A First-Time Home-Buyer’s Checklist in Mohali & New Chandigarh
Buying a home for the first time is an exciting milestone, but it can also be overwhelming without proper guidance. Mohali and New Chandigarh have emerged as prime residential destinations in North India, offering modern infrastructure, excellent connectivity, and a balanced lifestyle. This checklist outlines the key factors every first-time homebuyer should consider before making a purchase.
10/31/20252 min read
1. Define the Budget
Establishing a clear budget is the foundation of the home-buying process. Consider:
Down Payment: Typically 10–20% of the property’s value.
Loan Eligibility: Check credit score, income stability, and existing liabilities.
Additional Costs: Include registration fees, stamp duty, maintenance charges, and furnishing expenses.
Emergency Fund: Keep a buffer for unforeseen costs during or after possession.
2. Choose the Right Location
Mohali and New Chandigarh offer diverse residential options. Evaluate:
Connectivity: Proximity to Chandigarh, IT hubs, and major highways.
Infrastructure: Access to schools, hospitals, shopping centers, and public transport.
Neighborhood: Safety, cleanliness, and community amenities.
Future Growth: Areas near upcoming projects or metro extensions often appreciate faster.
3. Verify Legal Approvals
Before finalizing a property, ensure all legal documents are in order:
Title Deed: Confirms ownership and ensures the property is free from disputes.
RERA Registration: Verify the project on the Real Estate Regulatory Authority (RERA) Punjab website.
Building Approvals: Check for layout plan approval, environmental clearance, and occupancy certificate.
Land Use: Confirm that the land is approved for residential use.
4. Evaluate the Builder’s Reputation
Research the developer’s track record to avoid future complications:
Past Projects: Visit completed sites to assess construction quality.
Delivery Timelines: Check if previous projects were delivered on schedule.
Customer Reviews: Look for feedback from existing residents or online forums.
5. Inspect the Property
A thorough inspection helps identify potential issues early:
Construction Quality: Examine walls, flooring, fittings, and plumbing.
Ventilation and Lighting: Ensure adequate natural light and airflow.
Amenities: Verify promised facilities like parking, lifts, security, and recreational areas.
Maintenance: Understand monthly maintenance costs and services included.
6. Understand Financing Options
Explore different financing avenues to secure the best deal:
Home Loans: Compare interest rates, processing fees, and repayment terms across banks.
Government Schemes: Check eligibility for first-time buyer benefits under Pradhan Mantri Awas Yojana (PMAY).
Pre-Approved Loans: Simplify the buying process by securing pre-approval before property selection.
7. Plan for Long-Term Value
A home is both an emotional and financial investment. Consider:
Resale Potential: Properties in developing sectors often yield better returns.
Rental Demand: Areas near IT parks or educational institutions attract steady tenants.
Sustainability: Look for eco-friendly features like rainwater harvesting, solar panels, and energy-efficient designs.
8. Finalize the Deal
Once satisfied with all checks:
Negotiate: Discuss price, payment schedule, and inclusions.
Legal Review: Have a property lawyer vet all agreements before signing.
Registration: Complete the registration process and collect all original documents.
Conclusion
Purchasing a home in Mohali or New Chandigarh requires careful planning and due diligence. By following this checklist—covering budget, location, legalities, and long-term value—first-time buyers can make informed decisions and secure a property that aligns with both lifestyle and financial goals.