A Guide for First Time Buyers in Real Estate

Owning a place that people can call their home is a dream for everyone out there. With high volatility and many other factors constantly affecting the market, it becomes very imperative for first-time buyers to be very cautious while entering the real estate market. Buying real estate involves spending an adequate amount of time, effort and commitment. Buyers need to attentively analyze all the available options based on the current lifestyle and available budget. Especially when you are purchasing your first home, it becomes very important that carefully analyze all the options since most of the times people buy their home only once in their life. A few things that first-time buyers should keep in mind while looking for their dream home are as follows:

• Start by finalising the type of home you require namely: An apartment or an Independent House.
• Many a time builders charge higher rates for apartments on higher floors in high rise buildings, so decide according to your budget.
• The size of your dream home should be based on your budget and the number of family members.
• Decide upon the required amenities and eliminate the options which do not meet your requirements. 
• The location of your home should be at an ideal distance from frequently visited places such as schools/colleges or workplaces. 
• It is very imperative that you buy your first real estate property from a well-reputed builder.

The real estate market in India has been constantly growing and the recent upsurge in the construction of affordable homes has given a renewed opportunity for everyone to buy their first real estate property. The abundance of available projects and the surge of many new builders and developers entering the market have made it very important for the customers to ensure their safety of money. To help amateur buyers make their first purchase in the real estate sector, we have compiled a checklist to safeguard the buyers as much as possible. The checklist is as follows:

• Validate the bank approval status of the project: This is one of the utmost important aspects that need to be considered and validated while purchasing any real estate property. Since the bank itself verifies everything, these projects always have the assurance of being legally and financially compliant.
• Check the property through RERA registration: Verify the RERA (Real Estate Regulatory Authority) registration of the property and also cross-check the RERA number online by visiting the official website.
• Calculate and consider the maintenance costs: An additional important factor to consider, especially if the project has a range of amenities and features is to calculate the annual maintenance cost. Asking about the annual maintenance costs in advance helps you gauge the total cost of living in a particular project as well. 
• Scrutinise if your home/office is Vastu-Compliant: While the belief would vary from person to person, many new buyers do take the Vastu compliance of the residences into consideration.
• Explore the Noise-Cancellation feature in your property: Although it’s commonly perceived that a top floor property gets rid of the noise outside, it is not always the case. If the property is parallel to the main road, the sound of the blaring horns and commotion may reach your house/office. Thus, check if the developer is providing you with sound-proof windows that cancel the outside noise to a great extent.
• Research the social infrastructure around your preferred properties: Look out for the social infrastructure and connectivity across the city. Ensure that you buy a property that is well-connected city-wide and is the one where you can find the best of healthcare and education in the vicinity.

Therefore, it is safe to conclude that as a first-time buyer in the real estate sector, it is not only about your money but it is about your comfort too. The first time buyers need to ensure that their selected property is the ideal place for their dream home to be constructed. There are various categories and points that need to be taken into consideration while going through the options of appealing real estate properties. For a first-time real estate buyer, the process of buying can be a daunting experience. However, we have tried to help the buyers with these tips and checklists to help you plan properly and make your first purchase an experience to remember.