Planning to invest in a property? Points to remember if you are a first-time buyer

Buying a home or investing in a property is everyone’s dream

FPJ Features DeskUpdated: Thursday, September 01, 2022, 09:33 PM IST
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Buying a home or investing in a property is everyone’s dream. If you are a first-time investor and planning to buy a home, there are things you should keep in mind. Here are some simple tips that will save you the hassles that come with buying a home:

  • Thorough research before investing in a property is mandatory. The background check should include details about the builder, the location of the property, whether it is legal or not, what would be the delivery time. Check if the property is verified by the Real Estate Regulatory Authority.

  • Before getting swayed by pretty-looking pictures on the brochure of a property, check if it meets your requirements. Visit in person and take note of the construction (if it’s ready for possession). See if all the aspects you were promised while signing the agreement are in place. If not, take it up with the builder and get it fixed before you move in.

  • Connectivity is another aspect that shouldn’t be ignored. Check for the nearest railway station or bus depot. If it is in an isolated place, see what public transport can take you to your destination.

  • Other necessities like schools, colleges, hospitals, malls, shopping centres or markets from where you can buy daily essentials should also be on your checklist. Also assess if there are open spaces like parks or gardens nearby or an expansive outdoors to jog, run, cycle, etc. Fitness enthusiasts should especially check if the property ticks that box. In urban cities, open spaces are a luxury, but if the property has gardens or recreational places on it or at a walkable distance, it adds to the resale value of the property.

  • You might be excited about buying a property but it is essential to make careful calculations of all the financials. Calculate the money you already have and the amount you need to borrow. Make a budget of your monthly expenses and the amount you can keep aside to pay EMI. A hasty decision to buy a home without proper financial planning can cause problems in the long run. After all, you would not want to regret the investment you have made.

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