A First-Time Home Buyer? Do Not Move Ahead Without This Checklist
- By Admin
Buying a house is one of the most important decisions in one’s life. After all, it is usually a one-time affair and the need for a dream home is universal. However, owning a house for the first time can be quite tedious and tricky unless you are well-prepared and meticulous about the entire process, including your finances, right from scratch till the end.
The following factors thus become imperative for first-time buyers to consider before zeroing in on their perfect living abode.
Diligent selection of the home type
First and foremost, as a first-time home buyer, it is important for you to identify the type of property you are seeking to purchase. It could range from private standalone homes to flats as part of community living. In addition to your personal preference, the size of the living space is usually dependent on the number of members present in your family and if this number is expected to increase in the foreseeable future.
Budget it right after evaluating your financial health
It is crucial for you to make a realistic assessment of your budget and financial capabilities before deciding on your dream home. You need to take stock whether you will self-fund your new home or will take recourse to a home loan. In case you are opting for the latter, you should be comfortable with the payment terms and have saved enough for the initial down-payment. The long-term scalability of the payment plan also needs to be factored in with your having to compromise too much on the basic cost of living during the repayment period.
Home loans today come with a lot of attractive offers for first-time home buyers such as additional tax benefits on the repayment of the loan as well as a tax benefit on the principal amount. Additionally, homes that are purchased under the credit linked scheme of Pradhan Mantri Awas Yojana (PMAY) get a cut on Goods and Services Tax (GST) rate from 12% to 8%. An additional subsidy is provided for loan tenures of 20 years against the limit of 15 years. Thus, it pays to be diligent while selecting the best home loan in the pursuit of your dream residence.
Location is the key
“Location, location, location” is a common mantra while buying a home. While the idea of a “good location” signifies different things to different buyers, there is no question that it is one of the most vital factors to consider while scouting for a new home. Your ideal location should be based on factors that directly affect the kind of lifestyle you are looking for and can afford. Seamless connectivity and proximity to the airport/railway station/metro station as well as to schools, colleges, hospitals, marketplaces and your place of work are key elements to be considered.
Check the credibility of the developer
As part of your research before your home-buying, it is imperative to check important aspects like the market credentials and registration of the developer. This should be done on the basis of delivery of
past projects, financial strength and overall reputation in the industry.
Make a site visit for surety
After browsing through a brochure or website, it is very important for you to make a site visit. This will allow you to check for:
- Authenticity: Check out the building plans carefully before making a decision. Ascertain if the construction work is in progress as per the schedule mentioned in the agreement and committed by the developer.
- Progress: Maintain a hawk-eye on the progress of the project
- Quality: As a prospective home-buyer, you can assess the overall value of the construction such through the quality of cement, steel, wiring, sanitary fittings, etc, that are being used.
- Amenities: Since today is the age of amenities, a site visit will facilitate you to choose a home complete with the need-based as well as aspirational amenities you want.
Make the right, informed choice with Alcove Realty
Alcove Realty has earned utmost credibility and goodwill after being a leader in the domain for over 35 years now and having built and delivered over 10 million sq. ft. of quality living spaces across Kolkata. We understand the needs of a first-time home-buyer and have successfully won their trust and faith by always scoring high on quality and by delivering on time much more than what has been promised.
Our upcoming Sangam township under the aegis of our New Kolkata project is no different: this eco-friendly, sustainable housing project in Serampore (on the banks of the river Hoogly) offers buyers the enviable option of living next to the Ganges, and that too at a very affordable pricing! Built over 19 acres of serene riverside land with dwelling unit options of 1BHK, 2BHK and 3BHK that are complete with rich amenities as well as magnificent views, it is a perfect mix of peace, elegance and tranquillity married to a modern lifestyle. Not only this, the needs of this one-of-a-kind township will be catered to by New Kolkata Triveni, Hoogly’s largest Omniplex!
If you want more help regarding your first time home-buying, contact us at www.alcoverealty.in and we will be happy to assist you!