The Definite 12 points to consider before buying your property

Turning your dream of owning a home into reality takes great ambition and effort. As someone entering the property market for the first time, it is essential to understand all the steps you need to take to become a successful homeowner.

Average Age Of Home Buyers

No longer are real estate investments only seen as viable options for the elderly, retired or those at the pinnacle of the business world.

Managing Personal Finance

When purchasing a house, there is a range of financial responsibilities to consider. With careful preparation and planning, it is possible to manage the situation without feeling overwhelmed.

Budgeting For First-Time Buyers

Finding ways to save money can start with cutting back on your monthly expenses. Start by determining the amount of housing expense that you are willing to spend.

Downpayment – What’s That?

It may come as a surprise to some, but all home buyers must make an initial down payment before they can take advantage of any available forms of financial assistance when purchasing Property.

The Home Loan – All You Need To Know

When it comes to purchasing a home on a mortgage, there are multiple advantages for those who take this route. Not only can regular loan repayments act as a tax deduction, but first-time buyers can also benefit from additional tax relief.

Should You Buy An Apartment Or A Plot Or Villa?

The home buying trends in India have significantly evolved over time, going back to a period of people buying plots of land to build their own homes.

Location Or Property: What Comes First?

The value of a property, and its potential for growth in the future, is heavily dependent on where it is located. This is what real estate investors recognize above all else – that location matters most.

Choosing The Right Property

There are two main types to choose from: ready-made or under-construction. Ready-made offers the advantage of no delay and instant move-in upon successful completion of the deal.

The Builder

When considering home builder options for your next big move, start with the people closest to you.

Legal Documents Checklist

Here are some of the legal document checklists to remember while buying a home for the first time.

Decision Making Factors For Buying A Property

Here are some of the legal document checklists to remember while buying a home for the first time

Decision Makers

According to the research results, 18–34-year-old women are highly active and involved in property decisions.

1. Average Age Of Home Buyers

No longer are real estate investments only seen as viable options for the elderly, retired or those at the pinnacle of the business world. These days, young home buyers have become a distinguished presence in the housing market and caused a significant change in how decisions related to property investment are taken. 

Recent years have seen the average age of home buyers across the nation drop from the early 50s to mid-30s, with even younger people now beginning to look into purchasing the Property. According to recent studies, first-time home buyers ranging between 25 and 30 years old, have grown 2-fold in the last 5 years.

The reduced GST rates for properties up to Rs. 45 lakhs, placed under the affordable housing category, are sure to benefit homebuyers who paid in instalments related to construction. This will clearly result in a rise in purchases within this price bracket due to the lower tax rate on cheaper housing.

Factors leading to this change:

  • Home loan options
  • High salary
  • Tax benefits
  • Investment Mindset
  • Basic need and Social Security

2. Managing Personal Finance

When purchasing a house, there is a range of financial responsibilities to consider. With careful preparation and planning, it is possible to manage the situation without feeling overwhelmed. It is best to start budgeting and making adjustments before owning a home; however, even late starters should make sure they give priority to this important step. The following are some of the ways to manage your personal finance before buying a home:

Review your credit score. 

When you are about to apply for home loan, it is critical for you to have a good credit history. That’s because this is the main factor lenders will take into account when assessing loan applications. Now a days best interest rate given by lenders for those who has higher credit score.

List out your other debts

Aside from analyzing your credit history, mortgage lenders also evaluate your debt-to-income ratio (DTI) to decide whether you are qualified for the loan and determine how much you can afford. This particular figure stands for the amount of gross monthly salary that is devoted towards covering debt payments.

Build your cash reserves

When it comes to saving money for a future house purchase, start by taking a hard and honest assessment of your monthly spending habits. See what areas can be trimmed back in order to save a bit more. Additionally, when you receive bonuses from work or tax returns, make sure to set some of that aside into an emergency fund. Finally, remember to account for closing costs and other initial fees associated with home ownership so that you’re prepared when the time comes.



3. Budgeting For First-Time Buyers

Finding ways to save money can start with cutting back on your monthly expenses. Start by determining the amount of housing expense that you are willing to spend. Consider how much rent you are currently paying as a basis for this decision.

Create a list of expected expenses, which should include your current payments, such as internet service, transportation and any debt obligations. Additionally, add any upcoming costs that will come up when you own a home.

It is essential to set aside money for both your emergency fund and retirement savings on a regular basis.

You want your emergency fund to be substantial enough that it will take care of 3-6 months’ worth of daily expenses and EMIs in the event you lose your job or run into another financial issue.

To ensure you are adequately prepared from the start, consult your lender about every potential expense you could incur during the homebuying journey and collaborate with them to create your initial budget. Some of the additional cost to be anticipated are:

  • Moving.
  • Furniture.
  • Paint.
  • Appliances.
  • Your mortgage principal.
  • Interest.
  • Property taxes.
  • Budgeting for Margin money.
  • Interior.

Over 40% of first-time homebuyers in India need a proper budgeting plan to cope with the expenses.

4. Downpayment – What’s That?

It may come as a surprise to some, but all home buyers must make an initial down payment before they can take advantage of any available forms of financial assistance when purchasing Property. This is a payment that you must find the resources to make yourself – regardless of whether it is your initial foray into the world of owning real estate or not. 

Therefore, new homeowners should feel encouraged; there are numerous avenues open to them for loan assistance, particularly those buying their very own dwelling place for the very first time.

A common misconception among first-time home buyers is that a large down payment will be required in order to purchase a property. Thankfully, this belief could not be further from the truth. The down payment would be around 5% to 25% depending upon your property value.

