Ahmedabad
A young homebuyer must keep certain important things in mind before booking a home. To know more, read on...
Buying a home is one of the most crucial investment decisions a person makes in his lifetime. For first time homebuyers, it is essential to do own diligence and study of the market prior to beginning the purchase process. The recent regulatory changes positively impact home buyers by increasing transparency and accountability on the part of developers.
Manju Yagnik, Vice-Chairperson, Nahar Group, says, "Buying a house is a long term commitment; thus the decision making that goes into home buying process has to be right to make the first time home buying experience smooth rather than a financial burden."
She further says, "Key factors that young homebuyers should keep in mind is to evaluate their assets and liabilities to get the clarity on how much can they can afford to spend on a house."
This makes it easy for them to shortlist the options available in the market as per their choice of location, amenities and various other factors keeping budget in mind.
Shubika Bilkha, Director at the Real Estate Management Institute (REMI) outlines tips for first time home buyers.
Leverage the Digital Medium
Developer's websites, social media pages and reviews: During the pre-selection process, homebuyers can take advantage of the property details outlined on developer websites, get a sense of the properties on display through their virtual galleries and chat/speak to their agents without having to make an actual visit.
Do your own diligence
Buyers should ensure that they do their own diligence on properties. Buyers should also make sure that they take their time to understand all the dynamics of the property transaction.
Buyers, especially of under-construction properties should do a thorough due diligence on the builder/developer.
Buyers should do their own basic market research. Prior to purchasing a property, buyers should understand the growth potential of the area, look at the area's connectivity via road/rail; ensure basic amenities (running water, 24/7 electricity) are in place; ensure close proximity to important commercial areas, educational institutes, hospitals and easy accessibility to key entertainment hubs.
Requirements and clear about your budget
Buyers must have a clear list of requirements (family size and requirement) and a pre-determined budget prior to beginning the search process. It is recommended that buyers carefully evaluate the financing options available to them and ideally have their EMI outflow of no more than 35 percent of their net monthly income. If buyers are selling one property to purchase the other, they need to be mindful of the implications of the capital gains tax.
Appoint a credible facilitator/broker to assist you with the home buying process
While property portals give buyers a number of options by region/development, buyers can also engage a broker/facilitator to assist them with the purchase process.
For buyers who look to appoint brokers/facilitators, it is essential that they do a complete reference check of the broker, focus on appointing qualified brokers, ensure that there is fee transparency in their dealings, as well as go with referrals/trusted names of brokers/facilitators.
Under the draft RERA for Maharashtra, Developers will be obligated to disclose the names of brokers/agents for their developments. Hence, it is important that buyers refer to the developer websites to ensure that they are a registered broker for that property.
Understand RERA
The new regulations that have been implemented require developers to make a number of disclosures about their developments to home buyers. It is essential that buyers familiarize themselves with the key RERA stipulations that work in their favour. Under RERA, there are a number of obligatory disclosures that the developer must make on their website such as the details of the promoter, authenticated copy of approvals and the commencement certificate, location details of the project with a clear demarcation of the land, among others.
Appoint a lawyer
It is important that homebuyers get contracts/agreements and all other details verified by qualified professionals as it ensures greater protection for the purchaser. Long-term security is of paramount importance, especially when making such a large investment decision.
Rohit Poddar, Managing Director, Poddar Housing and Development, says, "In terms of the new property, definitely the buyers are securitised in terms of the quality and timeliness of the project. The new procedures will ensure that the interest of homebuyers is protected at all times. When the homebuyer goes for a re-sale property then he/she needs to be careful about the title, documentation etc. by doing a due-diligence about the property before initiating the commercial transaction."
A buyer needs to choose the right location or a particular area for their investment to anticipate strong returns. Homebuyers should be abreast with the information about the project, connectivity, builder's profile with past project performance etc. before buying or decision making.
A young buyer must keep in mind following factors before buying a house:
RERA registered developer
Check past record of developer
Neighbourhood and areas nearby
Home loans and down payment
Property taxes
Go with a developer who delivers projects on time so that your investment period is not hampered owing to long delays in delivery.
A young homebuyer must keep certain important things in mind before booking a home. To know more, read on...
