Jun 13, 2023Home Ally

Determining Your Home Requirements: Checklist for First-Time Homebuyers in India

by Godrej Properties Limited

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Introduction to Home Requirements

Location and Neighbourhood

1. Proximity to Work and Amenities: Consider the distance between the property and your workplace, as well as the availability of essential amenities such as schools, hospitals, etc. 

2. Safety and Security: Research the safety and security aspects of the neighbourhood, including crime rates, presence of security systems, and well-lit streets.

3. Infrastructure and Development: Assess the existing infrastructure and ongoing development projects in the area. This includes roads and the potential for future growth and appreciation.

Property Type and Size

1. Apartment, Villa, or Independent House: Determine whether you prefer an apartment in a high-rise building, a villa in a gated community, or an independent house with its own land.

2. Number of bedrooms and bathrooms: Evaluate your current and future needs to determine the optimal number of bedrooms and bathrooms required for your family.

3. Floor Plan and Layout: Consider the layout and functionality of the property, including the placement of rooms, storage spaces, and natural light.

Budget and Affordability

1. Affordability: Determine your budget and assess how much you can comfortably afford, taking into account your income, savings, and other financial obligations.

2. Home Loan Eligibility: Understand your home loan eligibility criteria and the loan amount you are eligible to borrow based on your income, credit score, and down payment capability.

3. Additional Costs: Consider additional costs, such as registration fees, stamp duty, maintenance charges, and any renovation or furnishing expenses.

Lifestyle and Future Plans

1. Family Size and Growth: Consider your family size and potential future growth. If you plan to have children or accommodate aging parents, ensure the property can meet those needs.

2. Amenities and facilities: Determine the amenities and facilities that are important to you, such as parking spaces, recreational areas, gymnasiums, swimming pools, or community halls.

3. Resale Value and Future Marketability: Assess the potential resale value of the property and its marketability in the future. Factors such as location, infrastructure development, and reputation of the builder can influence this.

Legal and Documentation Considerations

1. Title and Ownership: Verify the title and ownership of the property to ensure it is clear and free from any legal disputes or encumbrances.

2. Approved Plans and Permits: Check if the property has received all the necessary approvals, including building plans, occupancy certificates, and other statutory clearances.

3. Builder's Reputation: Research the reputation and track record of the builder or developer to ensure they have a history of delivering quality projects on time.

Conclusion

Determining your home requirements is a crucial step in the home-buying process. Consider factors such as location, property type and size, budget and affordability, lifestyle and future plans, and legal and documentation considerations. By carefully evaluating these aspects, you can make an informed decision and find a home that fulfils your needs and aspirations.


 

Frequently asked questions

1. Should I prioritise location or property size? 

Ans. It depends on your personal preferences and priorities.
 

2. Can I negotiate the price of the property? 

Ans. Yes, negotiation is common in the real estate market.

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