Ready To Buy Your First Home?

Planning to buy a home for the very first time? Investing in a new home is one of the best kinds of investment in today’s age. While planning on the home, the few things that you consider are budget, space and feasibility. However, many first time home buyers get overwhelmed with the fact that buying a home comes with a wide load of responsibilities, majorly financial.

Given below are few things you should note if you are planning on purchasing house for the first time.

Contact a Buyer's Agent

Many people do not understand the role of a buyer’s agent. Buyer’s agents are experienced people within a certain locality. They have thorough knowledge and information about the complete location, including connectivity, availability of offices, educational institutes and commercial areas. They are the best people who can search you a house that best fits your budget. These agents also have the legal obligation of introducing you to the builder or developer from whom you plan you purchase. The agents negotiate contracts and will help you through the complete buying process. If required, they can also help you find attorneys, inspectors and movers.

Take Professional Financial Advice

While buying your new home, you have to deal with huge amount of money transaction. Therefore, it is wise to consult a financial expert. These experts will walk you through many different kinds of home loans that best suits your requirements and budget. This information will enable you to filter out your choices and make it easier for you to search.

Gather Market Knowledge

Here, you might need a little help from the buyer’s agent. The agents can gather you all the market comparables in a particular area of your interest. They will let you know the recent selling prices of the homes that you decide upon. This information will further help you negotiate with your offer price. At times you may come across houses where negotiation becomes a must. However, the homes that are fairly rated based on the rest of the market, may need no negotiation at all.

Get a Thorough Inspection

This is one of the major steps that one must implement while buying a new home. A thorough inspection is very crucial. No matter how good your home appears and how perfectly it meets your budget, there could be certain underlying issues that might end up causing undue stress. If any issue is found during the inspection, you could ask your buyer’s agent to get it fixed. However, if the issues are too large you can always pull back your decision of buying the house.

Thus, list down your requirements and start looking out. Buying your first house, referring to the above mentioned points, would make your search smooth and hassle free. let your new home be one of your best investments.

New Real Estate Bill & Its Benefits to Home Buyers

 The Real Estate (Regulation & Development) Bill, 2016 has been approved by the Lok Sabha on 15^th of March 2016. The Bill elaborates on safeguarding consumer interest, efficient transactions related to property, enhanced responsibilities of the developers and lucidity in communications. The Bill is aspired to support both developers and consumers in order to understand the norms of property purchase and execute according to the agreement.

 Given below are the reasons why Real Estate Bill was required and its benefits to home buyers.

Why Real Estate Bill Is Required?

• Lack of trust amongst the investors and consumers
• Non-transparency in communication and less information about the project
• Intrusion of fly-by-night operators who end up wasting one’s life savings
• Fund diversions that lead to time and cost overruns
• Consumers are exploited due to one sided agreement
• Huge amount of black money being involved 
• Disagreement resolutions take imprecise delay in civil courts
• Unplanned developments due to nonattendance of regulator leads

Prime Features of the Bill:

• Applicable to commercial and residential real estate above 500 square meters and 8 apartments respectively
• Organizations for Regulatory Authority and Appellate Tribunal in States/UTs
• Assigning of Adjudication Authorities by Authority in order to sort disputes
• Mandatory registration of real estate projects and real estate agents with the      Authority if they wish to sell plot, building and apartment
• Developers are to deposit 70% of collections in separate accounts
• Provision for insurance of land title
• Consumers and developers are to pay same interest rate for any delays

Benefits to the Developers:

• To remove all the fly-by-night operators and make it easy for the genuine developers
• The Bill will inculcate reliability by enhancing the sector on basis of securities, banking, telecom, insurance, etc.
• Once the regulator comes into place, the long pending demand of industry/sector status can be granted. This will enable lower cost of funding for developers from various financial institutions.

  

Benefits to the Consumers:

• More transparent operations giving the buyers a detailed information on their choice of project
• Reduce unfair trade practices by disclosing the ‘carpet area’ for every project
• Remove one sided agreement by introducing Model Agreement
• Overruns of time and cost due to fund diversion would be restricted
• There would be proper price control by eliminating black money and speculations
• Eradication of indefinite delays in dispute resolution through civil courts
• The Bill offers preventive and curative measures, and powers to enforce specific performance

  With the passing of the new Real Estate Bill, it would now be difficult for promoters and builders to delay their projects. It also endows with setting up of a Real Estate Regulatory Authorities (RERAs). This shall guarantee timely execution of projects. The RERAs will standardize transactions related to both commercial and residential projects. Therefore, the Bill will protect every home buyer’s interest, establish efficiency in every property-related transaction and also boost transparency, while attracting more investments to the sector.

 What are your thoughts on the New Real Estate Bill? Share with us in the comment section below.

RBI’s Rate Cuts: Is It a Positive for the Real Estate or Not?

The Reserve Bank of India's (RBI) late move of lessening the repo rate by 50 premise focuses has come as a shock for everybody. Be that as it may, industry pioneers are awed and valued this move of RBI senator. In spite of the fact that the rate slice is in backing to support the economy, yet there is still a critical inquiry that will it help the land division to resuscitate which is a vital supporter to the economy.

With the lessened repo rates, home credits are relied upon to wind up less expensive which means bring down EMI's for the borrowers. As home advances are unified to the base rates, so any sort of diminishment is useful for the borrower. Subsequently, this news is similar to an early Diwali reward for the home purchasers who were holding themselves for the interest rates to descend. Specialists are anticipating from the banks to go on the lessened premium rates to the borrowers as ahead of schedule as would be prudent. Along these lines, that the planned purchasers can pick up advantages out of it and consequently home deal gets expanded. With the increment in the home deals, the land area can decrease their obligation and proceed onward with a superior future.

Albeit at first the diminished rate can just animate the home purchasing choice of the purchasers, yet real home purchasing may take some time. As purchasers are frightened and wary of purchasing property because of the venture's vulnerability conveyance. In any case, request from the purchasers are required to increment.

On the other hand, the bringing down of interest rate is not sufficiently adequate to restore the land division. The property cost, particularly the private division needs to descend, which can give a critical push to the land area.

However, it's too soon to say that whether this rate cut is truly a positive move for the land area or not. Be that as it may, Government strategies like 'Lodging for All' and RBI activity ought to go as an inseparable unit to enhance the genuine's status home part of the nation which is reeling under colossal obligation.

Likewise, the legislature alongside the designers ought to concentrate on the moderate lodging area, because of the ascent in lodging request especially in this classification. Along these lines, them two together needs to step to bolster and build up the reasonable lodging class. In the previous couple of years, engineers have been concentrating on dispatching mid-section extends as opposed to premium and extravagance portion, taking into account the developing interest. This stride will further assist in with maintaininging a solid harmony between the interest and deal while profiting both the designers and the home seekers and further supporting the economy to develop.