8 Essential Things to Consider When Buying a Home Without Issues!

For most people, owning a home is a lifelong dream. While we can replace a shirt or a cellphone if it’s not satisfactory, the same cannot be said for a home. A house is a significant, once-in-a-lifetime investment.

In today’s scenario, most people can afford to buy only one home. If that home turns out to be unsuitable, it can affect them for the rest of their lives.

The Real Estate (Regulation and Development) Act, commonly known as RERA, has been introduced to protect the real estate sector. However, regardless of regulations, homebuyers must understand that they are responsible for the property they purchase. It’s not fair to solely rely on the government or regulatory bodies to protect them from fraud.

Making the wrong decision or buying a home based on emotions can impact one’s success in life. Even if someone faces problems at work, they find solace at home. If the home itself becomes a problem, where will they find peace? Hence, it is crucial to be extremely cautious when buying a home.

If you pay attention to these eight important things when buying a home, the house you purchase will greatly enhance your future. What are these eight things?

1. History Matters

First and foremost, selecting the right builder is crucial. It’s important to research their history. Visit the homes they have previously constructed and see their current condition. Talking to residents living in those homes can provide valuable insights. Nowadays, complaints about builders and construction issues are often shared on social media platforms like Facebook and Twitter, making it easier to assess a builder's reputation.

2. Are You Going to Live in the House?

Many people buy homes far from the city to save on costs, driven by the desire for social status and respect. They want to be recognized for owning a home, but they don’t consider whether they will be happy living there. Often, they end up renting the house because it’s too far from the city, which doesn’t provide any significant benefit. Don’t let social pressure lead you into a problematic situation.

3. Basic Amenities Are Essential

Some people buy homes in suburban areas intending to live there but fail to consider essential amenities like good schools, transportation, and hospitals. These facilities should be nearby to avoid negatively impacting children’s education and overall convenience. It is crucial to ensure that the home has all necessary amenities for a comfortable living.

4. Pay Close Attention to the Price

Many homebuyers do not inquire about the prices of plots or homes in the surrounding area. After buying, they often find out that they were overcharged by the promoter or builder. Don’t make decisions solely based on low prices. If a builder offers a home at a price significantly lower than the market rate, it’s important to investigate thoroughly.

5. Government Approval Is Necessary

Government regulations and laws provide some level of protection, but homebuyers must also take steps to protect themselves. Previously, projects were sold without proper plan approvals, but now, RERA regulates and monitors builders. Ensure that the project has approvals from CMDA or DTCP and verify the RERA registration number on the RERA website.

6. Carpet Area

Builders use technical terms like common area, carpet area, plinth area, built-up area, and super built-up area. Even well-educated individuals may struggle to understand these terms. RERA mandates that homes be sold based on carpet area. Compare prices based on carpet area to avoid misunderstandings.

7. Common Area

After comparing carpet areas, evaluate the facilities provided in the building and decide if the price is justified. Common areas can vary between builders and may include staircases, lifts, compound walls, and utility areas. Ensure you understand what is included in the common area and evaluate accordingly.

8. Documentation Is Crucial

The authenticity of documents is vital. Regardless of the construction quality or design, issues with documentation can lead to significant financial and mental stress. Ensure that all necessary approvals and documentation are in place before purchasing.

In the past, disputes between builders and buyers took years to resolve in court. With the introduction of RERA, issues are addressed more quickly. However, it’s still essential to be vigilant and thorough when buying a home.

By keeping these eight factors in mind, you can make an informed decision and enjoy your new home with peace of mind.