Buying a home is one of the most crucial investment decisions a person makes in his lifetime. For first time homebuyers, it is essential to do own diligence and study of the market prior to beginning the purchase process. The recent regulatory changes positively impact home buyers by increasing transparency and accountability on the part of developers.
Manju Yagnik, Vice-Chairperson, Nahar Group, says, "Buying a house is a long term commitment; thus the decision making that goes into home buying process has to be right to make the first time home buying experience smooth rather than a financial burden."
She further says, "Key factors that young homebuyers should keep in mind is to evaluate their assets and liabilities to get the clarity on how much can they can afford to spend on a house."
This makes it easy for them to shortlist the options available in the market as per their choice of location, amenities and various other factors keeping budget in mind.
Shubika Bilkha, Director at the Real Estate Management Institute (REMI) outlines tips for first time home buyers.
Leverage the Digital Medium
Developer's websites, social media pages and reviews: During the pre-selection process, homebuyers can take advantage of the property details outlined on developer websites, get a sense of the properties on display through their virtual galleries and chat/speak to their agents without having to make an actual visit.
Do your own diligence
Buyers should ensure that they do their own diligence on properties. Buyers should also make sure that they take their time to understand all the dynamics of the property transaction.
Buyers, especially of under-construction properties should do a thorough due diligence on the builder/developer.
Buyers should do their own basic market research. Prior to purchasing a property, buyers should understand the growth potential of the area, look at the area's connectivity via road/rail; ensure basic amenities (running water, 24/7 electricity) are in place; ensure close proximity to important commercial areas, educational institutes, hospitals and easy accessibility to key entertainment hubs.
Requirements and clear about your budget
Buyers must have a clear list of requirements (family size and requirement) and a pre-determined budget prior to beginning the search process. It is recommended that buyers carefully evaluate the financing options available to them and ideally have their EMI outflow of no more than 35 percent of their net monthly income. If buyers are selling one property to purchase the other, they need to be mindful of the implications of the capital gains tax.
Appoint a credible facilitator/broker to assist you with the home buying process
While property portals give buyers a number of options by region/development, buyers can also engage a broker/facilitator to assist them with the purchase process.
For buyers who look to appoint brokers/facilitators, it is essential that they do a complete reference check of the broker, focus on appointing qualified brokers, ensure that there is fee transparency in their dealings, as well as go with referrals/trusted names of brokers/facilitators.
Under the draft RERA for Maharashtra, Developers will be obligated to disclose the names of brokers/agents for their developments. Hence, it is important that buyers refer to the developer websites to ensure that they are a registered broker for that property.
Understand RERA
The new regulations that have been implemented require developers to make a number of disclosures about their developments to home buyers. It is essential that buyers familiarize themselves with the key RERA stipulations that work in their favour. Under RERA, there are a number of obligatory disclosures that the developer must make on their website such as the details of the promoter, authenticated copy of approvals and the commencement certificate, location details of the project with a clear demarcation of the land, among others.
Appoint a lawyer
It is important that homebuyers get contracts/agreements and all other details verified by qualified professionals as it ensures greater protection for the purchaser. Long-term security is of paramount importance, especially when making such a large investment decision.
Rohit Poddar, Managing Director, Poddar Housing and Development, says, "In terms of the new property, definitely the buyers are securitised in terms of the quality and timeliness of the project. The new procedures will ensure that the interest of homebuyers is protected at all times. When the homebuyer goes for a re-sale property then he/she needs to be careful about the title, documentation etc. by doing a due-diligence about the property before initiating the commercial transaction."
A buyer needs to choose the right location or a particular area for their investment to anticipate strong returns. Homebuyers should be abreast with the information about the project, connectivity, builder's profile with past project performance etc. before buying or decision making.
A young buyer must keep in mind following factors before buying a house:
RERA registered developer
Check past record of developer
Neighbourhood and areas nearby
Home loans and down payment
Property taxes
Go with a developer who delivers projects on time so that your investment period is not hampered owing to long delays in delivery.
For
Any Queries Contacts us
Regd.
Address- Office No.12 1st Floor Vitthal Plaza Opp. G.E.B Office Naroda -
Dahegham Road Nava Naroda Ahmedabad 382330 , Gujarat India.
Phone-
07929703192,9081797531
Web-
landcorerealestate.com (coming soon)
Best
Regards
Landcore
Real Estate Pvt Ltd
No comments:
Post a Comment