they have a proper approvals and certificates.
Check your neighbourhood
It is important to scrutinise the location you are planning to invest in. Scan your neighbourhood for basic amenities like reputed educational institutes, premium hospitals, top-notch supermarkets and scrumptious eateries. Make sure your locality strikes the perfect balance between residential and commercial, for a hassle-free living with top amenities and facilities. Check out our blog on the top seven residential localities in Bangalore for more insight on the best areas to live in.
Work on a financial plan
Opting for a home loan is the most convenient way to fulfil your real estate investment dreams. With the RERA laws, the newly implemented GST and home loan interest rates at an all time low, it has never been a better time to invest in real estate. Put down a proper financial plan with details of your income, expenses and provision for absorbing the home purchase costs. Survey the various loan options provided by banks and financial institutions and make your move wisely. Find out about your CIBIL credit score and check if there are any outstanding loans or credit card bills. Additionally, decide on a reputed bank as your loan provider for hassle-free transactions.
Choose the type of home loan
Based on your financial situation, you can opt for either a fixed home loan or a floating home loan. In a fixed home loan, the rate of interest is fixed for the entire period of the tenure. However, the interest rates are usually higher in fixed home loans. Floating home loans, on the other hand, have a fluctuating interest rate based on the market conditions. Nevertheless, they provide a lower rate of interest when compared to fixed home loans. Both the types of loans have their own set of pros and cons. Take your pick as per your financial plan.
Calculate your return on investment
Any financial move needs to be made with the returns in mind. Whether you are planning to rent out your property or live in it, calculate the return on investment. Buying a house is a long-term venture so pick your location and type of property wisely. Opt for a burgeoning locality with guaranteed returns. Additionally, look into the scalability aspect of your property as well. If you are investing in an independent house, check if you can add a few extra rooms or an additional floor down the years, as per your requirements.
Check the legal documentation
As per the newly applied RERA reforms, developers are obliged to register with RERA for every new project exceeding an area of 500 square meters. Make sure you check the license and registration number of the development before investing. Additionally, check if the property has been priced as per the carpet area of your apartment, for a clear-cut transaction. Also, confirm that the developers have received a No Objection Certificate (NOC) which certifies that the property has been completed without any violations.
Opt for a reputed developer
Check the credibility of your builders before signing the deal. Different dealers excel in different types of properties. To make the process easy, invest in a real estate company which is known for its quality projects, on-time handovers and has built an unbeatable reputation over decades of service.
Buying a home is a milestone in every family household. Make sure you educate yourself adequately on the benefits of investing in real estate and do your research well. Look up properties like Brigade Calista that provide top-end quality and promise a premium lifestyle. Visit Brigade Group to check out a variety of top quality investment options across Bangalore, Mysore, Chennai, Hyderabad, Mangalore and Mangalore.