Advice for first-time homebuyers - Page 2

Average age of first-time homebuyers is 38, an all-time high. Here's what that says about the real estate market. In 2024, the median first-time homebuyer was 38 years old, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers report.5

Ensure the Property is Dispute-Free

“The first rule of investing in the real estate sector is to ensure that the transaction is free of any ownership disputes. It’s possible that the agricultural land you are considering was inherited by the seller from their ancestors. In rural areas, Wills are not commonly made, and property is automatically transferred from one generation to the next. In such cases, you can obtain information about the actual owner of the property from the tehsil office. You might also consider enlisting the help of a local lawyer,

My simple advice is:

• Don't rush. Take your time in analyzing what kind of property you want to buy, its budget and location, size, and how much you can spend.
• Always check if the project is RERA-approved or not. Best for safety.
• Get a pre-approval loan so you know the affordable range.

And if you get stuck somewhere or find things difficult, you can always look for real estate consultants who help you with the smooth home-buying process.

Here are some things I learnt when I was a first-time house buyer:

• Determine your budget first. Take into account not only the price but any taxes that may be applicable (such as GST, stamp duty, registration fees, etc.)

• Verify your credit and see if you qualify for a house loan ahead of time. Having pre-approval is beneficial.

• Unexpectedly, location is a major factor. Find a spot that has room to expand, decent roads, schools, and hospitals.

• Go through the builder's previous work record and then only invest. Also, invest only in RERA approved projects.

• Be very careful when trusting others. Review all related documents and if any problem take legal help.

• Plan for the future. Think five to ten years into the future before making a purchase.

Above all, take your time. Explore different locations and evaluate them. Before signing any papers, evaluate everything and every step, then proceed with confidence. Afterall, buying a property is ab huge step for anyone.

Buying your first home is exciting, but it can feel overwhelming too. Having a knowledgeable real-estate advisor on your side makes a huge difference—especially with paperwork, legal checks, and negotiating terms. If you’re a first-time buyer, partnering with a trusted local expert can help you navigate the process with confidence.