Most people consider purchasing their first house a milestone moment in their lives.
Buying a home is a major financial commitment. Therefore we must make a well-informed decision rather than rushing into it based on our emotions.
It’s hard to beat apartments as a place to live since they provide so many amenities and are low-maintenance.
But before you make your final call, here are a few things you should keep in mind while purchasing a house. These factors will help you make sensible decisions instead of irrational ones.
1. Registration with RERA
Real Estate Regulatory Authority, or RERA, is an authority to regulate all Real estate developments in each state.
Check with RERA to see if the project in question is currently registered. If a project is registered with RERA, it does not imply it is free of problems.
Homebuyers should contact RERA if they have any doubts or difficulties with the project’s registration, which is just proof that the developer has registered it with the authorities.
2. Location of the Apartment
When you buy an apartment, you’ll be linked to the area for as long as you continue living there.
Make sure the environment is safe and secure. Are the apartments shielded from traffic noise and dust if they’re right next to the main thoroughfare?
It’s important to have significant landmarks like hospitals, schools, business and entertainment districts, and public transportation in the vicinity. Some people, however, want to remain near to their place of employment.
3. The Neighbourhood’s Vibe
Your immediate surroundings must be in line with your preferences because you and your family will spend most of your time in this particular neighbourhood.
The area must be in pristine condition. To protect your family, you must live in a crime-free area. Ideally, it should be safe enough for children and women to roam around freely without fear.
4. The Developer’s Reputation
The builder’s reputation, who will be constructing this property, is one of the most important considerations when purchasing a home in India.
If you’re buying a house that’s still under construction, you’ll want to ensure the developer will provide a high-quality product on time.
You need to look at the builder’s prior projects and see if he has completed them on schedule.
5. Amenities Offered
Customers are drawn to luxury flats because they provide a wide range of facilities.
You’ll find everything from swimming pools to air-conditioned gyms, indoor game centres, playgrounds, etc.
Having access to all of them as an individual might be pricey, but here you only pay a little monthly charge to keep them all at your fingertips.
6. Upkeep Required after Possession
After purchasing a property in India, many purchasers fail to consider the cost of ongoing upkeep, one of the most critical considerations.
After a few years, the builder often gives over the responsibility for the property’s upkeep and repairs to the society.
It is the time when things get a little more difficult. This cost may rise if the builder provides too many high-priced facilities and the society cannot maintain them.
7. Resale Potential in Future
You should also think about the property’s resell and rental worth, as well as the capital appreciation you may expect if you decide to sell or rent it out in the future.
If you buy a house in a desirable area, you may expect to see a 5% increase in its value over time.
You’ll be able to make a better decision if you can forecast how much your property will gain in the future.
Our house is the most important financial asset we own. We invest most of our money in making our dream home a reality. Therefore, refer to the points mentioned above as a checklist to help you make an informed investment decision.
It would help if you also spared some time to look at and compare houses in the same general area.
To get a good deal with the builder, comparing two similar properties is a good idea. It will give you a good sense of the right pricing and offers.
You can reach out to us if you have any questions or concerns about anything you’ve read so far.