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5 Things You Must Consider Before Buying Your First Home

Let us take you through 5 factors that you must keep in mind before buying your first home.

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Updated:November 14, 2017, 3:31 PM IST
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5 Things You Must Consider Before Buying Your First Home
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Buying a home always calls for a major decision-making process; the need to buy the first home usually tempts first time buyers at the site that falls under their affordable price range. However, there are more factors that you must consider before arriving at a property that you want to invest for and make it your abode. Also, after a prolonged phase of downfall in the home buying category as well as rigid rules like RERA in place, there’s a wide availability of ready-to-move-in homes and soon to be completed projects at a price relatively benefiting the consumer section. Let us take you through 5 factors that you must keep in mind before buying your first home:

1. Location
You start your screening process by carefully inspecting the location. The infrastructural facilities surrounding your property, the connecting modes of transportation, the neighborhood, nearby school, hospital, the distance to supply of various amenities and the resale value in that particular location should be some factors to judge the location.

2. RERA Authentication
Once you finalize the location, log on to the RERA website. Majority of under construction projects receive a RERA registration number. Keep an eye for that seal; it will indicate that the developer has complied with all necessary norms and conventions. Additionally, for further viewing, you get access to the approved building plans, towers and other accompanying details.

3. Land Use
For your absolute peace of mind, get in touch with the revenue department under which the property falls and ask the development authority to validate the transfer of land use from agriculture to residential, and take a note of the completion certificate of the project.

4. Additional FAR (floor-area ratio)
FAR is often an issue of concern for the buyers, as it allows the developer to make additional changes to the current building plan without being liable to inform the existing buyers. FAR can compromise the Green area of the society, which is often shown as a USP.

5. A Buyer's Market, Not Investors
Considering the low appreciation rate in property prices, it would be wise to invest in property solely for self-use and not as a capital investment at this time.

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