• Purchasing a home is not merely a dream realized; it also demands responsible and thoughtful choices. You must actively engage in completing formalities and ensuring that your chosen property is a safe and secure investment. From establishing a reasonable budget to searching for suitable options, maintaining alertness is essential.
• With the implementation of the RERA Act, the difficulties experienced due to fraudulent property investments have been significantly diminished. Nevertheless, being vigilant on your part is always advisable. This article outlines several factors you should take into account when preparing to buy a new home, including home insurance.

Importance of having a checklist when buying a new house

• Selecting your ideal home necessitates thorough attention from you. Numerous activities related to purchasing a home consist of determining the budget, finalizing the location, finding a reliable realtor, negotiating the price, handling documentation, selecting appropriate home insurance, etc. Therefore, having a checklist can streamline the process and make it more efficient. It also aids you in avoiding unnecessary complications and impractical offers.

Checklist for Buying a New House

Below is a checklist that will assist you in smoothly navigating the various stages of buying a new house.

1. RERA Details
   
   The Real Estate Regulatory Authority (RERA) was founded in May 2016 under the Real Estate (Regulation and Development) Act 2016. The regulatory authority was created to address the challenges impacting the real estate industry. Before RERA was enacted, incidences of fraudulent property dealers and fake investments were prevalent, and it was also challenging for property owners to easily access their property updates.
   The primary purpose behind the establishment of RERA was to foster accountability and transparency in the real estate industry. RERA regulations are established at the state level, and the governing body is tasked with regulating the following:
   ◦ Transactions related to the purchase and sale of real estate
   ◦ Registrations and approvals for commercial and residential properties
   ◦ Real estate agents and promoters are also required to register with RERA
   ◦ Properties lacking a completion certificate must register with the RERA authority within 3 months
   ◦ Before the sale agreement is finalized, the buyer may not pay more than 10% of the property value
   ◦ The builder is required to maintain full transparency regarding property information and construction updates with the RERA authority, and also provide access to information for the buyers
   Note:
   These are some common RERA regulations enforced. Your state’s official website may contain detailed information about the RERA Act.
   
2. Know your taxes
   
   Several additional expenses, including multiple taxes, must be accounted for when purchasing a house. Goods and Services Tax (GST) for properties under construction, property tax, registration fees, etc. , comprise the extra costs that contribute to the government’s revenue when you intend to purchase a property.
   Remember
   You should not consider that the property price is the only expense you need to cover. These extra costs can accumulate to a significant sum. Therefore, make your decision only after accounting for all these expenditures.
   
3. Location
   
   Location is the single aspect that cannot be altered once you have purchased the property and thus must be assessed thoroughly. Accessibility is essential when evaluating the site of your new home. Convenient access and a pleasant neighborhood can enhance the appeal even if you intend to rent the property later on. Factors like everyday needs such as a grocery marketplace, health facilities, educational institutions, and transportation options all need to be factored in when finalizing the location. These considerations are vital for making the correct choice.
   Tip:
   If feasible, you may also want to assess the state of your location during rainy conditions.
   
4. Property price
   
   Discernment is the foundation of sound choices. A comprehensive market analysis and research on property price trends can be vital for determining the appropriate price of the property. Furthermore, purchasing a home is an investment for the future. Investigating the area’s property price appreciation and depreciation history is one of the steps involved in buying a home. Awareness of price trends can assist you in evaluating the property’s value and anticipating future returns on investment.
   
5. Documentation
   
   As a buyer, it is essential to confirm that all property documents from a builder or the previous owner are in order to prevent any last-minute issues and avoid legal complications down the line. Documents like a completion certificate (if construction is finished), RERA certificate, no objection certificate, structural plan, registrations, approvals, etc. , must be verified before engaging in any transaction.
   
6. Talk to Mortgage Lenders and Get a Mortgage Pre-Approval
   
   Gathering the appropriate documentation can be tedious, but preparing ahead of time ensures that the process goes smoothly. If you intend to secure a mortgage to purchase a house, it is wise to consult with lenders to save time. The loan approval procedure can be lengthy and may face rejection if the borrower fails to provide the necessary documents. Obtaining a mortgage pre-approval letter from a lender reinforces your seriousness as a buyer.
   
7. Find a Realtor or Real Estate Agent You Trust
   
   A reliable realtor can serve as a supportive resource to help you navigate any challenges you might encounter. As an expert in real estate, a realtor can offer you valuable insights, tailor recommendations to your preferences, and assist you in finding your ideal home.
   
   Tip:
   
   The most effective method to find a trustworthy real estate agent is to seek recommendations from reliable friends and family. A good agent can be beneficial during negotiations, ensuring you do not end up paying extra.