First time home buyer

Q: What is the best advice you can give to a first time home buyer? Should i go with a pre-launch project or completed project?

Sandeep Mhatre, Mumbai

31st August 2018

Investment Advice in Hiranandani Estate, Thane

home buyers

completed projects

real estate in thane

prelaunch projects

first time investor

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Replies (4)

It depends on the project you are eyeing for. If you have a completed project in your mind you should go for it otherwise under-construction projects are always a good option. Regency Group has many projects and they are the top most reputed Builders and Developers in Kalyan East. New Construction in Dombivli East is Regency Anantam by Regency Group. Do check their projects once before investing in any real estate.

ronnie lewis, Mumbai

29th July 2019

Comment

The budget is one of the most crucial aspects of home buying, it is important to understand the cost implications of different construction stages as it can impact your finances significantly. Lets us assumed the cost factors first.
Pre-launch - In terms of cost, pre-launch properties usually offer the lowest property rate. This is the time when developers want to sell maximum units to collect funds for the construction. But your waiting period can be long

Completed projects- It costs you more for obvious reasons. However, since you can move in immediately, you can save on rentals. Secondly, you are getting what you have been promised.

Take the 2nd factors property taxes- for completed projects, there is no Goods and Services Tax (GST). However, 12% GST is levied on under-construction properties.

Vibhor, Delhi

7th September 2018

Comment

Well, when you have multiple builders to choose from and with each builder having several projects, shortlisting and comparing real estate projects can get difficult and overwhelming. These are the few points which you have to keep in your mind - 1) Location, 2) Appreciation, 3) Budget, 4) Builder Reputation, 5) compare master & floor plan, 6) compare amenities with nearby projects, 7) compare authorised banks and payment Schemes, 8) necessary clearances, 9) completion date, 10) cancellation policy etc.

Sankalp, Mumbai

7th September 2018

Comment

Hello Sandeep,
Here are some tips for the first time home buyer that will make you win against all odds. These are - 1) take time to research minutely, 2) fix your budget in advance, 3) Do not go over budget, 4) saving for the down payment, 5) get pre approval of the home loan, 6) choose a reliable real estate developer, 7) be a smart bidder for the property you have chosen, and 8) consider the location etc.

Krishnendu, Pune

7th September 2018

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