As primary research, here are
some of the variables you need to keep in mind before actually stepping out
The novelty and complication of
first time home buying can pose serious challenges to young buyers and be
relatively stressful. A recent study conducted by the National Association of
Realtors indicates an increase in first time home buying in India.
With the average age of first
time home buyers decreasing from 25-30 years to 20 years, it calls for more
diligence and knowledge before investing in a property. There are several
variables that these young buyers need to consider before investing in a
property.
First time site visit is the
most important factor that needs to be taken into consideration before deciding
upon a property. Given that a person has different reasons for purchase of
property one being residential and the other as an investment the site visit
can take place for two purposes. There are lists of factors that the first time
buyer needs to take into consideration before going for a site visit and most
importantly during the site visite.
Pre-visit considerations
Developer
Investing in a new
property/home can have pitfalls if the individual fails to do the necessary
research on the property developer. The real estate industry faces issues in
terms of insufficient transparency over cost and time frames, and also lacks
sufficient depth, when it comes to credible developers. The buyer should ask
questions and take an interest in a developer’s history. A quick search of the
developer’s name, looking at property blogs and newspaper articles can help the
buyer to gain information and go for a registered developer. Further, one
should ascertain if the property in consideration has a clear title and does
not have any legal impediments which could in turn delay/ result in a stay
order on the property development.
Builder
Choosing the right builder is
also key to the purchase as the builder is merely an agent of construction
unlike a developer who is responsible for sometimes larger projects or
townships. The buyer can attain knowledge about the builder in many ways. Some
include:
- Word
of mouth: This
is the easiest way to get details and know about the reputation of a
builder. This is absolutely unbiased information that no broker can
provide. One can ask around with friends or relatives for any experience
that they might have had with the concerned builder and what that
experience might have been.
- Reputation
and background check: It’s imperative to conduct a check on the
back-ground and reputation of the builder. A buyer can get a list of
builders from websites or the local newspaper. A detailed research on
projects that the builder has completed should also be verified, the best
source for this are the residents who are already residing in the current
projects or the projects by the same builder.
- Project
quality: It
is very important to check the quality of the projects the builder has
built in the past. This gives the buyer a clear understanding of the
standard of the builder, the kind of materials he uses, the quality
standards etc.
- Blueprint
and Plan: The
buyer must ensure that the project has been fully approved by the
concerned authorities of the Government before the buyer decides to invest
or sign the agreement.
Location / Area:
The buyer should have a clear
picture about the location/area that he plans to invest in. The buyers decision
can be influenced by variables such as proximity from workplace, future plans,
upcoming developments in the area, neighbourhood, etc.
