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Are You Planning To Buy A New Home? Understand The Ins And Outs

By Runwal Group Posted Jun 18, 2018 In Property investment

Buying a new home is an exciting prospect, but it is also a major financial undertaking and lengthy process. If you are a first-time homebuyer, these handy tips and insights can help make the process of buying a new home smooth, easy and efficient.

1.     Cheap is not always the best option: As a first-time homebuyer, you may be on the lookout for the most affordable housing options you can find. However, it’s important to remember that a low price often comes at the cost of a good location. Location and connectivity are all-important when looking for a home. Access to civic amenities like schools, hospitals, retail outlets, shopping malls, etc., and a safe and well-maintained neighbourhood are the most important features to ensure an enriched lifestyle and steady value appreciation on the property.

2.     The documents are all-important: You can never entirely own the home that you have purchased unless you have all the legal documents with you. The title deed is an important document that confirms that the builder has legally sought permission to construct on this land, and that the piece of land is not a disputed one. The sale deed, encumbrance certificate, property tax receipts, layout approvals, etc. are some of the other important documents that you must keep with you. 

3.     Factor in the hidden costs: A home purchase entails much more than just the cost of the house and it is important to be aware of what these additional costs are. The registration cost, stamp duty, property tax, home insurance, expenses on furnishings, parking facility fee etc. are some costs to factor in and make financial provisions for.

4.     A good credit score is key: Selecting the best home loan option can be tricky. Don’t always opt for the lowest rate of interest, as there could be some hidden charges there. A floating rate of interest can sometimes work out to be better than a fixed rate. If you want to expedite your home loan approval, then it’s important to first build up your credit score. A good credit score is the key to securing the desired home loan.

5.     Home insurance is a must: As a first-time homebuyer, you may be tempted to skip signing up for home insurance because of the many other expenses you’re making. But keep in mind that home insurance should never be an option—it is a necessary part of the home buying process and it can play an important role in safeguarding your rights as a homeowner.

Looking to buy a home in Mumbai? Runwal Forests, a premium residential project by the Runwal Group, presents 1.5, 2 & 3 BHK flats in Kanjurmarg West, Mumbai. Discover the perfect home at Runwal Forests.

Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.