Advice to the first time home buyer

At some point in our lives, we decide to invest in real estate and buy the property of our dreams. However, we often lack the required knowledge to purchase our first home. So, before going ahead with the decision to purchase property, here are a few things one should definitely consider:

Location is of prime importance while choosing a property. Does it suit your work and personal requirements? Is the selected property well connected to major points of interest? What developments are expected in the area? These are some questions that need to be answered before going ahead.

The second factor to consider is the reputation and credibility of the builder. The builder must be RERA (Real Estate Regulatory Authority) registered, in order to ensure that the construction has passed regulatory requirements and is approved. This not only provides peace of mind, but also increases construction safety, builder accountability, and protects the rights of buyers. A thorough background check on projects delivered by the builder in the past is also necessary to see the capability of the builder to meet their stated claims.

It is also important to look at the amenities that the builder is providing, and the utility you can derive from them. Swimming pools, gymnasiums, shopping centers are common amenities across good residential properties. First home buyers also need to look for properties that have good amenities as these provide end-to-end housing solutions for homeowners. This is important from the perspective of getting services in an easily accessible manner, without having to look around much for them.

The next factor to consider is whether to look for an under construction or a ready-to-move-in property. This is based on one’s needs and wants, and should be decided on the basis of the return on investment, the urgency to move, home loan availability, payment plan, and other such factors. Both types of properties should be evaluated by considering the current market conditions and one’s personal conditions before making a decision.

It is highly imperative that one looks at the size and configuration of the desired property before arriving at a decision. Square footage is not the only factor that needs to be taken into account. Optimal usage of carpet area and efficient configuration of rooms and spaces is necessary while buying a home.

Last but not the least, price should be taken into consideration, accounting for factors like budget and home loan availability. Price should not be seen just as a derivative of square footage. It should be viewed as a long-term investment, taking into account the builder’s reputation, location, amenities, construction status etc.

If purchasing from a reputable builder like L&T Realty, which is one of the top real estate developers in India, then one may reconsider one’s budget, owing to the value that a creditworthy builder can offer.  Real estate purchases are long term decisions, and considering that they may yield high returns, it is always advisable to conduct thorough research and make an informed decision. When all is said and done, do ensure that you stay within the limits of your home loan.

If you would like to understand the process of purchasing a property better, this guide may help you

Disclaimer: Stock image used for representational purposes only. Cover image created by Drazen Zigic – www.freepik.com