Planning your first property purchase? Pose these key queries to your broker

Homebuying must-knows: Are you planning to purchase a property? Experts suggest that while the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) has made notable strides, with more projects and agents getting registered, and complaints being resolved, caution is still essential. 

RERA has notably reduced incidents of real estate fraud and scams, but it remains crucial to choose the right real estate agent to buy a dream home within budget. By asking the right questions, buyers can find the best agent and gain confidence in their decision-making.

"Choosing the right real estate agent is important to ensure a successful and satisfying property purchase. By asking pertinent questions, buyers can find the best agent and ensure their requirements are understood," Shitij Kaushal, Director - Channel Sales, Mymagnet.

Is your agent well-informed?

For first-time homebuyers, it's important to enquire about the real estate agent's experience and knowledge of the local market. This helps gauge their ability to navigate the complexities of the area's property landscape. Additionally, discussing communication protocols, response times, and availability of property viewings ensures expectations are met.

When evaluating properties, thoroughly assess the builder's reputation by reviewing past projects, customer feedback, and verifying timely delivery, construction quality, and any legal or regulatory issues.

Ensure project registration under RERA, review documentation for transparency, and understand buyer rights and protection. RERA ensures accountability and compliance in real estate dealings, crucial for both developers and buyers.

What is beyond basic?

Beyond these foundational questions, several other aspects should be considered.

"There is much more to consider beyond these basic questions. Asking your real estate agent about various aspects, such as location dynamics, property specifics, security measures, financial implications, and future prospects, can provide you with a wealth of invaluable insights," Kaushal added.

Are you up to date on market trends?

Understanding the current market scenario and anticipating future prospects are vital for informed investment decisions.

"This involves analysing how long a property has been on the market and regulatory changes, economic factors, upcoming developments, zoning regulations, and long-term infrastructure plans," Kaushal added.

Comparing future connectivity and property appreciation rates with neighbouring areas provides insights into potential growth trajectories. Additionally, assessing the safety and security of the neighbourhood, including existing security measures within the building and its surroundings, helps ensure residents' peace of mind.

How does the property measure up?

Understanding the square footage of the property compared to similar properties in the area and assessing included amenities against market standards allows for accurate comparison.

"Grasping the square footage of a property in relation to similar options nearby is fundamental. This comparison facilitates an accurate evaluation of the amenities provided in comparison to market norms. Whether nestled in a gated community or an apartment complex, understanding associated fees and regulations is crucial for budget and lifestyle planning. Proactively gauging monthly maintenance fees and anticipated major expenses enables informed financial strategising," Kaushal further said.

What are the legal and financial considerations?

Understanding the legal and financial facets of property transactions requires diligence. Enquiring about associated costs, financing options, potential legal issues, resale prospects, and historical performance provides insights into the property's long-term viability as an investment.

Budget for stamp duty and registration fees, include legal expenses for documentation and title transfer. Understand payment timelines and procedures to manage finances effectively during property acquisition.