Buying a home is not just everybody’s dream. It is also one of the largest financial transactions people conduct during their lifetime. For first time home buyers, finding and purchasing a home can be an intimidating and stressful process. But here’s the thing: It doesn’t have to be! Careful research of locations, builders, financial obligations, and amenities can make the entire exercise go smoother than expectations.
Why do I need a home buying advisor? It is a question that many first time home buyers ask when they begin their search. Many people are suspicious about the honesty and integrity of realty advisors and would rather undertake the long process themselves. On the way, they are soon frustrated by the vague and snail like approach from builders, bureaucrats, and lawyers among others.
Can we take a detailed look at some issues people face while looking for a home?
Sure! Buying a home is not a simple process. It takes careful planning of finances and an understanding of the market and pricing as well as the negotiation process. Let’s take a closer look:
Defining a purpose for buying
What people want to buy versus what people can afford is a crucial mismanagement committed by a large number of people. You also need to decide if you want the house for occupation or for renting out. You should have complete clarity on the purpose of purchasing a home. “It is the logical next step” or “My family wants me to” or “my peers all have a house, and I should too” are not good enough reasons.
Research & Site visits
Look out for available properties based on your requirements. Get references from trusted sources or credible professionals. Avoid any seller who promises quick ownership and throws in a few “exciting” offers.
Shortlisting
Once you have looked through properties, make a shortlist of the main contenders. Once that’s done, apply your list of requirements including location, type of property, budget etc to them to further fine-tune the list.
Builder credibility
This is crucial to understand who you are dealing with. Research status of previous projects by the same builder and if they have any litigation pending. What’s their reputation in the market?
Negotiations
To negotiate a fair deal, you must know the market in the locality, the prevailing prices and the value of amenities.
Financial planning
Most people look towards applying a home loan to finance the purchase of a home. However, beyond everything, you must be prepared to fund the down payment yourself. Understand the various home loans, tenure, interest rates and how EMIs will affect your finances. Home insurance, property taxes, utilities connection charges, stamp duty and registration costs also must be considered.
Documentation
Make a list of the required documentation and paperwork required for a purchase of your home. Consult a property lawyer to ensure all documents are genuine.
Quality check
You have to check the quality of construction and amenities and see that what you have been promised has been delivered. Any changes or improvements required should be informed to the builder before you take ownership.
Can you buy a home without a realty advisor?
You can definitely buy your dream home without the help of a realty advisor. However, it will depend on your in-depth understanding of every stage of the home buying process. Also, going it alone can be an effort and time-consuming process. If you are not confident in your knowledge of the process, it would be best to enlist the assistance of a professional realty advisor.
What are the services a Realty Adviser can provide?
Just like not all real estate agents are frauds, not all realty advisors are fraudulent. There are many realty advisors who are honest in their dealings as they build their business by offering impartial advice and helping people in the search for their home. Some of the services that Advisors provide:
- Personalized Recommendations
Everyone wants a home to call their own. But everyone can have different reasons for buying a home. Real estate agents just want to make a sale. However, Realty Advisors keep YOU in mind while making suggestions. Your Realty Advisor will sit down with you and members of your family and try to understand all your requirements. This will help them analyse your needs against amenities offered by various projects and come up with personalized recommendations.
- Site Visit Assistance
You cannot shortlist your home by looking at pictures shared by builders or real estate agents. Irrespective of the circumstances, you must never miss a chance to see the properties up close and personal. Site visits will offer you a comprehensive idea of the location, neighbourhood, amenities and size of property. As a buyer, we may sometimes get blinded by shiny amenities. Your Realty Advisor is crucial here. Now that they know what your needs are, they will prevent you from getting swayed by offers that are of no use to you. Your realty advisor will ask the right questions and will help express your concerns to the builder.
- Legal Support
Buying a home includes the buyer-seller agreement which has all clauses, terms, conditions pertaining to the buyer and seller. Points to include will be rates of interest, penalty charges in case of structural defects and delay in construction, transfer of undivided and common land to buyer. Other than terms of the agreement, you require legal assistance to check documents related to land ownership, licenses and approvals, allotment letter, encumbrance certificate, sanctioned plans, approvals from local authorities etc. Buyers must also check for occupation certificate, water, sewage and electrical connections, and whether the property is under litigation.
- Negotiation Assistance
You may believe that direct negotiation between buyers and sellers is more transparent and would be considerate of each other’s interests. That happens rarely. A realty advisor is your messenger and in a better situation to express your concerns to sellers. Advisors can keep negotiations from becoming personal. Advisors are industry experts and can leverage their connections and experience and understanding of the market to ensure you get a fair deal.
- Financial Support
The priority must be on financial planning. Buyers must understand that total price of apartments is not just the base selling price – but a combination of registration costs and stamp duty, external and internal development costs, power back-up, preferential location charges, car parking, club membership and maintenance. Your realty advisor can help you get home loans with competitive interest rates. They can help negotiate on price discounts from the builder. Most importantly, they will help ensure that monthly payments earmarked for loan payments does not push you into debt.
Of course, it all comes down to how you choose your Realty Advisor.
How to find a good home buying advisor?
One way to find a good realty advisor is to regularly visit online realty forums and look up views and reviews on prospective ones. You can put out word among family members, friends and colleagues for suggestions. You can also look them up online – as most will have contact information on the web. Your relationship with your realty advisor is one of partnership – with equal emphasis on rapport, respect and competence.
RoofandFloor’s E2E Home Advisory Service
RoofandFloor’s Home Advisory Service is India’s first buyer centre advisory service. RoofandFloor’s advisors are employed after a thorough background check. RoofandFloor’s professional advisors provide recommendations, based on the customer’s requirements, only from Grade A builders ensuring you a choice of properties with clean titles.
We do not take commissions from builders ensuring that our customers get unbiased advice. Our advisors, who are industry experts, will be by your side during site visits and offer you their honest opinions. Once you have shortlisted your home, our advisors will leverage their industry experience to help you negotiate a fair deal for your dream home.
You can find more about us here: https://roofandfloor.com/home-buying-advisory
I like your tip to make a list of the required documentation. This is great to know, especially since I’ve never been through the home buying or selling process before. I’ll remember this when I’m in the process of it.
thank you for information.