Buying a home is not an easy feat; there are a lot of crucial decisions you have to make and factors you have to consider before the big purchase. Buying a house from highly reputed real estate developers works best as you get many benefits that can enhance your day-to-day lifestyle. Every step, from selecting a location to selecting a type of house, must be done carefully, so when you finally make the purchase, you know full-well that you’ve made a dream come true. Here are a couple of things you have to consider and re-consider ahead of purchasing a property.
Evaluate your needs
Not every house will offer you everything, and some properties offer way too many things just to entice you. The decision of buying a home falls on your basic needs. If you have a young family, you may want to consider looking for a place which has a good social infrastructure. If you’re living alone, you should look for studio apartments. Scan all the best possible houses and look for ones that have the potential to increase in value as it ages.
Don’t rush you purchase decisions
Choosing to purchase a home in a well-established locality may seem great, as you already have all the necessities set in place. But these areas will have pricing that may overshoot your budget, which can disrupt any further spending plans you have for your home. Your best bet is to analyse every property’s performance in the market and figure out the various development plans and schedules for the infrastructure around the property. Thankfully, there are many online resources from which you can gather information, so take your time in searching for the properties that suit your requirements.
A couple of things that you must meticulously search for include:
- Property mortgage value
- Quality of neighbouring localities
- Social infrastructure
Double check on your finances
When you have the adequate finances in hand, you can breathe easier when the time to buy your home approaches. Homes are getting more affordable thanks to reforms in the real estate industry, yet there are many other aspects of home improvement and maintenance that require additional funding. The safest way to keep your finances in check is to either buy properties that are still in the development stage or look for homes that are pre-approved by banks for affordable loans. When you opt for a loan, carefully analyse the mandatories like the loan amount, down payment options and tax benefits. The best thing to do for money management is to start your saving plans early in life.
Beware of legal aspects
When you are sure of purchasing a certain home, the next step is to check legal aspects; see if the property developer has acquired a No-Objection-Certificate from the Municipal Corporation, Electricity Board, Area Development Authorities, Water Supply & Sewage Boards and other legal bodies. Also, make sure the property has entered into development agreements and has clear titles. Banks normally conduct authenticity checks before handing out loans, so it will be better for you if the property you chose has been inspected by experts and cleared for purchase. Try your best to learn about legalities like Stamp Duty and Service Tax; Stamp Duty is a percentage of the transaction value that is levied by the state government, on every registered sale. The final sale deed should be stamped and registered at the appropriate local area office. Service Tax will be charged on payments made on residential projects which are still under construction.
Check the developer’s credibility
If you make a decision to buy a property from a real estate developer, it’s a good idea to check how well known and reputed the developer is. Don’t get carried away with all the fancy looking brochures and attractive amenities on offer till you get a better idea on the developer’s credential through word-of-mouth or online forums. If you are buying to let the property out on rent, check on all previous rental values and capital gains made on old properties of the developer. Also, it is useful to hire a solicitor to inspect the original title documents of the property. Do not go for a purchase without subjecting all the property documents to rigorous legal scrutiny.
With all said and done, you will be 100 percent confident that the property you are about to purchase is the one that was made for you.
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