{"id":364,"date":"2021-03-12T09:01:00","date_gmt":"2021-03-12T03:31:00","guid":{"rendered":"http:\/\/www.tmrinfra.com\/blog\/?p=364"},"modified":"2021-03-11T15:57:42","modified_gmt":"2021-03-11T10:27:42","slug":"first-time-property-buyers-checklist","status":"publish","type":"post","link":"https:\/\/www.tmrinfra.com\/blog\/first-time-property-buyers-checklist\/","title":{"rendered":"First Time Property Buyers\u2019 Checklist"},"content":{"rendered":"\n

Buying a property could be the\none primary reason most people work and save for in the greater part of their\nlifetime. It provides the people with a sense of safety and stability. Most\npeople are looking to buy properties these days instead of renting or leasing\nbecause the real-estate market is a constantly growing market, rebounding its\nway back from the hit it took due to the pandemic and also renting and leasing\nare for a short term and the return on investment isn\u2019t as substantial in\ncomparison to buying as the value of the property increases gradually.<\/p>\n\n\n\n

Challenges faced by first time buyers<\/h4>\n\n\n\n

People consider renting over\nbuying a property over a few reasons. Firstly, it gives them a feeling of\nhaving lower liabilities. Paying a rent of 10,000 to 12,000 for a property that\ncosts around 50-60 Lakh seems to be much affordable than paying an EMI of\naround 25,000-30,000 per month for the same property. Basically, it all boils\ndown to affordability of the project.<\/p>\n\n\n\n

Buying a home was seen as a\nstatus symbol by those born in the duration of 1950s and 1980s. Millennials, on\nthe other hand, consider saving that amount to fund their overseas trip, buying\na new car or a flashy phone. <\/p>\n\n\n\n

Before renting a property, a\nnumber of formalities must be taken into consideration such as depositing a\nsecurity amount and signing an agreement with various clauses including\nincrease of rent by a certain percentage after every year or depending on the\nowner. The concept of leasing and renting is only for limited period of time\nand considering how the pandemic impacted the tenants who moved away for the\nlockdown but still had to keep paying rent for all the months they were away\nand the rents have increased all over, whether it maybe commercial or\nresidential. The commercial real-estate market was one of the worst struck markets\nas many projects that had to be paused due to the sudden pandemic resulted in\ncancellations of pre-existing deals all leading to heavy losses for the\nbuilders, hence the market is ready for new buyers and many builders have\nintroduced interesting offers to indicate so.  <\/p>\n\n\n\n

Tips for the First-time buyers<\/h4>\n\n\n\n