Things to know for first-time property buyers

Things to know for first-time property buyers

In Category: Real Estate

Published at: August 9, 2022

Buying a property is a huge financial decision. Whether you are buying a home or an office, for personal use, or as an investment, it is important to choose the right builder, locality, and construction, you also need to consider multiple other aspects to ensure that you get maximum value for your money. If this is your first time buying a property, then you are bound to feel a little overwhelmed due to the range of options available in the market. While finding the right property depends on your needs and preferences. Here are some important things that you should keep in mind as a first-time property buyer.

01: Plan your finances

Buying a property is a huge financial commitment. Therefore, the first logical thing to do is to be financially prepared for the purchase. Most people opt for a loan to buy a property. To get the best deal from the bank of home finance institution, you need to prepare your financials in a manner that highlights stability and a low-risk profile. Here are some tips:

  • Repay all high-interest debts like credit cards and personal loans
  • Start saving for the down payment since a property loan is usually around 70-80% of the purchase amount. You will also have to factor in brokerage and other costs associated with buying it

Remember, being financially prepared will help you estimate the price at which you want to close the deal and look for options accordingly.

02: Avoid buying on market fluctuations

Ask yourself why you are buying the property. If you want to live there, then create a checklist of amenities and features you would need to live happily. If you are planning to rent it, then make another list of features and amenities based on the type of tenants you can expect in the locality and their needs. Avoid buying a property only because the markets are down and the real estate rates are low. Always purchase based on your needs and not market fluctuations.

03: Talk to a reputed real estate agent

There are many aspects that one needs to keep in mind while buying a property. These include the strength of the construction, local amenities, proposed changes in infrastructure in the locality that might impact its demand, quality of the neighborhood, etc. Researching all these aspects yourself would demand a lot of time and effort. Hence, it is prudent to avail of the services of a reputed real estate agent who is aware of the area and can help you find the best deals for your needs.

04: Inspect the property carefully

A property inspection can help you uncover issues with its structure, electrical wiring, plumbing, seepage, and any other issues that demand expensive repairs. Identifying them can help you negotiate with the existing owner efficiently. However, this needs the assistance of a professional. Many real estate agencies have professional property inspectors that can help identify such problems and help you make a relevant offer.

05: Look at maintenance costs

Once you buy a property, you will have to pay monthly/yearly maintenance charges for the upkeep of the premises. This can vary from Rs.1000 to Rs.10000 or more per month. The maintenance charges are based on the expense of the property and the amenities offered by the builder. So, if you are buying an apartment and the complex has an in-house swimming pool and gymnasium, then its maintenance charges would be higher than a complex that does not have these amenities. Make sure that you review these charges carefully.

06: Check for natural light and ventilation

Homes/offices that do not receive a lot of natural light or ventilation are usually not preferred by home buyers. So, if you end up buying one, then finding a buyer at the right price might be difficult in the future. Hence, make sure that you choose a property that receives adequate natural light and is designed for ventilation. Lastly, if you are purchasing the property from a builder, then ensure that you check the RERA Registration and other approvals carefully. In Pune, Sankla Buildcoon has a reputation for being one of the most trusted developers of homes and offices. If you are looking to buy a residential property for the first time, then you can consider our projects SATYAM NIRANJANI at Hadapsar, SOMMET at Bhugaon, and AVANI at Mohammadwadi. On the other hand, if you are planning to buy an office space, then you can go through our modern offices at PS ANGAN, Magarpatta Road, and Satyam Prima, Manjri.