Are you a first time home buyer? Here are a few tips to help you make the right choice.
Buying a home for the first time is no child’s play. While it is the first step towards adulthood, it is indeed a daunting task. There is a flurry of questions that go on in your mind when you are looking at buying that dream home of your choice that has all the amenities and is within your budget.
Here are a few essential tips to keep in mind that’ll help you make the right choice:
- Decide on the type of property
While there are several options available in the market, do your research and figure out if you want to live in old-school apartments, gated communities or independent plots. Make sure you decide keeping your needs and budget into consideration. While most people prefer to go in for ready-to-move apartments, you could go in for other projects, provided they have requisite approvals and certificates.
- Research on your neighbourhood
It is also important to research on the neighbourhood you are planning to invest in. Look around for basic amenities, including health care, education, supermarkets and entertainment options. Ensure that the locality is a perfect balance between residential and commercial, and you don’t really have to move around for the most basic of services.
- Chart out a financial plan
The best way to get that dream abode is to apply for a home loan. With the government’s RERA rules and Goods and Services Tax coming into play, it has never been a better time to invest in real estate. Make sure you chart out a proper financial plan with details of your income, expenses and provision for absorbing home purchase costs. Additionally, make sure you have a good credit score and no outstanding loans before you approach a bank for a home loan. Additionally, choose a reputed bank for hassle-free transactions.
- Decide the type of home loan
Keeping your needs into consideration, you can either go in for a fixed home loan or a floating one. In a fixed home loan, the rate of interest is fixed for the entire period, but the rates are much higher in general. On the other hand, floating home loans work on the principle of fluctuating interest rates based on market conditions and thus provide a lower rate of interest. Certain factors such as eligibility criteria, interest rates, turnaround times, and processing fees should be considered while choosing and securing your home loan.
- Property taxes
When you think you have figured it all out regarding your home loan, there’s another important factor to take into consideration – property tax. Every home buyer is liable to pay a property tax to the local authorities under whom the land is registered. Make sure you find out about the property tax and factor them in.
If you are looking at buying your dream home in Hyderabad, apartments in Kompally are the best suited keeping in mind the location and several other factors. The area has witnessed tremendous growth in popularity and is well-connected as well as affordable. There are affordable apartments with modern amenities. Apartments in Kompally are gaining popularity due to their cost-effective property prices and improved infrastructure development. The competitive prices of projects in this locality also make it a viable proposition for property investors who are seeking rental income. In recent years, Kompally has witnessed tremendous growth in property development and investment. Vineyards and farm houses in Kompally have been converted into thriving residential layouts. With growing social infrastructure, Kompally seems like the best choice among all areas!
Kompally is home to some of Hyderabad’s best gated communities including Aparna Construction’s under-construction Aparna Kanopy Lotus. Many gated community apartments in Kompally offer a range of amenities including a clubhouse, gym, health club, swimming pool, indoor games area, multipurpose halls, guest rooms, jogging tracks, tennis court, cricket pitch and children’s play area. Importantly, these amenities are offered without compromising on affordability and value.
Keep these tips in mind and buy your dream home today!