Outlook Money
Buying your first property is just as daunting as it is exciting. From budgeting early to spotting red flags, here are 10 essential tips to make sure you make your decisions confidently and are well-informed.
Before you start browsing and getting dealers involved, you should define your budget. Home buying just does not involve the costs of the property; you should consider repairs and fixes. Costs of registration, maintenance, and future EMIs.
Get pre-approved for a home loan before you start searching. It gives you a clear price range while browsing for properties. Also strengthens your positioning during negotiations.
While buying a property, location is everything in real estate. Look for places that offer strong infrastructure, growth, and connectivity.
Buying only from trusted developers with a proven track record of customer satisfaction is recommended to avoid financial loss and inconvenience.
Ensuring the property has no pending disputes and has one clear title, to avoid problems later on.
Don't prioritise present needs; focus on what your requirements would be for the long run. Think of a time when you'll have kids or of your retirement days.
Beyond the property prices, consider stamp duty, GST, maintenance charges, and taxes. These costs can strain your finances.
Never skip visiting the site; this makes sure that the property you are looking at is up to the mark. Check the quality of construction, amenities, and overall maintenance of the builder.
Don't rush just because you fell in love with a property. Evaluate the needs, resale value, and affordability as per your expectations and budget.
Buying a property is not just a sentimental investment; it is monetary and long-term as well. Have a strategy, whether it is for your personal use, renting, or resale purposes.