At some point in our lives, all of us have to buy a house/apartment, or evaluate buying a property. Buying a property demands time and one has to scrutinize a lot of factors- from family opinions to real estate norms, from vastu to the right location, every inch and bit matters before settling onto any decision. It is not a cakewalk as one has to go through a lot of planning and investigation before buying a house. Even the thought of buying a property makes you nervous. You start figuring out your finances and choices. In our opinion, the following are some key points that you should keep in mind while buying a property:
1. Budget-Peep into your pockets and plan accordingly
You must fix your budget before planning to buy a property. Exploring options will intrigue you to cross your budget line but you have to be aware of all the pros and cons. You have to smartly manage your finances before getting into any investment. Make your own budget and draw up a detailed plan of your own liquidity outlook. Every broker will try to give you the best. They know how to make money out of your hard earned savings. You should be wise enough to choose the most feasible option.
2. Survey- Explore a dozen before buying
Before giving away your precious resources it is important to do a detailed survey of the market. Make sure you are adequately educated on what you are buying. Location is a major aspect and we advise clients to consider a location at all points of time during the day as some things are not noticed at a particular point of time. Survey should not only be done in terms of property rates, but also on the basis of the future prospects. Visit the property and see the neighborhood, the transport facilities and its proximity to schools, hospitals and markets. Find out about things like water, electricity, power outages and backups. You just have to be patient- it takes months to find the best property.
3. Background Check- Investigate before investing
You should do a proper background check of the developer before buying a property. Analyse the title documents, mortgage loan documents, homeowner’s association documents, home inspection reports and seller disclosures. Keep your eyes open for any hidden costs quoted in the documents while signing the contract. Legally, the total actual cost of the house should be calculated by including the stamp duty as well as the registration charges. Also keep a track of the financial stability of the developer to determine the credibility that the developer enjoys in the market.
4. Regulatory approvals- Get your paperwork done in time
All the paperwork and formalities should be done in time and with due care. Make sure that the title to the land of the project and all the regulatory approvals are in place. This needs to be done regardless of the nature, size and reputation of developer. You should verify all documents referring to land title, approvals of building plans and commencement of construction. The property should have a title certificate, Municipal Corporation approvals and a No Objection Certificate given by the MCD or any other authority. You should preferably hire a professional legal expertise to get due–diligence done.
5. After Sales – Buying is not the end
What does the builder give you after you have put down your hard earned money? Is there a maintenance company that will look after the property? Is there a guarantee on the furniture and fixtures? Is there anyone you can look upto? These points reflect confidence, the builders have on their own construction and if they are not giving a guarantee, it should raise red flags since they might have used bad quality materials.
A property management company makes you target the right market according to your budget. You don’t have to go through the pain of finding a loyal broker. They even organize site visits for their clients making it accessible for you to have a thorough survey of the market. On hiring a property management expert, they take care of all the paperwork reducing your mental and physical stress. They also take care of the after sale services and truly believe in maintaining long term relationships with their clients. These factors will automatically lead you to a sound and planned investment. Patience and awareness truly makes you a wise investor. We advise you to hire a professional savvy to help you make a safe investment. For any information or queries regarding buying a property feel free to contact us at firstname.lastname@example.org