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Checklist For First Time Home Buyers

Aug 02, 2017 04:29 PM

Buying a home is one of the biggest decisions in life and so its important to be extra careful while purchasing a new house. A few simple checks can sometimes make the difference between buying your dream house and stepping into a costly nightmare.
Whether buying a Villa or an apartment there few things to lookout for before buying it.

1. Decide the Budget
It’s important to decide on the budget for the first time home buyers. Home gives us safety, shelter, sense of responsibility, social status and much more. So a well thought budget is a first and an important step.

2. Calculate Total Expenses
There is a long list of expenses that is incurred after moving in a new home. Expenses on furnitures, interiors, paintings and many other miscellaneous things should to be considered since the overall costing might go up. The home buyer should be comfortable with this and the overall cost should be affordable to the buyer.

3. Infrastructure and Connectivity
Infrastructure around the property like good roads, connectivity to work place, schools, hospitals, markets etc should be checked as well. It should not happen that to save the money on property, you end up spending everyday on your kids traveling to school and on your commute to the workplace.

4. Amenities
Home buyers should opt for projects which has various amenties like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. While buying a home it’s important to make sure the property has very good resale potential and for that these amenities are required.

5. Assessing your requirement
It’s often very confusing for a first time home buyer to decide on many factor while.buying a new home like whether to buy house on higher floor or lower floor, whether front view is better or the back one, whether the monthly maintenance is affordable etc. So its essential to decide on what is the exact requirement of your family and then buy a home.

6. Scalabity
While buying a home, most first time home buyers are amongst the early investors in life. Therefore, number of occupants at the time of buying a home might be less and in most families will steadily go up over a period of time. So ensure you consider scalability options while buying a home.

7. Construction Quality
Before buying a home, it is essential to check the walls, their overall look and feel, how is the finishing done, the ventilation and natural lighting. Home buyers should also check the paint, wiring, fitting, tiles quality etc.

8. Know Your Builder
Home buyers should do an extensive verification of the builder. Also, dealing with builders can be a task for the first time buyers and so it’s good to ensure that you understand every bit of fine print in your agreement with the builder to avoid serious difficulties.

9. Documentation and Approvals
Home buyers should check the builder’s paperwork ranging from commencement certificate for work, environmental clearance and approved building plans. Find out the status of the land title and see if the builder has bought the land or has just development rights for it. RERA compliant builders are bound by law to protect your rights as a buyer. So it is always advisable to purchase from a builder that is RERA compliant.

10. Financing Options
First time home buyers should find out number of leading banks that are ready to give the loan and go with the one offering the loan at the lowest rate.

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