Tips for First Time Home Buyers: What You Need to Know

You have decided to buy a home in Ranchi. That is a good decision. Ranchi is an established residential suburb that boasts of the best connectivity, social infrastructure, and entertainment avenues. But with the rate at which the real estate market is growing the number of housing projects is only increasing. The competition among the developers is fierce. The home buyer is spoilt for choices as this is the best time to buy a home.

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This blog discusses important tips for first time home buyers.

Location

Although Ranchi boasts of the best connectivity to all the regions of Jharkhand, choosing a project within Ranchi can be a task. It would help to consider a few factors while choosing the location or the neighborhood. Your new home should be accessible from Ranchi station or the local bus stop. It should be well connected to all the local areas in Ranchi by road. Some locations have more premium projects while others may have a mix of mid segment, premium, and budget residential projects. You must consider these factors while short listing flats in Ranchi that meets your requirements.

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Budget

Ranchi has many residential projects falling into different price segments. From budget to luxury flats in Ranchi, one can choose their project depending on the funds at their disposal. By factoring in expenses, current liabilities and contingency fund you can calculate the amount you can invest in purchasing your home. In case you are opting for a home loan, you must research the rate of interest and other factors offered by lenders like banks and financial institutions. It is best to be pre approved as it will speed up loan disbursal. Many residential projects have tie ups with banks, which will be beneficial if you are pre approved with the designated banks.

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Safety & Security

Ranchi is a safe and secure as many families have been living there since generations. Yet, it is best to make sure that the project is not near localities that are unsafe and known for disturbing activities. The project should have a gated concrete fence and proper security systems in place. Vulnerable family members like children and senior citizens should feel safe on your property in Ranchi.

Due Diligence

Legal due diligence becomes necessary as most people have a large sum invested in the property. The project should have all the legal paperwork clear and secured required permissions. It is best to hire a legal professional to check all the documents and paperwork. Even while completing the formalities of purchase consulting an experienced legal expert is important. If this step is ignored then it could cause legal problems at a later stage causing stress to the home buyer.

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By researching the location, working out the budget, checking the safety measures, and conducting due diligence one can rest assured that their home is secured for themselves and their family.