Owning a home is a dream for many people because it offers long-term returns and is considered the safest investment. Millennials have an advantage, too: they have fewer liabilities, lower monthly mortgage payments, and a longer loan period to make the right decision with their money.

As the pandemic threatened society, many experts predicted that the real estate sector would recover after the initial shock. However, they have since proved these assumptions wrong.

The key driver of this recovery has been millennials. This is primarily because of their realisation as to how important it is to own property. The increasing growth in disposable income combined with government support for initiatives like housing for all and tax benefits for homeowners, and a decrease in property taxes in cities like Mumbai are also contributing factors.

Checking off the following points will allow one to maximise their experience when purchasing a home.

• Location: When investing in residential real estate, location is a major factor to consider. This includes being near public transportation, safety, and other necessary factors for residents such as a place of work or school. Other things to consider are the district's proximity to neighbouring cities and infrastructure projects in the area. When purchasing a property outside the main city, investors should do thorough checks on the property to better understand its potentials and liabilities.
• Stage of development: Owning a house has become more valuable since the pandemic. As a result, there is an increased interest in properties in remote areas where work-from-home opportunities are now available. Furthermore, buyer interest in construction projects in these remote locations has also increased. This is because they produce higher ROI and comply with RERA regulations on fair trade practices. Alternatively, ready-to-move-in options provide easy possession and tax benefits but are often expensive. The quality of these units is generally poor, so potential buyers should consider both options before making decisions.
• Checking the documents:It's important to do an overall check of the documents to determine ownership and avoid any disputes in the future. This will help you gauge just how much legal work is required to finalise a sale deed. Buyers should be mindful that hidden charges, such as mortgage or ownership transfer, could appear in the property deeds or agreements. Sellers and brokers sometimes include these in documents relating to property transactions. Maintaining a keen eye for ambiguous fees, like local charges, statutory charges, impending repair fees, and insurance premiums before purchase can save you time and money during negotiations.
• Check the resale value: Before investing in a property, it’s important to consider how much you might sell it for in the future. Properties typically go up in value with time, which provides healthy returns on the initial investment. But that does not always happen and can be reliant on many different factors. One should take into account whether or not the property value will appreciate more than the market and what amount of the investment’s potential upside is already priced into the purchase price. These are difficult to assess when buying a property in neighborhoods that are ‘up-and-coming’ rather than more established ones.