Buying a property is usually a onetime task. There is a lot more to buying a property than just buying it. It takes good insights to make money from the real estate you are willing to buy. Buying a property is a major purchase and a biggest investment. Hence, it is crucial to consider some points before making this decision.
Here is a rundown of some of the major factors you should consider before putting your foot forward:
RERA is one of the major developments in real estate industry last year. It is basically a step with ab objective to protect the interest of home buyers and ensure timely delivery of projects. Before you decide to invest in any property, ensure you are aware about the norms of this act so that you end up buying a fair deal.
Verify the Builder
You need to understand the builder you are looking to buy a property from. Do your research and verify the builder before you go ahead sealing the deal. Use every possible medium to find out the credibility of the builder. Social media platforms and consumer forums are the best to be aware abouany type of fraud.
Location of the Project
The location is one of the most crucial things to consider when buying a house. . As a buyer you should prefer a location which has facilities all around. Always visit the location and check the infrastructure of the property. Also, check for the rental values of the location you are going to invest in.
Legal Aspects of the Property
It is important to do a little investigation of the property in mind before making the purchase. Check the title and look if all the papers are in place. Always look into the legalities yourself so that you are sure about the property completely.
Just note that builders who tie-up with banks go through investigation by banks making it a safe investment for you.
Buying property is a big investment. Therefore, it becomes utmost important to evaluate your eligibility for loan. Before stepping into the procedure, talk to financial services or banks to understand your loan eligibility. Also, it is important to understand your repayment capacity.
There can be some additional costs like parking, club membership etc. or stamp duty, brokerage, registration etc. These have the ability to affect the total cost and increase it by approximately 10%. Hence, when evaluating your budget, do keep in mind all of these extra costs.
Lastly, ensure you are getting the absolute best for your investment. You could create comparison parameters discussed above for the properties you have shortlisted. This resource should go a long way in helping you find your dream home practically and conveniently.