Jun 22, 2023

List of Essential Tips for First-Time home-buyers

by Godrej Properties Limited

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The search for a home demands dedication, time, and effort. First time homebuyers, especially, should plan thoroughly before buying their first home. Becoming a first time home owner requires a comprehensive understanding of the home buying process, consistent effort, and diligent financial commitment. This will enable you to find a home that suits your current life stage and budget and that will also meet your family's future needs in terms of space, location, and value.

Tips for a First Time Home Buyer in India:

  1. Desired Size of the Home: When deciding on your dream home, consider your budget, current/future family size, guest accommodation needs, and usage - personal or investment. These factors help determine the appropriate size of the home.
  2. Elevation of Floors: Higher floors in high-rise buildings have a higher price per square foot, making first-floor apartments comparatively cheaper than those on the 10th floor. Similarly, corner flats also attract a premium due to the demand. Keep these considerations in mind when choosing your home.
  3. Preferred or Desired Type of House: The housing market offers a wide range of options, from studio apartments to villas. Choose the type of house that best suits your family’s needs and consider whether you prefer a pre-built or custom-made property.
  4. Amenities Offered: Most homes today come as part of large townships that boast a wide range of amenities such as gyms, spas, pools, and clubhouses. Choose such homes depending on your family’s needs and lifestyle. For instance, a senior citizen’s corner is beneficial if your parents also live with you. Also, consider parking requirements for vehicles.
  5. Location is key: The most common first time home buyer advice concerns location. Consider housing options with close proximity to your workplace, transport options, schools and hospitals, and parks and malls. Evaluate these factors carefully to find the ideal location for your home.
  6. Builder's/Promoter’s Reputation: When purchasing a house, it is crucial to consider the reputation and past performance of the property's promoter/builder. This includes their track record of timely project completion, construction quality, and fulfilling commitments made to buyers.
  7. Assess Your Funds: Review your finances - savings, income, debts, etc. This will help you understand if you need additional funds for a downpayment or a home loan. Once again do your homework to choose the right bank or finance company that has affordable interest rates and a good service record.

The above tips on how to buy a house for the first-time will guide your initial research and planning and help you overcome the common challenges first-time home buyers encounter.


Frequently Asked Questions

1. Can I buy a house online in India?

Answer: Online platforms such as Godrej Properties offer property listings, virtual tours, and booking options.

2. What common mistakes should I avoid when buying a house?

Answer: Lack of research, hidden costs, skipping inspections, poor understanding of loans, ignoring future needs, and not seeking professional guidance.

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