Tips for First time home buyer :
Are you on the lookout for a purchasing your first home? Confused over how to go about things to get the best possible living space? Then you’re not alone! Purchasing a home is a dream for many, but it could also turn out to be a nightmare if you are not careful with your decision making. Whenever you get a chance to purchase a home, make sure you create a checklist of all possible things to consider before you splash the cash. To make things easier, here’s a quick list of tips for first time home buyers.
1. Narrow down on the desired location
The first of many things to do when searching for your dream home is to figure out the best possible place to invest. Each location in the city offers something unique to its residents and depending on how developed it is, the prices also vary. A good location will be close to hospitals, educational institutions and other recreational centres.
2. Choose from a variety of house types
From sky high apartments to villas and independent row houses, the choices are limitless. While deciding on an apartment, it is best you go for ready-to-occupy homes as these types of apartments are exempt from additional GST taxations.
3. Keep a tab on your budget and spending
Money matters have always been a major concern for home buyers, first time or nth time. Buying a home requires more than just the money for purchasing the living space. Beyond buying the home, you need to set a budget so that you will be able to cover necessities like interior decorations, electricals, and other miscellaneous items. It is also a good idea to think about the financing options ahead and apply for a home loan to finance your purchase.
With the RERA Bill in effect, homebuyers are at an advantage as developers can only base their prices on the closed living space and not the entire complex. If you are tight on funds, you can still purchase a home thanks to the benefits of the PMAY Scheme; a project that is set to launch affordable housing segments to the public. Under the scheme, the government will offer a subsidy on home loans, making it easier for homebuyers to manage their finances.
4. Make sure you have the mandatory documents in hand
The property is yours and yours alone but to prove your ownership, you need to carry a file of legal documents. Obtaining these documents shouldn’t be a hassle, but in your excitement of purchasing a home, you may miss out on checking if you have all that you require. As always, create a checklist and tick them off one by one. Some mandatory documents are:
- Building approval plan– To confirm that the builder of the house in question was given the green light to construct the house.
- Sale deed– To confirm transfer of ownership from seller to buyer
- No Objection Certificate– To validate construction of parks, water treatment plants, electrical appliances and other amenities.
- Encumbrance Certificate– To assure that the property in question is clear from any legal liabilities.
- Power of Attorney– A signature that determines which person has the buying power.
5. Check on the reputation of the property builder
In today’s competitive marketplace, every real estate builder is trying all kinds of promotional methods to attract buyers. As a first-time home buyer, it is important that you cross-check the builder’s credibility. The best things to do are to search for their website, read reviews and forums and talk with neighbouring residents.
If a top-quality, modernistic home is on your wish list, purchase a home from Lancor. Their latest ready-to-occupy project, Lumina, is an apartment to relish. Situated in Guduvanchery, the new gateway of South Chennai, Lumina has all the necessities any type of resident needs and much more.