Home Buying Checklist for Every First-Time Buyer

1. Home Buying Checklist for Every First- Time Buyer Buying a home is thrilling but complex, especially if it’s your first home. There are certain important decisions that you need to make which will affect the whole buying experience. From defining the budget and selecting the property to understanding the loan process and completing the documentation, the journey has many important roadblocks to overcome. If you are looking for real estate projects in Faridabad & Gurugram, this step-by-step home-buying checklist will guide you through the complete home-buying journey. Define Your Budget and Financing Options The first step in home buying is setting a clear budget. Before buying a house, you should have saved enough money for the down payment which is usually 10-20% of the property cost. Apart from this, you also need to save for additional costs like stamp duty, registration fees, GST, and maintenance deposits. For the rest of the amount, you need to apply for a home loan and must fulfill eligibility based on income, credit score, and existing liabilities. Choose the Right Location The location of your home significantly impacts its value and livability and future development plans in the area impact property appreciation. Choose a location in

2. proximity to workplaces, schools, hospitals, and shopping centers and connectivity via highways, metro, and public transport. For instance, if you are searching for a 3 BHK flat for sale in Gurugram, focus on sectors with excellent infrastructure, upcoming metro lines, and business hubs. Similarly, those considering real estate projects in Faridabad should evaluate areas with strong connectivity to Delhi and Gurugram. Select the Right Property Type Decide whether you want to buy a ready-to-move-in apartment, an under-construction property that may offer a lower price and flexible payment options, or a resale property that might come with lower GST but may need renovation. Before making a final decision, compare each option carefully. Check the Developer’s Reputation A reputed developer ensures timely possession, quality construction, and adherence to legal requirements. Research customer reviews and testimonials, check RERA registration details to confirm project legitimacy, and visit previous projects by the builder to assess construction quality. For instance, if you are evaluating real estate projects in Faridabad, check their track record, on-time delivery rate, and post- possession services. Conduct a Site Visit and Inspection Never finalize a property without a thorough site visit. During your visit assess the construction quality and layout of the apartment. Check for adequate ventilation, natural lighting, and built-up area utilization. Also, verify the availability of essential utilities like water, electricity, and sewage connections. Home Loan, Documentation and Registration Process If you are taking a home loan, choose between fixed and floating interest rates and then compare interest rates and processing fees from different banks. Submit necessary documents like income proof, property documents, KYC, etc., and make sure to read the loan agreement carefully before signing. Once you finalize the property, you need to complete the documentation process by signing an agreement to sale with the builder, a sale deed registration that transfers ownership to the buyer, and pay stamp duty and registration fees as per state government regulations. Ensure you receive the allotment letter, possession certificate, and no-dues certificate. Final Thoughts Buying your first home is a significant milestone, and having a structured approach ensures a stress-free experience. Whether you're looking for a 3 BHK flat for sale in Gurugram or exploring real estate projects in Faridabad, following this checklist will help you make an informed decision. Ready to take the next step? Explore premium residential projects by MVN and find your dream home today!