Are you a first-time home buyer? Then you must be in a state of confusion with regards to multiple things. You have to check the background of the property, developer, project, legal documents, neighbourhood, and many other things. However, in order to avoid last-minute hassles or any future consequences, rechecking all the above things is quite important. So, here’s a checklist which first-time homebuyers must follow to avoid any kind of discomfort and insecurity:
Check Project Documents
This is the perhaps one of the most things which must be checked beforehand. Check all the property-related documents like RERA registration certificate, occupancy certificate, completion certificate, environmental clearance, fire safety clearance, etc. Also, check the land title whether it is involved in any legal dispute or not. In case of a resale property, check property encumbrance certificate, local approvals, property tax receipts and other loans NOCs.
Check Associated Banks
In case you are opting for a home loan, do check whether any bank is associated with the property or not. These days due to strict regulations and norms, many banks avoid giving loans to beleaguered developers. So, don’t fall into traps of such developers.
Check Developers Background
It’s easy today for a developer to enter into insolvency, but it’s not easy for a first-time homebuyer to put their hard-earn money into the stressed project. So, it’s better to check the background of the developer beforehand. To do this, one can easily check all the details of the developer of the RERA website. In order to enhance transparency in the Indian real estate sector, the government has made it mandatory for all the developers to enter their information on the RERA portals.
Check Payment Plan
For a first-time home buyer, it is very important to carefully select a proper payment plan which does not cost them financially. Today, in order to woo customers, developer’s offers attractive payment plans like construction linked, down payment, flexi payment offers, and possession linked plan. But, avoid falling into these traps and research carefully before you opt in any plan.
Check Hidden Charges
Most of the first-time buyers fall into the trap of Hidden charges which the developer/builder/realtor didn’t disclose during the initial period of the property search. It is advisable to check all the hidden charges beforehand and calculate the accurate cost of the property. These charges include stamp duty, property registration, GST, external/internal development charges, parking charges, club membership, Floor and view PLC.
Check Location and Neighbourhood
After checking all the major property related documents and background, it’s time to check the locality and neighbourhood of the project. Always pay a visit to the site location where the project is being developed. Check infrastructural developments like roads, electricity, and water supply, banks and ATMs, grocery stores, local markets, etc. Also, check the property prices in the neighbourhood areas like the cost of the same size and configuration housing unit. This will help you in understanding that if the developer is charging more from you on similar properties.
Whether you are single working professional or have a family, it’s important to check that project’s accessibility from major areas, hospitals, entertainment centers, office spaces and above all public transportation system like buses, metro, railway, airport, etc. The project should not be located on a deserted place where even the basic amenities are quite far.
So, always keep in mind this checklist and do proper research before investing in your first home.