We can go out on our limb and say that the feeling of buying your first home is priceless. Though, the home comes with a price tag. People are ready to spend their life savings in the process just to have a place of their own, with no landlord trouble and no rent to pay.
Since it is easy to get carried away by the excitement of the process, it is essential to be diligent and smart to ensure that you get the best possible place for yourself that not only meets your expectations but also doesn’t cause much hassle in the process. To make your work easier, we have listed a few tips for you to buy a home in India in 2023:
Top 7 Tips For First Time Home Buyers in India
Budgeting is one of the most important tip for first time home buyers in India. The one thing you should do while looking for your first home is to set a budget. Not only does it give you a clear understanding of how much you can spend, but also helps you think about managing the funds during the whole process without going overboard.
All possible costs such as property taxes, registration costs etc, need to be kept in mind. Omaxe provides you with apartments and villas which don’t dig a hole in your pocket.
The one thing you should do while looking for your first home is to set a budget. Not only does it give you a clear understanding of how much you can spend, but also helps you think about managing the funds during the whole process without going overboard. All possible costs such as property taxes, registration costs etc, need to be kept in mind. Omaxe provides you with apartments and villas which don’t dig a hole in your pocket.
2. Assessing your needs:
A first time home buyer needs to understand his or her needs while buying the home. For the home to fulfill all your aspirations associated with it, you need to have a clear idea in your mind. The kind of flooring, furniture, and all the basic provisions is an important aspect for a home buyer. Also, the costs of the society club house, open parks. and other facilities should be kept in mind.
In words of an unknown author,
“The three most important factors in buying a home are location, location, location!”
This could not be truer. Location not only plays a role in the cost and affordability but the future benefits of a good location can be enormous enough to warrant a keen study of it. Omaxe has planned residential projects in cities like Chandigarh – which is India’s first planned city and also the cleanest – Lucknow, Faridabad, Greater Noida, and much more.
While buying your home it is important to understand the need for family growth. Since a home is a long-term investment that doesn’t take place every few years; it should be kept in mind that the number of occupants in most families may go up over a period of time. So it is always a good idea to keep scalability in mind. Include some of the points such.
Due to lack of proper guidance and understanding, a lot of first-time buyers go overboard with the capital involved, before or after the possession of their home. This can result in considerable amount of distress. With the budgeting done right, the next step is to find the kind of home that fulfills all your needs while staying light on your pockets. Omaxe offers homes beginning at INR 10 lakhs. It is also a good idea to set aside some money for home customization.
This is a must-know tip for first time home buyers. Buying a home is by no means a small step and involves a lot of paperwork, ranging from documents from the builder or owner to legal documents and bank related documents (if a loan is taken). Omaxe believes in transparency and takes care of this in a very transparent manner. Omaxe’s documentation process has been simplified and made more transparent for you.
7. Financing options:
According to a market research done with the first time buyers, it was found that most of them opt for a home loan to help finance their property. Loans, itself can present a complicated situation, and hence it is better to compare them through various avenues to check where you get the most benefits.
What is the policy of the bank on down payment, EMI calculation, the rate of interest, the ability to transfer the loan to a different bank, and an early payout of the loan, are some of the questions you must be prepared to ask, and with Omaxe, you can get a personalized experience as we provide all the services related to them.
At Omaxe, we believe in building homes, not just houses. Having delivered 100mn sqft, decades of service by Omaxe make sure that every project is strategically located with advantages for you. These few tips should help give you a clear understanding of what the whole process entails. Armed with proper knowledge, your investment is sure to leave a smile on your face. If you don’t know, “Home Loan vs. Land Loan: Same or Different? Then read this blog.