Checklist for new homebuyers: Buying a new home is a daunting task for people as many factors have to be taken care of before closing the transaction – from setting the budget to doing the legal work, to deciding the best location. Homebuyers are cheated many times if they do not research properly and do not pay attention to the important things to keep in mind during real estate transactions. Here experts give a checklist for home buyers To refer to when buying a home.
Sumeet Abrol, Partner, Grant Thornton India, said, “Always validate the credibility of the developer and broker. RERA (Real Estate Regulatory Authority) helps the buyer to know the track record of any builder whether the developer meets their deadline, the quality of construction and whether they develop the house as per the government regulations or not. ,
Anshuman Magazine, President & CEO (India, South East Asia, Middle East & Africa) CBRE said, “Once the property buying target is confirmed, a home buying guide helps to achieve the same. If self-use is a priority, the process is simple, but if an investment is an objective, earning rental income and property appreciation should be the focus areas.
Here is the checklist for homebuyers
Reputation matters: Do a proper background check on the developer. It is necessary to conduct a thorough research to know whether the developer has delivered the projects on time in the past or not.
RERA Registration: Before you close the deal and make your payment, confirm whether the property is registered under the Real Estate Regulatory Authority (RERA). This is of utmost importance as it ensures the authenticity of the builder and protects your investment.
place: It is important to invest in the right location in the house, especially when you are in the main city. Choosing a location close to work, schools and access to public transportation are some of the factors you should consider. In addition, a good neighborhood and market access are other important deciding factors.
Amenities: Once you have decided on the location and builder, it is important to understand the amenities you will get. Depending on your lifestyle and the type of lifestyle you want for your family, it helps to decide whether the amenities provided by the builder are of sufficient value.
home loan: Investing in a home is a big financial decision, and not everyone can afford to pay for the loan upfront; Thus, a home loan is a viable option. Check with your existing bank but also ensure that you compare home loan rates with other banks before taking a decision.
Check Property’s Resale Value: Check rental potential and analyze future development plans around areas where you want to buy a property. A place where many development plans are not in process may eventually fail to give you the expected returns in terms of rental or resale value.
Insurance: It is essential to understand the availability of insurance provided to different age groups in some localities.
current real estate market value
Even as real estate prices across the country are rising due to the economic recovery, Ashutosh Kashyap, Director (Advisory Services), Colliers India, said, “The recent traction in the demand for residential real estate is evident across all markets. The last two years are witnessing a boom after many years of muted demand.”
According to data obtained from Square Yards by News18.com, the average property price in Gurugram was 7,114.21 sq ft (sq ft) in Q2 of this year, as against 7,063.65 sq ft in Q12022.
In Noida, the average property price per sq ft in the second quarter of this year was Rs 5,555.58, compared to Rs 5,248.73 in the previous quarter, which is a jump of 6 per cent, as per the data.
Kashyap of Colliers said the pace of demand looks sustainable at this stage. With the upcoming festive season, better absorption levels are expected in most of the markets.
“With respect to capital values, appreciation can be seen in new product launches, which will drive the average capital values of a sector. With existing inventory approaching completion, developers will take advantage of the festive month opportunity to sell with better packaged deals, which will drive down pricing on a wider scale,” he said.
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