Understanding the home buying process
Buying a home demands your time, effort, and patience. Especially as a first timer it may be overwhelming.
Besides legal procedures, a lot of first-time buyers either rush into acquiring a property or wait too long stuck in indecision.
Here is a breakdown of what you should think about before you buy, what to expect from the actual buying process, and some tips to make life easier after you buy your first house:
To know how much money will be available each month to cover your expenses, a comprehensive budget must be created. Remember that your first home won’t usually be your last one, so focus on your immediate real estate needs first and let the future take care of itself. Make sure the home you purchase will meet your current demands and be within your budget. Knowing the current primary demands of your family will help you as a home buyer make the best choice.
2. Area selection:
Choosing the location of your home is important. Preferably, a popular locality or gated community Your home’s resale value will be significantly influenced by the location. In Chennai, many new flats for sale in Perambur are being developed and this area is the most preferred spot for real estate developers, with close access to the residents of North Chennai. This area has great scope for future developments which means if you invest in these homes, your resale value will significantly increase. So, making the right decision could make your home a good investment.
3. Know the rental rates:
Homes in high-rent or densely populated locations make the best investments for rental properties. You can choose the ideal house and location by being aware of the neighbourhood rental rates.
4. Resale value:
Prior to making an investment or purchasing a property, the resale value is a crucial factor to take into account. While purchasing a property, buyers never take resale value into account. They wrongly concentrate just on a desirable neighbourhood or the property’s price range. Your future sales price might always be less than that of the nearby properties if you pick the incorrect property or location.
5. Property price selection:
After you have explored the residential properties that meet your requirements you should shortlist the price bracket too. The goal is to make sure you get the maximum amount of facilities within your budget. Many new flats for sale in Perambur are priced attractively and offer the best amenities to residents. Now a days, the concept of township is being preferred by home buyers. SPR City homes located in the prestigious Binny Mills Complex in Perambur is one such project, where you can find beautiful, spacious homes with world-class amenities, all in your budget.
6. Site visit:
Buying a residential property is a long-term investment and you need to make sure your investment is safe. The best way to ensure that is to go on a site visit. Many real estate developers encourage site visits because you will get a clear picture of what you’re investing in. During the site visit, look for the following details to make sure your investment is safe:
- Easy access to schools:
Quite often, children are unable to manage their time, resulting in aversion towards studying, feeling lethargic to exercise and so on. Wouldn’t it be wonderful if there was a school at walking distance from your home? This is not only beneficial for your children but for you too! Many new flats for sale in Perambur are being constructed near some of the best schools in Chennai. This is to ensure that your children do not have to spend time travelling for long hours.
- Elder-friendly apartments:
If you have elders at home who cannot climb stairs, make sure that the home you choose has elevators & back-ups and is friendly to elders.
- Transport facility:
Make sure there is great connectivity, be it via the road or railways or metro. Buying a home and not being able to travel because of poor connectivity will make you resent the investment.
- Proximity to shopping areas & other lifestyle needs
Check out the access to shopping malls, convenience stores, fitness zones, sports facilities etc. so you can enjoy everything at your doorstep.
If the project site has all these factors, then your investment will be safe.
You have to identify how you are going to pay for your new home. These days home buyers can get sufficient financial loans. When you go on the site visit you can also ask questions about bank approvals, EMI options and then make a decision on how you are going to proceed with paying for your new home.
8. Sign the deed:
In this final stage, once you have finalised your home, you have to go to the registrar’s office and submit the required documents. Pay the stamp paper & registration fees. Once you make the payment the ownership of the property will be transferred to your name. If you are buying an apartment, the builder will take care of these formalities.
So, if you’re looking for new flats for sale in Perambur consider SPR City. SPR City homes are simply beautiful & elegant, choose from Bungalows, apartments or duplex homes. Apart from the beautiful architecture and serene open spaces. It also provides world-class amenities giving you the best integrated living experience. To know more about it, visit https://sprindia.com/