9 Essential Tips for First-Time Home Buyers

25 Aug 6 min Read Read by 5520

Buying a property, especially if you are a first-time homebuyer, needs a proper checklist, detailing everything that you’re looking for in your new home. Any housing property serves two purposes: self-use and investment. After the objective of buying a property is known to you, a home buying guide will come to good use. If it’s self-use that you’re aiming for, the road ahead is quite straightforward. However, if the new undertaking is from an investment perspective, earning rental income and property appreciation will be the targets in your overall scheme of things.

Before we move on to the tips for buying a property, knowing the type of property that you wish to purchase is more 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 speaking with someone who has already invested in real estate or just recently bought a property can help.

Tips For First Time Home Buyers

Moving on to the home buying tips, whether you are buying a house for self-use or investment, you need to keep the following property buying tips in mind.

  1. CHECK FOR BANK-APPROVALS

    An important aspect to consider while buying a house would be to check if the project is approved by a reputed 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 & 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, 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 AN AERIAL VIEW OF YOUR HOME

    Next up, you can ask for a drone shot of the view from your possible new home. It can even help you narrow down on the floor of the house, the balcony view, and check for ventilation and natural light.

  6. LOOK AT THE NOISE-CANCELLING FEATURES IN YOUR HOME

    While it’s commonly perceived that a top floor apartment gets rid of the noise outside, it is not always the case. If the property is parallel to the main road, the sound of the blaring horns and commotion may reach your house. Therefore, check if the developer is providing you with sound-proof windows that cancel the outside noise to a great extent. Your home, after all, needs to be your safe and peaceful sanctuary, away from the bustling city 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 healthcare and education in the vicinity.

  9. CONSIDERATIONS AND GUIDELINES FOR NRIs TO BUY PROPERTY

    If you are a non-resident Indian (NRI) and are looking to purchase a property in India for the first time, there are certain additional considerations you would need to take care of, besides the above points. You can take a look at our guide at the NRI Zone of Mahindra Lifespaces, and find everything you need to know in this regard.

As you can see, it is essential for homebuyers to exercise due diligence and buy property from a trusted developer. Mahindra Lifespaces’ Home Buyers’ 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.

Check Also: Luxury Apartments by Mahindra Luminare in Gurgaon

References:
Times of India – Essential Tips Before Buying Or Investing In A Property
Investopedia – Buying your first investment property top 10 tips
Bankbazaar – 8 steps guide to buy new house
Image source – Freepik.com/free-photo/real-estate-agent-with-house-model-keys_5519370.htm

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