What Every First Time Home Buyer Needs to Know

What Every First Time Home Buyer Needs to Know

Buying a new flat is one of the biggest financial decisions that a person can make. We save for years and even paying further after that. Bank loans need to be paid off as well as other money lenders that you may have taken help from. All of these sacrifices are made just so we can buy our dream home, which is why there are a few things that every first-time homebuyer should keep in mind before planning to invest in residential projects in Kolkata.

In this blog, we will highlight those essential points that are a must for those planning to buy a residential property. To make sure that you get the best home with minimum repercussions to your decision, here are 5 simple things that are sure to help you in the long run.

9 Things to Check Before You Buy a Home in Kolkata

Here is the checklist for first-time homebuyers:

Fixing your Budget: 

Before you go on a frenzy and search among various real estate companies and projects in Kolkata, it is always important to know your monetary capacity and how much you can spend exactly. This way, you can shortlist residential property much easier. At the same time, do not forget to compare the prices of residential property in the surrounding regions. Who knows, you may get a better deal somewhere else. It also helps to check portal listings, newspaper listings, etc. to get a fair idea about several projects in the city based on your budget. 

Legal Status of the Property:

Regarding legal matters, there are a few things that need to be checked to ensure that the residential property in Kolkata is authorized. Here are the things to keep to check specifically:

  • Approvals and NOCs from the Municipal Corporation, area development authorities, electricity board and water supply and sewage board, etc.
  • Occupancy Certificate, that is proof of the property adhering to approved codes and laws.
  • Title Deed, which delineates the rights over the property. 
  • Encumbrance Certificate, which ensures that the land is free from all the legal dues.
  • Approval from the Development Corporation and other local bodies.

Check the Carpet Area:

There is normally a small confusion on the part of homebuyers – interchanging various terms when talking about residential property. The main one tends to be the super-built up area vs carpet area. The super built-up area (which is mentioned in the brochures) includes staircase, lobby, the thickness of the walls, elevator space, etc. On the other hand, the carpet area is the dimensions of the actual living space you buy. Thus, make sure to specifically check the carpet area of the flat before you plan to buy apartments in Kolkata.

Builder-Buyer Agreement: 

Every builder that creates a residential project is entitled to issue a builder-buyer agreement that highlights the terms and conditions to be followed. This agreement is a very important legal document that ensures you have legal rights to the apartment you wish to buy in Kolkata. For instance, this document will help you obtain amenities that were not delivered to you. Thus, it is vital to fully understand this agreement before signing it.

Pay Attention to Location:

Before even considering new homes, you have to give attention to the location they are placed in. Choosing a good location ensures that your family is entitled to a peaceful vicinity and safe surroundings. Performing a small check on the immediate area is sure to benefit you more than you think. With services and work, you can easily change the interiors, but no matter what you do, you cannot change what’s outside. That being said, here’s what a good location promises:

  • Close to daily convenience stores, ATMs, etc.
  • Good proximity to schools, colleges, and hospitals
  • Good health and security in the near vicinity

Transportation Advantages:

Another essential feature to be highlighted is the benefits of commuting from your new home. Some may take this feature for granted, owing to distraction caused by the quality of living spaces inside. However, daily commute is unavoidable, and easy living demands easier ways of transportation. As a result, one should be aware of the apartment’s proximity to metro or railway stations. Similarly, check and see the advantages of travelling via road and the various mediums that are available in the area. 

Choose among Trusted Real Estate Companies in Kolkata:

Sometimes people get carried away by the price of flats in Kolkata. However, it is highly recommended to perform a search on the builder concerned. This will give you a gist of what to expect inside. In fact, a HIRA registration number is one way to know if the builder can be trusted or not. Similarly, the banks that finance the project will only finance credible residential projects in Kolkata. These are two simple things that should be checked.

Choose the Right Payment Plan: 

Buying a new home does not necessarily mean that one will suffer a huge financial burden in the future. With proper planning and effective methods, this issue can be easily taken care of. For instance, there are various options for payment options. Homebuyers can choose among a down-payment plan, flexi-payment plan, construction-linked plan and possession-linked plan. Suiting your available budget and salary to the correct payment option will prove to be beneficial as you get to make your payment on time.

Do Not Forget About Hidden Charges:

Many a time, the broker will mention the basic cost of the flat and neglect a few essential ones such as parking/club/statutory charges, internal/external development fees, GST charges, home loan processing fee, registration charges and stamp duty, etc. It is always better to be aware of these costs before you buy apartments in Kolkata and deal with them because they always end up being a burden later on.

These pointers will navigate your search for the best residential projects in Kolkata and ensure you get a home that is flawless in every aspect. As you know, knowledge is power, and an informed consumer cannot be misguided or fooled. For all the first-time homebuyers out there, this blog will surely help in your search for the perfect home.