Looking to buy a new flat for the first time? Great Thought …
But are you ready with your checklist?
Buying your own house is one of the most significant achievements in one’s life. For first-time buyers, it is indeed a major milestone. As a first-time buyer, one is obviously anxious to make a wise and informed decision. While there is a lot of work to do before one actually selects his/her dream home, the following checklist could come handy in maneuvering through the entire process.
- Set a Budget
Owning a home is as overwhelming emotionally as it is financially. There is an obvious tendency to overstep and overburden oneself. So, on the safer side, it is best to keep your budget at 10-15% below the budget you can afford.
- Beware of the Costs
It does not just end at the purchase of the house, there hundreds of other costs that are associated with home buying such as stamp duty, registration fee, advocate fee, broker fees, deposit to the authorities, the society maintenance charges in addition to the interiors, fixtures, furniture that is to be arranged for. Be aware of all the subtle yet obvious expenses that will eventually add up.
- Source for your funds
Based on your budget, it is good to set aside a percentage of the amount that would be required for down payment. Decide on the loan percentage and analyse the interest rates, schemes and offers that the banks/government are making for the home buyers.
- Choose your locality
It is important to identify the locality based on your preference. Enquire about the projects in the area, the builders, their reputation and history. Though it is best to manage the whole process individually, but having a reliable real estate broker sometimes helps easing out the burden and streamlining the process requirements.
- What is there for you
Survey the property, check for the amenities that the builder is providing, seek clarifications and enquire about any additional costs that are anticipated. Be mindful of the project/schemes from other builders. Compare and understand the per square feet rates of the flat and go for the best economical deal.
- Be an Informed Buyer
Be aware of your legal rights while purchasing the property, the RERA guidelines, the land approvals for the property land, status of the completion certificates. In case of any doubts, seek clarifications. Before finalizing the deal, have full clarity about the completion time, the payment schedule, delay payments penalty, and late possession clauses.
The purpose of this article is to give an overview of the information that a first-time buyer should seek and a glimpse of the preparedness that he/she should have as they take their first step towards making a place their own. And you know who is the most reliable builder in all of Hyderabad? It is the Hallmark Builders! Their legal approvals are in place, their residential projects are architecturally sound, their 2BHK and 3BHK flats are exquisitely designed and they offer the best amenities. All of this sounds dreamy, right? So, Get in touch with Hallmark Builders and take your first step towards building a dream home.