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The year 2023 was a year full of uncertainties and instability in the real estate market, but as soon as we entered 2024, the real estate market showed stability. And, in 2024, real estate remains a topic of significant interest and importance. However, this year is all set to bring its own set of trends and questions by the end but looking into what’s top of mind right now can provide us with an insight into what we can expect in 2024.

However, in 2024 if you’re thinking of entering the real estate market as a buyer or a seller, then it is important to stay informed with the upcoming trends. But, if you’re a first-time home buyer, it can be daunting for you to navigate this market. Well, to ease your journey, we’ve compiled a list of the 10 most asked questions from the end of 2023 which will help you navigate through your home-buying journey.

Question 1. What are the current real estate market trends?

As we mentioned above, the real estate market is showing signs of stability and growth in 2024, which means the times are favorable for real estate investors as they can expect a good return on their investment in the coming years.

The current state of the real estate market is also right for home buyers as the Interest rates are favorable currently and real estate developers are also offering attractive deals and discounts on their new launch projects such as ACE Terra by ACE Group of India to attract buyers.

Question 2. What are the factors that need to be considered before buying a home?

Different people have different requirements and what factors they need to consider depend on their individual preferences. However, there are a few factors that need to be considered by every home-buyer and these include –

• Location to buy a house at
• The budget you’re allowed to spend
• Amenities you need in your house
• The builder’s reputation
• Future resale value
• Legal documentation etc.

Question 3. What Should I Opt for, A ready-to-move-in property or an under-construction project?

Choosing a ready-to-move property or an under-construction one depends on users’ preference as both of these options have their pros and cons. For instance, some people are looking for a house they can immediately shift in whereas for some people the customization of their dream home and better pricing weigh more.

The people who want to shift immediately will choose ready-to-move-in properties while under-construction projects such as Signature Global City 81 in Sector 81 Gurugram are the best option for those people who are looking for better pricing and customization options.

Question 4. What are the latest trends in home design and amenities?

The latest home design trends include –

• Smart homes with automated controls for ACs and lights
• Sustainable designs to preserve the environment.

The latest trends in amenities include –

• Wellness amenities like gyms and yoga/meditation centers
• Green spaces and landscaped gardens
• Home office setups etc.

Question 5. How can one get a home loan to finance their home purchase?

Homebuyers can finance their home purchase through home loans which several banks and financial institutions offer at affordable interest rates and for longer tenure. However, if you’re opting for a home loan, then it's essential that you compare interest rates, loan tenure, and other processing fees before choosing a bank or lender.

However, go for the properties developed by reputed real estate developers such as Mahindra Zen Singasandra Bangalore. You can easily get home loans at affordable interest rates as many listed Indian Banks are associated with good brands to provide hassle-free home loan processes for home buyers. All you need is the proper documentation and a good CIBIL score.

Question 6. What are the important legal aspects that one should be aware of at the time of buying a property?

Some of the critical legal aspects that one should be aware of while buying a property are as follows –

• Understanding property titles
• Checking for clearances and approvals from authorities
• Verifying legal documents like – Sale deed, NOC and Occupancy certificate.

Question 7. Is there any government initiative or scheme for the homebuyers?

Yes, there are various government schemes and initiatives that homebuyers can avail the benefit of. Some of the schemes by the government to promote homeownership are as follows –

• PMAY (Pradhan Mantri Awas Yojana)
• Affordable Housing Initiatives
• Tax Benefits for Homebuyers.

Question 8. How can one check the credibility of a real estate developer?

Checking the credibility of the real estate developer is crucial because, in today’s real estate market, there are many frauds taking place. And, to make sure that you’re not in the wrong hands, it is important that you check for the credibility of the real estate developer whom you’re going to be associated with. You can follow the below-mentioned steps to check the credibility of the real estate builder –

• Research the builder's past projects
• Check customer reviews and testimonials
• Verify RERA registration number
• Visiting project sites to assess a builder's credibility.

Question 9. Are there any hidden costs involved in a home purchasing process?

The hidden costs involved in a home buying process vary depending on a particular project. Some developers keep the costs transparent whereas some hide a few costs. Therefore, you must ask the developer about all the costs involved before purchasing the house.

While buying a house, a homebuyer should be aware of all the additional costs apart from the property cost, including –

• Stamp duty
• Registration charges
• Maintenance fees
• Parking charges
• GST etc.

Question 10. What steps are involved in a typical home-buying process?

There isn’t a thumb rule that home buyers need to follow while buying a home. However, a general home buying process typically involves –

• Searching the Property
• Applying for a home loan
• Completing legal due diligence
• Loan approval
• Documentation and Registration
• Possession handover.

The Final Words –

Navigating the real estate market isn’t an easy task as it requires knowledge and preparation. However, going through these top 10 common queries by home buyers will help you make informed decisions and embark on your home-buying journey with confidence in 2024.

If you need any further assistance regarding home-buying, then you can reach out to us anytime. We also have provided our users with “The Ultimate Guide to First-Time Home Buying”. You can also read the blog for other home-buying tips.