Buyer Guide
What to Buy?
Under-Construction Vs. Ready-to-Move-In
- Ready-to-move-in homes allow immediate possession, but checking construction quality is crucial.
- Under-construction properties often have modern amenities like green spaces, swimming pools, and better layouts. They are ideal for long-term investment.
- Property prices of under-construction homes increase as construction progresses.
- If you need to move quickly, a ready-to-move-in home is a better choice.
Investment Vs. End-Use
- Buying for investment? Look for projects at the launch or pre-launch stage for higher returns.
- Buying for living? Choose a home that suits your lifestyle and financial situation.
Leasehold Vs. Freehold
- Freehold property means you own both the land and the house. You can make changes anytime.
- Leasehold property means you own the home for a set period and must pay ground rent. Ownership reverts to the landowner when the lease expires.
Apartment Vs. Villa Vs. Plot
- Apartments require lower investment and come with shared amenities.
- Villas offer privacy and space but require more maintenance.
- Plots give complete freedom to build but require additional construction investment.
When to Buy?
Assessing Your Affordability
- Know your finances before buying. Consider home loan options and future expenses.
EMI and Down Payment
- EMI should not exceed 40% of your monthly income.
- Keep 20-25% of the house cost ready for the down payment.
Role of CIBIL Score
- A high credit score (900 or above) increases loan approval chances.
- Improve your CIBIL score by paying bills on time, limiting credit card use, and avoiding multiple loans.
The Buying Cycle
- Buying early in life gives more financial flexibility.
- Middle-aged buyers have higher disposable income and a partner’s contribution.
- Buying later means fewer financial liabilities but limited investment opportunities.
Buying During Festive Seasons
- Developers offer discounts and freebies during festivals.
- A higher inventory of ready-to-move homes makes negotiation easier.
Where to Buy?
City Vs. Suburbs
- For end-users: Metro cities provide better amenities and job opportunities.
- For investors: Suburbs offer higher appreciation potential and lower entry prices.
Metros Vs. Smaller Cities
- Metro cities offer better infrastructure but are expensive.
- Tier 2 and 3 cities are more affordable and ideal for investment.
Developed Vs. Developing Localities
- Developed areas have strong infrastructure but slower price appreciation.
- Developing areas offer better investment growth but require patience.
Home Hunting Checklist
- Compare different properties based on price, location, amenities, and future growth potential.
- Use a checklist to shortlist options and visit shortlisted properties before making a final decision.
How to Buy?
Online Vs. Offline Property Search
- Use real estate portals for market research, property comparisons, and virtual tours.
- Visit project sites to check construction quality and speak with existing residents.
Finding a Good Broker
- Choose a broker who is registered under RERA and has a good reputation.
- Look for brokers with multiple developer tie-ups and verified customer reviews.
Shortlisting Safe Builders
- Ensure the builder is registered with RERA and has completed previous projects on time.
- Check the builder’s reputation through online reviews and bank associations.
Important Documents to Check
- Title deed: Confirms property ownership.
- RERA certificate: Ensures project legitimacy.
- Building approvals: Checks if the project follows legal regulations.
- Sale agreement: Details terms and conditions of purchase.
