Buying or investing in a property is a significant step and it is very crucial to know all the aspects of a property before you close the deal. Whether you are a first time buyer or acquainted in the field, every time you need to ensure that you are well aware of its pivotal factors. In this article, we would be discussing about 10 most important aspects that you need to keep in mind before buying or investing into a property.
1. Identify your Requirements
Before starting the search of a property, it is very important to identify and define all your requirements and priorities. Under stated are some factors that one searches for a good investment:
- Location- The property should have good proximity to the day to day needs like schools, hospitals, malls, IT Hubs and more.
- Configuration- The number of bedrooms and the square foot of each bedroom needs to be identified.
- Living Style- Identify whether you need a gated community, urban or rural living.
2. Check Legal Documents
Checking the legal documents and verifying the legal status of the property is a crucial step. When verifying the legal status, check the below stated points:
- Title deed- Ensure the ownership of the seller very carefully.
- Encumbrance certificate-Make sure there are not any outstanding loans or disputes regarding the property.
- RERA registration- For smoother home buying, make sure the property is RERA registered under the State head.
3. Environment and Neighborhood
Do a proper research on the local environment and Neighborhood of the project. Make sure the project is in a reputed locality with safety and security:
- Safety and Security- Make sure the locality is under complete safety and does not have crime rate records.
- Public transportation- The locality should have basic public transportation like bus, metro and railways.
- Environmental concerns- The locality should not have a lot of pollution and should ne well maintained.
4. Property Inspection
Ask the seller for a site visit and thoroughly inspect the property about the under stated factors:
- Construction Quality- Make sure the construction involves superior quality products.
- Defects or Damages- Make sure the property does not have any existing defects that could lead to trouble.
- Customization- Ask the seller before hand whether the flats or spaces are customizable as per your needs or not.
5. Budget
Identifying your willingness to spend on the property is very important in terms of investment or property buying. Calculate your budget precisely and consider these points:
- Home loans- Connect with different banks or financial institutions for the best deal in getting a loan.
- Government Schemes- Do a detailed research on the benefits and subsidies provided by the government on buying a property.
- Hidden cost-Ask the seller about duty taxes or any other additional cost before hand to be on the safer side.
6. Resale Value
Buying a property is not just about knowing the cost price. Make an estimated calculation of the resale value of the property on the following basis:
- Development and Growth- Research for the developments and growth prospects of the area in order to get good future returns.
- Rental Income- If the property is in a high demanded area, you would get good gains from the rental income.
- Demand of similar projects- Compare the prices and demand of similar projects in the vicinity.
7. Builder Reputation
Buying a property of a good and reputed builder is very important. Do a detailed research on the background and reputation of the builder by considering the following aspects:
- Timely Deliveries- There should not be delay in the possession of the property.
- Past projects- Research about the past projects of the builder to gain a better idea about it.
- Customer Reviews- Count on the reviews of the existing customers.
8. Additional Costs
Look out for the additional costs on the basis of the following factors:
- Maintenance and taxes
- Insurance premiums
- Utility bills and services
9. Seek professional advice
Consult with a professional about the procedure for home buying journey to be on the safer side:
- Real estate agents- Take advice from real estate agents who have a deep knowledge about the market trends.
- Lawyers- Consult with a lawyer to have a better understanding about the legal procedure and contract review.
- Financial advisor- Consult with any financial or investment adviser for saving extra taxes and save yourself from falling for a wrong investment.
10. Review and Negotiation
Lastly the review the overall contract and have a proper negotiation with the builder about the following aspects:
- Price and Payment
- Handover timeline
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