As revealed by the Reserve Bank of India, many lending institutions will accept down payments as low as 5% of the total price of the Property. This is great news for young people who are just entering into the world of real estate investment and are concerned about an overly hefty sum having to be paid upfront.

What is the ideal timeframe for saving a home down payment in India?

Mumbai

 12 years

Bengaluru

5.6 years

Ahmedabad

 3.9 years

Chennai

 6.9 years

Delhi NCR

7 years

Pune

6.2 years

Kolkata

5.2 years

Hyderabad

3.6 years



5. The Home Loan – All You Need To Know

When it comes to purchasing a home on a mortgage, there are multiple advantages for those who take this route. Not only can regular loan repayments act as a tax deduction, but first-time buyers can also benefit from additional tax relief.

80C Benefits; IT Act

As per the law, taxpayers may claim deductions from their taxable income up to a certain limit for repayment of the principal value of the loan. In this case, Rs 1.5 lakh is the maximum amount which can be claimed as tax benefit.

Section 24; IT Act

According to this section, people who are paying interest on their housing loan for a self-occupied property can receive tax benefits up to Rs 2 lakh. However, those renting out their Property can claim an unlimited amount of benefits in regard to tax deductions and do not have to adhere to a maximum limit of Rs 2 lakhs – even when it surpasses this sum.

At Isha Homes, we guide our first-time homebuyers to choose the best loan option considering their income, down payment and loan tenure.

6. Should You Buy An Apartment Or A Plot Or Villa?

The home buying trends in India have significantly evolved over time, going back to a period of people buying plots of land to build their own homes. However, due to the growth of population in the last two decades and the limited availability of land, people have shifted towards investing in apartments instead. It is clear that this new solution has become highly popular with buyers and stands as part of India’s history!

People purchasing real estate for the first time should have a clear goal as to why they are buying, like investment, housing, or rent. If it is for an investment purpose, one shall opt for a plot or villa as the land value keeps appreciating year after year. On the other hand, if you opt to live comfortably with all the amenities right next to your door, then choosing apartments is the best option. At Isha Homes, we help first-time real-estate buyers to choose as per their requirements.

At Isha Homes, we help first-time real-estate buyers to choose as per their requirements.

7. Location Or Property: What Comes First?

The value of a property, and its potential for growth in the future, is heavily dependent on where it is located. This is what real estate investors recognize above all else – that location matters most. Demand for any particular area will be determined by whether people choose to move there or not. In areas where popularity rises, so too does the appreciation of homes located there over time. The higher the demand for a given place, and the more it improves, the larger its associated gains can grow.

It is essential to take into account the fact that millennials represent more than 60% of buyers when searching for a house.

It’s important to consider whether the area you are considering purchasing appeals to this demographic.

 This could be seen as an indication that the market will have a high demand, which then increases real estate prices

 The trend of millennials choosing to buy Property instead of renting is on the rise.

Fact-When trying to pinpoint the perfect location for a purchase, it is especially crucial to keep in mind that millennials make up well over half of all buyers. Amenities like grocery stores, eateries, retail outlets, and recreational spots are among some of the most sought-after features while shopping around for a house.

8. Choosing The Right Property

When it comes to investing in Property, decisions should be made thoughtfully and carefully. There are two main types to choose from: ready-made or under-construction. Ready-made offers the advantage of no delay and instant move-in upon successful completion of the deal. Meanwhile, purchasing an under-construction project can be beneficial in that they often come at a lower rate than ready properties, as well as with potential tax benefits on home loans. It’s vital to consider these factors when deciding which type of investment is best for you.

9. The Builder

When considering home builder options for your next big move, start with the people closest to you. Ask family and friends who live in or have lived in the area of your desired destination about their experiences. This can help narrow down potential builders as some may only operate locally. Where you want to live is ultimately a huge factor when deciding which builder is right for you; thus, researching thoroughly prior to making any decisions is imperative.

Before making a decision on the home builder that is right for you, it is important to research all of your options. While talking to family and friends can provide good insights, some of the most reliable information comes from online sources. Here are some factors to consider when reviewing each homebuilder’s online portfolio:

  • How experienced are they in their field?
  • In which areas do they build?
  • What level of quality can be expected from them?

10. Legal Documents Checklist

Following are some of the legal document checklists to remember while buying a home for the first time:

  • Sale Deed.
  • General Power of Attorney.
  • Revenue Records.
  • Occupancy completion certificate 
  • Encumbrance certificate
  • No objection certificate.
  • Sale Agreement.
  • Allotment Letter.
  • Possession Letter.

Before making a decision on the home builder that is right for you, it is important to research all of your options. While talking to family and friends can provide good insights, some of the most reliable information comes from online sources. Here are some factors to consider when reviewing each homebuilder’s online portfolio:

  • How experienced are they in their field?
  • In which areas do they build?
  • What level of quality can be expected from them?

11. Decision Making Factors For Buying A Property

Following are some of the legal document checklists to remember while buying a home for the first time:

  • Locality
  • Price
  • Correct documentation
  • Space
  • Enough storage spaces
  • Ventilation
  • Quality of the structure
  • Hidden costs
  • Resale value
  • Security measures

12. Decision Makers

Traditionally, men have been viewed as the ones responsible for making decisions when it comes to buying or renting property. Meanwhile, women have often been seen as the contributors to adding beauty and keeping homes tidy. Nevertheless, this is now beginning to change within our society.

Survey results revealed that more than a third of women are at the helm when it comes to making family decisions, supported by 50 per cent who participate in collective decision-making. Cities surveyed include Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.

According to the research results, 18–34-year-old women are highly active and involved in property decisions. Over the past few months, there has been a significant spike in female web traffic from many real estate platforms. This is now the preferred channel for many of these women, making up 58 per cent of users observed by the survey.

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