From the pandemic induced lock-downs and remote working options , to loss of pay due to loss of employment and increased financial burdens, the situation had many of us think about our future plans and financial goals.
The low-interest rate regime, and clarity due to the implementation of RERA are giving confidence to millennial home-buyers to get into real estate investing. However, compared to renting out a house, purchasing a house involves a lot more research, meticulous planning, and deliberation since it will most likely be the biggest financial decision for most people. For millennial on the lookout to purchase their first home, a few important aspects to be factored in before investing -
Budgeting: This possibly is the most important factor before going ahead with any purchase. Keep the following checklist:
1) Your credit score (check across the credit information bodies like CIBIL, Experian, Equifax etc, as different financiers refer to one/more scores)
2) The repayments (EMI) for the intended loan amount should ideally not exceed half your monthly budgeted spend target or savings
RE Consultant: With an abundance of real estate aggregators and agents, offline as well as online, one should engage with a intermediary who will
(1) help with detailed information and understanding of prevailing dynamics in the project, vicinity you are investing in
(2) facilitate the paperwork, assist in coordinating with legal teams, the registrar's office, etc. which can be a painful process for a first-time buyer
Identification: While, most suggestions around are of opting for a ready-to-move-in unit considering that the construction quality levels are confirmed before purchase, it is also paramount to identify a developer with a good track record. For developers having a consistently good track record in delivering quality homes, you can bet on both ready or under construction projects.
Connectivity: It is prudent to factor the amenities, connectivity to transport hubs along with an understanding of the neighborhood and the future infrastructure development potential on offer.
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