Buying a home is one of the major decisions in a person’s life, especially for first-time homebuyers. Now, despite the rising prices of properties, the real estate demand is also surging across the segments including residential and commercial. Bhavesh Kothari, founder & CEO of Property First, explains what first-time homebuyers need to keep in mind while purchasing a property:

Set Your Objective and Priorities Right

Everything ultimately boils down to what is the ultimate need of the buyer. If this initial groundwork is done properly, a buyer can easily decide on the right kind of property. For example, if a buyer is looking for a bigger space but he/ she has a budget constraint or wants a good deal on price, then under-construction properties by renowned developers are ideal.

Actual property that one would like will always be 20-30 per cent above the Budget. So, it is advisable to use the leverage (home loan) available and take that property even if it is exceeding your budget by 20-30 per cent, or else one will end up upgrading again in a few years, which is a waste of registration and interior cost.

From the tax saving, the ready-to-move-in property is a good option. A buyer cannot claim tax benefits on the interest paid on home loans for the under-construction property until the final possession and handover of the occupancy certificate (OC).

Research About The Builder

The second most important factor is to do thorough research about the builder. It is always advisable to do a background check on how many projects the builder has delivered in the past, are there any disputed projects marked under the name of the builder, etc.

Today, RERA has made it easy for buyers to check the authenticity of a builder. Likewise, it is equally important to choose a channel partner carefully and enquire about all the minute aspects of a property so that the transaction is absolutely transparent and can get you the best inventory available with that developer at the best price.

Check Compliance With Norms

Thirdly, a new homebuyer should also see whether a certain property is being built in accordance with global environmental and sustainability standards and have the necessary certifications. Whether the property is purchased for living or for long-term investment, a sustainable project which follows the necessary environmental compliances always tends to fetch higher value in the long run.

Read all the Latest Business News, Tax News and Stock Market Updates here