1. Don’t jump to any conclusion once you see a property launch. Always check the legal holding and sale deeds. In Noida Extension, for instance, the court order came at a time the buyers had paid substantial money to the builders.
2. Ensure that the identified property clearly matches your present and future needs and goals. Some home buyers purchase apartments for their families; some buy for capital appreciation through long-term investment; some buy to enjoy living in a new township and some buy for living closer to their workplace.
3. Get the total math right. First-time homebuyers think they can afford the EMI payments and can own a house. There are always other monthly overflows. Property insurance, property taxes, homeowner association dues, maintenance charge, and electric and water bills are some of the outflows. And some of these tend to increase every year. So, calculate things properly before owning a home. Factor in hidden conditions that matter the most.
4. Do not assume you can go through the process all by yourself. You are a novice even if you own property in some other locality. Rules and regulations and procedure for registering change from state to state and sometimes even region to region. There are professionals out there who offer total solution as a service package which include even the cash transactions asked. The process of finding a suitable option, getting a loan et al can be stressful enough. So lack of knowledge and experience can result in big mistakes which are best avoided.
5. Generally, buyers focus on factors such as the price, location, number of rooms, location, possession date and amenities, etc. Legal clearances, finances of the builder for the said project, track record with records to project completion and obtained approval for the number of floors are some of the other aspects that prospective buyers need to track as well.