The home buyer’s guide is for first time home buyers to understand how the to avoid the most common mistakes that a home buyer commits when buying their first home.
Chapter 1: Home Buying Decision
Having a home gives a feeling of security. A home is a place to feel safe. Owning a home gives an individual a sense of pride. Buying a home is one of the biggest financial decisions anyone makes in their lifetime.
Chapter 2: Assessment of Your Financial Situation
Before going for a home loan, it is necessary to determine how much down payment an individual can make and how much amount one can afford as Equated Monthly Instalment (EMI). Such an assessment will determine the effectiveness of your home loan investment.
Chapter 3: Selecting the Right Home
Once you decide upon your home budget, selecting the right property can prove to be a herculean task.
In order to get a property of your choice in your preferred location meeting your budget requirements, it is important to do a lot of research and collect as much information as you can.
Chapter 4: Home Financing
Some of the things that you need to be aware while financing your home are as follows.
Chapter 5: Down Payment Financing
The HomeCapital Down Payment Assistance Program was started with an objective to improve the affordability of home buyers by funding a portion of their down payment needs. Rising income levels, along with government reforms and schemes have made it the best time to buy a home.
Chapter 6: RERA
The Real Estate (Regulation & Development) Act, 2016 (RERA) was enacted by the Indian Parliament in 2016 to regulate the real estate industry in India with the objective to ensure transparent and fair transactions. It is a landmark development and a much-needed consumer-oriented reform introduced with the aim to usher in a new era of transparency and accountability. RERA is a blessing for home buyers as it is launched with the vision to create a more balanced ecosystem in their favour.
Chapter 7: Successfully Negotiating a Deal
The developers are experiencing a liquidity crunch. They are bending by accommodating customers with more discounts and attractive offers. In the current market scenario, where there is more inventory than buyers, there is a room for more innovative negotiations such as flexible payment plans and freebies such as club memberships. Before starting a successful negotiation, it is advisable to do a background check on the developer. If the developer has enough number of buyers for his new project, then you can negotiate but up to a certain limit. The final discount, which you get might not be up to your expectations.