Complete Guide For The First Time Homebuyers

Buying a home is one of the most significant investments in life. Most homebuyers spent all their savings on buying a house. Some even avail a home loan since a hefty amount is involved in purchasing a house. Owing to all these facts, it is essential that a right and sound choice is made.

Let’s take a look at some tips which would help the first time homebuyer to make a sound purchase and avoid mistakes that may cost him big.

Know About RERA

RERA or Real Estate Regulation Act, 2017 was enforced to safeguard the interests of homebuyers and real estate investors. The following are the benefits the homebuyers are entitled to:

• The homebuyer can withdraw from the residential project if it is not handed over on time. He is entitled to get all the money he has paid with interest.

• The homebuyer can also choose to continue with the residential project if it is not completed on time. However, the real estate developer is liable to provide rent until the project is not completed and handed over.

• RERA also gives the homebuyer the right to have access to all the information related to the residential project in Gurgaon One Sector 84 or any other location for that matter.

Carpet Area VS Super Built-up Area

Super built-up area includes the area within the four walls of the house and the area of the balcony, elevator, lobby, etc. Carpet area is just the area within the four walls of the house. A home buyer is entitled to pay for the carpet area only. So, it is important for a homebuyer buying his first home to know the difference between the two.

Resale Value

The resale value of the residential property is also a crucial consideration to make before investment. Generally, homebuyers consider the current property rates before zeroing in on the apartment. But if the wrong location or residential property is selected, the ultimate sales price may be less than the other properties around it. So, all these factors and resale value should be ascertained.

Get a Second Opinion

Well, the homebuyer may be very excited and feel like zeroing in on the projects in Gurgaon, sector 84. His excitement may lead him to overlook some important facts and details. So, it only makes sense for the homebuyer to get a second opinion, maybe from a relative or friend. Additionally, he can also visit the real estate developer’s previous residential projects to get a better insight into his work.

Now that you know the most crucial points to consider when you are buying a house for the first time, you can make an informed choice. There are many projects in Gurgaon, Such as Gurgaon One by Alpha Corp that you can consider for investment.