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10 things to consider before buying a home

November 2, 2023 0 Comments

Buying the sophisticated home of your dreams in the commercial capital of the country is a long-standing desire for many young achievers. With the city’s striking features and infinite opportunities to explore, many real estate agencies in Mumbai have been coming up with exceptional infrastructures to stand out among the rest.

Choosing the right kind of property needs extensive research and thorough planning in order to avoid severe mishaps in the coming future. Thus, as one of the most significant financial commitments made during a lifetime, buying a home can prove to be a risky job if not done the right way.

From selecting the ideal real estate company to gaining every little detail about the property’s cost, taxation plans, and various other policies laid out by the state’s government, a buyer has to make a steady move before investing in the right kind of property.

An individual is likely to get quite enthusiastic while deciding to own a home for themselves and their family, which in turn requires them to keep uncountable things in mind. Thus, it is imperative for buyers to go through at least 10 such essential things that might be helpful before they finally give in to the idea of buying a home.

1. Know your Budget:

Analyzing your monthly expenses and planning out a smooth budget is extremely beneficial before deciding to purchase a home. Figuring out your day-to-day expenditures on paying rent, buying groceries, or even spending them on entertainment purposes can be easily chalked out with the use of smart digital apps today. Track where you spend your money by simply comparing your income to expenses and then, you’re good to go.

2. Research on the Web:

With the prevalence of smart technology, real estate companies of today are constantly moving one step ahead of the industry’s competitive trends. The process of researching might be time-consuming but not quite difficult to choose the best home for oneself.

A potential investor can easily get access to a virtual walk-through of the infrastructure and come to a conclusion quickly. After finalizing the budget, it is advisable for buyers to read more about the company’s profile online and obtain useful insights about the property’s price, dates of gaining possession, and documents required during transactions.

3. Location:

Settling down at a good, established locality is favourable for many and this is why the project’s location is another crucial factor that is needed to be considered before buying a home. A family with kids would opt for a home that is closer to educational institutes and other recreational centres, and hospitals whereas a young, non-married investor would look for a home closer to their job location and so on.

4. Plan Your Investment:

It is said that a person’s sentiments are attached to their homes so, considering the question and asking why one needs the property for themselves will stand as a goal to invest better in the home they want to settle in. Some investors dedicate their property to their wives or children, so deciding well in time the purpose of investment can save one from future hassles.

5. Additional Costs:

After receiving the property in hand, other costs need to be incurred. These include maintenance costs, property insurance, interior costs, fit-out costs, and a lot more. Considering these costs carefully beforehand can help the buyer save from future crises.

6. Documentation:

One must always keep some essential documents safe while buying a home since these will be required during the time of purchase and financially settling all transactions. Some of these documents that must be available with the buyer before occupying the property are:

• Detailed Cost Estimates
• Approved Plan of Construction
• Valuation Report from the Architect
• Sanctioned Building Plan
• Allotment letter from the builder
• NOC from all relevant authorities
• Extension and License for construction
• Sales and Conveyance Deed

7. Stamp Duty and Registration Fee:

The Stamp Duty and Registration Fee is the added expense on taxes, such as income tax and sales tax. While planning the budget, one should know the rates implied on the taxes by the respective state’s Government.

8. Compare Eligibility of Loans:

The eligibility depends upon the income and loan capacity of an individual. Various banks sanction loans on the basis of the borrower’s monthly income. Young earners are always open to taking loans for buying a home that can be easily repaid with time.

9. Customer Protection:

The Real Estate Regulatory Authority and its implementation has made it easier for home seekers to trust the real estate industry. The Law has gained customers’ trust, ensuring higher growth in the investment numbers.

10. Post Possession Process:

After successfully owning the possession, one must not forget the relevance of paperwork/ documents to be put for evaluation. Taking measures on the planning and structural changes post-possession is beneficial to all home buyers.

Buying a home is peaceful security that stands as a strong emotional investment throughout one’s lifetime. Therefore, taking measures and diligently thinking before taking each step will help in securing a better home for potential buyers.

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