Buying a home is one of the most significant financial decisions you'll ever make. For first-time buyers in India, the process can seem daunting. Here are 10 tips to help you make an informed choice.
1. Set a Realistic Budget
Before you start looking, determine how much you can afford. Consider your savings, income, and existing debts. a
2. Check Your Credit Score
A good credit score (750+) is crucial for getting a home loan with favorable interest rates.
3. Choose the Right Location
Location determines the future value of your property. Look for connectivity, infrastructure, and future development plans.
4. Decide: Ready-to-Move vs. Under Construction
Ready-to-move homes offer immediate possession and tax benefits, while under-construction properties are generally cheaper but carry delivery risks.
5. Verify Builder Reputation
Check the track record of the developer. Look for RERA registration and past project deliveries.
6. Inspect Legal Documents
Ensure the property has a clear title, approved building plan, and necessary NOCs.
7. Understand the Total Cost
The base price is not the final price. Factor in registration charges, stamp duty, GST, and maintenance deposits.
8. Home Loan Eligibility
Get a pre-approved home loan to understand your purchasing power and negotiate better with sellers.
9. Negotiate the Price
Don't hesitate to negotiate. Developers often have room for discounts or waived charges.
10. Plan for Interior Costs
Budget for interiors, furnishing, and moving costs, which can add significant expense after the purchase.
