Buying a New Home? Considering these 6 Points would be Great

Buying a dream house is a coveted wish of the people worldwide. Many consider it as a milestone in their life, just like buying a 4-wheeler, flying for a foreign trip, or any other breakthrough in life. If you are also longing to buy your dream home, this information is just for you.

Points to ponder for home buying

Considering the involvement of a sumptuous amount, the decision to invest in a home in India needs you to be highly vigilant. It must be a smooth and stress-free affair overall, requiring you to take care of myriad key points. Approaching a seasoned construction consultancy in Lucknow would be a wise move in this line to get the right suggestions. Here, we have come up with the most useful home-buying tips. Hope they can help in your buying decision.

1. Are you buying a home to shift in?

To start with, you should be aware of your expectations regarding your new house. If you want to shift to your new abode with your family, you should be careful about: 

Type of home: You can invest in 1 BHK, 2 BHK, 3BHK, or 4BHK flats, duplexes, studio apartments, villas, penthouses, or more depending on the size of your family and your budget constraint.

Location: Easy accessibility to prominent places like schools, hospitals, markets, shopping malls, etc. is essential.

Transport availability: Proximity to the nearest airport, metro station, bus station, and railway station is an important factor.

2. Do you want the flat for investment?

If you want to rent, lease, or sell your new flat in the future, with the increase in the rates, you should gather details about:

• Rental cost in the chosen area
• Growth rate of property 
• Resale rate of the flats in the location
• Prospects of the location, like plan for construction of a flyover, road, metro station, etc.

3. Are you financially ready to buy the home?

You need to evaluate your financial state before purchasing a new home. Finding several crucial factors would be advisable in this context.

Savings: Despite buying a home in installments, you will have to pay a sumptuous amount as a down payment or for closing costs. It would be wise to have a separate fund to meet these expenses. A better advice would be to have an accessible savings account with regular returns so that it could meet your needs for buying a flat, and other financial requirements later on.

Spending: Analyzing your monthly expenses will help you find out if you can repay your home loan. Your analysis should include the expenditures met in paying for food, entertainment, and basic amenities among others.

Credit history: Lenders mostly prefer sanctioning loans for your new home only if you have a considerable debt-to-income ratio. Your credit history should also be healthy. To approve the loan, lenders mostly check out if the buyer’s housing expenditures are around 30% of his total income. The percentage may however vary depending on the current market of the local real estate industry. Remember, the higher your CIBIL score, the better chances for you to get a home loan.

If after assessing your financial condition on these three parameters you find yourself good enough to afford to buy a new flat, you are good to go. Just make sure to have a fixed budget to meet your regular expenses.

4. Under-construction flat vs. Possession-ready apartment

Whether you want to buy a ready-to-shift apartment or an under-construction house will depend on your urgency level. 

Under construction flat

If you have enough time to enter your new home, investing in an ongoing residential project of a construction company would be ideal. It will help you to draw multiple benefits:

• You can choose from among a wide range of housing schemes and discount offers.
• As compared to possession-ready turnkey projects, you may have to pay a lesser amount
• You can book an under-construction home with the token money and the remaining amount till the project’s completion
• The waiting time will also increase the appreciation value of the home as well, just in case you want to resell it.
• The appreciation value of the apartment will increase over time while you’re waiting.
• All you need is to book the flat with token money, and the rest you can pay during the waiting period. Whether it takes months or years, you can make that payment comfortably.
• You are likely to meet other homebuyers in your neighborhood in several meetings with your contractor or builder. This will help you to have a healthy bond with your neighbors before you start living there.

Possession-ready flat

If you cannot wait to enter your new flat, buying a turnkey house from a construction company would be advisable. It will also have respective benefits:

• If you are currently living in a rental house, shifting to a new house will set you free from paying monthly rent. Instead, you will have to pay EMIs for your ready-to-move home.
• Getting loan approvals on an already constructed flat becomes easier
• You get what your contractor company promised you  
• You won’t have to spend on the home’s upkeep and maintenance, as it is a brand new one.
• If you are a creative and futuristic person, you can have a visual tour of your new home before buying it and imagine yourself with your dear ones at different spots.
• You can check out yourself if the house has proper ventilation and ample open space for you and your family to chill.  

5. Approach the best real estate developer

Choosing the right builder will ensure on-time delivery of your new flat, well engrossed with quality work and all the modern-day amenities under a single roof. A renowned construction company is more likely to offer basic amenities of a housing society like a swimming pool, parking space, gym, lush green garden, sports room, playground for kids, etc.

Approaching a reputed construction consultant will also ensure that the home you are buying is legally compliant and built while taking care of all the quality standards. Ensure the authenticity of the construction materials and specifications to avoid encountering any problems later on.

For a great customer experience throughout your home-buying journey, the developer should exhibit the following qualities:

• Impressive in terms of customer services
• Team of experienced Civil Engineers, Architects, Contractors, and other experts
• Knowledge about the project
• Ensure easy availability of loan
• Provide ease of documentation
• Ensures engagement after possession
  
  

6. Buy only RERA approved home

Make sure that your developer is offering you only a RERA approved home, as the Real Estate Regulatory Authority (RERA) safeguards buyers from fraud in the real estate market. If your developer is not keen on providing you with the documents of the home, there could be something fishy. You can visit the official RERA website and check if the project is RERA registered. This will confirm the authenticity of the flat in which you are investing.  

What should your dream home include?

Abiding by the stats, the real estate market in India is set to grow at 9.2% (CAGR) during 2023-2028. It is hence a good time to invest in a residential property. 

The important things to consider about the project should include: 

• Budget-friendly home
• Proper landscape planning
• Eco-friendly architecture
• Upscale amenities
• Lower rates of mortgage
• Tax advantages
• Government aid for low-income buyers

Wrapping up!

Owning a home always remains the foremost wish of all and sundry. It indeed brings a bunch full of smiles and lifelong luxury. Nevertheless, caring for some critical home buying points is inevitable to end up doing a profitable deal. Falling for the alluring ads of the lesser known developers who commit Moon for pennies could prove a big blunder. It is therefore essential to know everything about the developer from whom you are buying your dream home. 

Zess Consultancy, a renowned consultancy in the construction business could help you appreciably in this regard. Fill the contact form to get a detailed insight on buying a new house.