Home investment is a crucial decision in everyone’s life. It provides security and the freedom to live life on your terms. The pandemic and its negative consequences have made people realize the importance of owning a house and why it makes more sense to buy than rent. To live comfortably and conveniently in the new normal, people hunt for their new dream home to avoid future uncertainty.
Buying a house can be a roller coaster ride if you are a first-time homebuyer. This blog will help you understand some of the most important things to consider before buying affordable or luxury apartments in Chennai or elsewhere.
Here are some of the crucial factors to remember before buying your first home.
Loans and savings
A loan plays a significant role in the home buying process, and it can make your home buying experience unpleasant if done without proper planning. From the loan application to disbursement, you should research or take professional advice and select the best scheme available in the market.
Apart from the loan, knowing your savings and budget is equally significant. Buying a home brings several expenses such as booking amount, brokerage, stamp duty, etc. Having an adequate amount of savings will make the process smooth.
Analyze your monthly expenses
Analyzing your monthly expenses is one of the most crucial things to know before buying a house. After analyzing your monthly income and expenditures, you can decide the amount of home loan EMI you can afford to pay. Such planning will undoubtedly save you from future difficulties and financial worries.
Budget-friendly property
After knowing your savings and monthly expenses, you can search for the property that comes under your budget. As affordable housing is the new trend in the real estate market,
you can easily find premium residential projects that are budget-friendly. You can also get the early launch offers and benefits that can further support your overall budget.
Safety and Security
Safety and security in the residential project are other critical factors for a first-time homebuyer. Eventually, every homeowner wants to provide their family with a safe and secure life. For a stress-free life, you should always select a project that offers essential security and safety features, including CCTV, security guards, emergency services, etc.
Home possession
Homebuyers not getting on-time possession of the property is daily news in the real estate market. It is crucial to deal with reputed and trusted developers and brokers to avoid such fraud by developers. Select developers with RERA registered projects and RERA registered brokers as they are required to provide on-time possession to their buyers.
Convenience and amenities offered
After the pandemic, the requirements and needs of homebuyers have changed because of the trend to work-from-home and more time spent indoors. To live a comfortable and convenient life in the new normal, you should choose a residential project that offers modern lifestyle amenities with essential facilities. Some of the premium amenities to opt for include a gymnasium, swimming pool, garden, sports court, clubhouse, etc.
Carpet area
Buying a house for the first time can be tricky. You need to understand the difference between the property’s super built-up, built-up, and carpet area. In simple terms, a carpet area of the property is an area that can be covered with the carpet or the net usable space, excluding the thickness of the inner walls. As most property specifications and brochures specify the property’s super built-up or built area, it is essential to know the carpet area before buying it.
Land record and legal formalities of the property
Checking all the property’s essential documents and land records is another crucial aspect to keep in mind. Before making a payment, you should ask the seller to show all the property documents, including OC, CC title report, sale deed, etc. It is recommended to verify all the necessary documents with your legal advisor to avoid any future difficulties.
Locational aspect
To live a connected and peaceful life, the location of the property plays a vital role. Choose a project that is located in a prime location to get both convenience and privacy. All the essential and lifestyle facilities such as hospitals, banks, shopping centers, entertainment zones, etc., should be near the project.
Conclusion
As mentioned above, for first-time home buyers, finance and budget are the most critical aspects of the home buying process. Whether looking for affordable or luxury flats in Chennai, you should be aware of your financial situation and affordability.
Banks and financial institutions are coming up with attractive interest rates and home loan features to encourage homebuyers and provide them with more benefits. So, to be a savvy homebuyer, finalize your dream home from the most beneficial projects and favorable home loan options.
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