9 Essential Tips for First-Time Home Buyers

Purchasing a property for the first time requires careful planning and a clear checklist that outlines all key requirements. For a first-time homebuyer, understanding the purpose behind the purchase is essential—whether it is for personal occupancy or long-term investment. A property typically fulfils one of two functions: self-use or capital growth. Once the objective has been established, a comprehensive home buying guide becomes invaluable. In the case of personal use, the process tends to be more direct.

Buying a new home in India is seen as a symbol of stability and success. The excitement comes from envisioning a space to call your own, but the process can be equally challenging. From understanding legalities to comparing localities, buyers must navigate multiple complexities. For first-time homebuyers, the journey includes evaluating developers, scrutinising documents, and aligning budgets.

Before we move on to the tips for buying a property, knowing the type of property that you wish to purchase is essential. Factoring in the budget, upkeep costs, and the kind of investment, you can decide which property suits you the best. You can take your pick from apartments, residential plots, villas, etc. However, choosing the right property can be quite a dilemma, especially if it’s your first time. So, consulting a trusted expert, such as our experienced team at Mahindra Lifespaces, can offer valuable insights, especially for those navigating the property market for the first time. We’re here to help clarify any doubts, validate your choices, and ensure every step of the homebuying journey is informed, transparent, and reassuring.

Tips For First Time Home Buyers

Moving on to the home buying tips, whether you are buying a house for self-use or investment, here are a few things to consider before buying a house in india

1. Check for bank-approvals

   An important aspect to consider while buying a house is to check if the project is approved by a reputable bank or not. Since the bank itself verifies everything, these projects always have the assurance of being legally and financially compliant.

2. Verify the property through RERA registrations

   Check if the property is registered under RERA (Real Estate Regulatory Authority) and verify the RERA number online by visiting the official website.

3. Consider the amenities and specifications within the development

   Once you’ve decided on the type of property, you need to further take into account the kind of lifestyle you wish to live; here’s where the amenities and specifications offered by the property come into play.

4. Review maintenance costs

   Another important factor to consider is especially if the project has a range of amenities and features. Asking about the annual maintenance costs in advance helps you gauge the total cost of living in a particular project as well.

5. Request for a virtual tour of your home

   At Mahindra Lifespaces, we offer immersive virtual tours that help prospective homeowners make informed decisions, especially when exploring under-construction properties. These virtual experiences allow a detailed preview of views from different floors, helping in the selection of an ideal unit based on factors such as balcony orientation, natural light, and ventilation. It’s a smart way to visualise the final outcome well before completion.

6. Sustainable features for long-term well-being

   At Mahindra Lifespaces, sustainability is at the heart of every development. Homes are thoughtfully designed to reduce energy consumption through smart architecture, efficient ventilation, and the use of eco-friendly materials. These features not only help residents save on utility costs in the long run but also promote a lifestyle that is closer to nature. Living in a sustainably built environment supports improved physical, mental, and social well-being, offering a balanced lifestyle amidst the pace of urban life.

7. CHECK IF YOUR HOME IS VASTU-COMPLIANT

   Although the belief may vary from person to person, most homebuyers do take the Vastu compliance of the residences into consideration. Therefore, most real estate developers make sure that the homes they build are Vastu-compliant. You can check for this aspect too while buying your home.

8. Explore Social Infrastructure

   Next, check for the social infrastructure and connectivity across the city. Make sure you buy a property that is well-connected city-wide and one where you can find the best of Pand education in the vicinity.

9. Elevation of Floors

   Higher floors in high-rise buildings have a higher price per square foot, making first-floor apartments comparatively cheaper than those on the 10th floor. Similarly, corner flats also attract a premium due to the demand. Keep these considerations in mind when choosing your home.

Financial Advice for First-time Homebuyers

Sound financial planning is crucial when buying a house for the first time. Begin by assessing your monthly income, existing debts, and future financial commitments. Set a clear budget that covers the cost of the property, stamp duty, registration, and moving expenses. It’s essential to have a healthy credit score to secure better home loan terms. Avoid overextending yourself; opt for EMIs that leave room for emergencies and living costs. This financial foresight makes buying a new home more manageable and stress-free.

Common Mistakes to Avoid When Buying a Home in India

Many first-time homebuyers make avoidable mistakes that can impact their finances and peace of mind. One common error is neglecting to verify the legal status of the property or the reputation of the builder. Others rush into buying a house without factoring in other costs like maintenance, property taxes, or renovation. Overlooking the importance of location, infrastructure, and future resale value can also lead to regret. Skipping a thorough inspection or ignoring loan terms can create future complications. By knowing what to avoid, homebuyers can make smarter decisions when buying a new home in India.

Your Roadmap to Successfully Buying a Home in India

It’s crucial to stay informed, seek expert advice when needed, and take a structured approach. By keeping essential tips for buying a house in mind and aligning your decisions with long-term goals, you can confidently move forward. With preparation and the right guidance, buying a new home becomes less daunting and more rewarding, marking a successful start to your homeownership journey.

Exercise due diligence and buy property from a trusted developer. Our home buying guide helps you out with the entire home buying process, from the start to the end, ensuring your experience is a happy and joyful one.

FAQs

1. What is the process for buying a new property in India?

   The process for buying a new home in India involves setting a budget, shortlisting a location, verifying legal documents, checking RERA registration, arranging finances, applying for a home loan (if required), and registering the property by signing the sale agreement. First-time homebuyers should also ensure the builder’s credibility and review all additional costs involved before finalising the purchase.

2. What are the additional costs involved in buying a home?

   Beyond the property price, buying a house in India includes stamp duty, registration charges, GST (if applicable), home loan processing fees, maintenance deposits, and legal or broker fees. First-time homebuyers should factor in these expenses while budgeting to avoid surprises during the home-buying journey.

3. What is RERA, and how does it protect homebuyers?

   RERA, or the Real Estate Regulatory Authority, ensures transparency and accountability in real estate. It protects homebuyers by mandating project registration, timely delivery, and fair practices by builders. Before buying a new home, check if the project is RERA-approved to safeguard your investment and rights.

4. What are the tax benefits available to homebuyers in India?

   Homebuyers in India can claim tax deductions on home loan interest under Section 24(b) and principal repayment under Section 80C. These benefits reduce overall tax liability and make buying a house more affordable. First-time homebuyers may also enjoy additional deductions under certain government schemes.