First Time Home Buyers in Noida?
Never Commit These Mistakes!
Noida is currently standing as one of the most demanded places in Delhi NCR to own a house. With the introduction of all the technological and infrastructural advancements it has received over the last few years, it is sure to give the buyer an experience of a lifestyle. And all of this has attracted a lot of new potential home buyers to hunt for their perfect place to live in Noida. But as they move into this world of housing with lots of options to choose from, they often get confused and end up making mistakes which results in decreasing their satisfaction. We have identified some mistakes that first time home buyers commonly make and are here to give a solution to all of them.
So, here are some mistakes that people often make while looking for flats in Noida and nearby locations –
- Lack of knowledge on the developer’s history and goodwill in the market
The safest way to ensure a property in Noida is to buy it from a reputed and an experienced builder. If the buyer is getting a price lower than that of the market price, they tend to buy a part of the project without doing a proper history check. Now although these flats might be available at cheaper rates, there is very less reliability towards such projects. Mostly the new comers and the new builders tend to lower rates to attract buyers into buying their services. But on the other hand a reputed developer knows how to deliver the best on the promised time, as they have been in such situations before. A history check can be done through various sources, via the internet or through physically going out and enquiring with the people who are already residing there. Now this may be time consuming, but you will have a sense of surety towards the desired housing project.
- Lack of market research
Customers after finding a good deal stop there only and do not try to enquire other available deals as well. This should not be done in order to get the maximum utility of the money you have earned after working day and night. There might be a better opportunity right in front of your eyes but you were unable to redeem it because of ignorance or lack of effort. Buying a property is a long term investment and hence you should put some efforts for finding one. Also, prices in the market keep fluctuating over time, they might be up to the sky one day, and might fall down to the ground on the other. So, you must also be opportunistic and wait for the right time to invest all your money so as to maximize your savings.
- Ignoring RERA reforms
RERA (Real Estate Regulations Act) was passed in 2016 with the motive to protect customers from any malpractices of unfair builders. Registration under RERA is mandatory for any builder who wants to develop a residential and/or commercial housing project on land that is more than 500 sq. meters. Any project or apartment is not accountable for sale until it gets certified by RERA under some norms. While booking a flat, one should always check for a RERA certificate as well. And not only projects, but the brokers and dealers must be registered with RERA as well, so as to facilitate a smooth and hassle free experience of both the buyer as well as the seller. If by any chance the seller does not possess a RERA certificate, it is not a good option to invest your money in, since is not authorized by the government.
- Ignorance towards Paperwork and other Legal Documents
One more common mistake a buyer does while buying the property is ignoring the paperwork and the legal documents that must be presented by the group or the agency. Ignorance towards such delicate things might result in loss of the property or your money, and in worst cases, both! That is why it is very important to keep a check on the paperwork and the legal documents that the seller must possess while selling their services. It is advised to have a legal consultant check all of it, since they are experts in this field and know how to do things properly and how to proceed if something is wrong or not as promised. Also, when a bank approves a projects it checks all the required paperwork and documents that a genuine seller must have and approves the projects after having full satisfaction. So, it is better to go for the projects that are verified by a bank, preferably a Nationalized Bank.
- Not checking for the hidden costs
This is by far the most common mistake people tend to make while buying a property for themselves. Some cunning builders do not disclose the extra hidden charges or mention them at such places the buyers are least interested to read. This creates a burden over the buyer as by the time they discover these charges, they had already devoted a large sum to it, and backing now means losing all the money in most of the cases. So, if there are no hidden charges mentioned in the agreement, you should ask the seller if there are any at the time of paying the basic amount so that you could re-evaluate your budget and thus do not fall in the trap of such sellers. Some of the common hidden charges are –
- Cabling Cost
- Legal Charges
- Maintenance charges
- Taxes
- Club House Charges
- Taking your finances lightly
Most of the time while going for a home loan, buyers tend to take the EMIs lightly and thus do not match them with their income. This results in burden over the buyer only as in the case of hidden charges, the budget might dwindle and the buyer may face serious troubles. So, it is advised to match the Monthly EMIs with your Salary and even create a reserve if possible as well.
So here were some of the common mistakes that the buyers usually make while looking out for flats or houses in Noida. You must ensure that you are not making any such mistake so as to facilitate a better living experience. Noida is sure to give you the housing you were looking for, and with just some awareness from your side, these years will surely be the best of your life!
