Property, a word which has become the synonym of wealth, is a long-term asset that we all aim to buy in our life. Don’t you think so? Yes, of course! Property can be anything ranging from a residential apartment, commercial shop, plot, villas, etc. There are number of developers available now-a-days which claim to offer you over-the-top amenities at pocket-friendly prices. But do you believe everyone will do justice with your hard earned money? Not necessary!
There are many things that you should keep in mind before buying this valuable asset. You should take out some time to probe the house or any property for that matter that you’re going to purchase. It’s going to be the biggest investment of your life and will also decide the future of your coming generations, so invest wisely. What did you say? How? Here you will find some of the simplest steps and assure that you’re investing at the right place through the right builder.
Location is the Key
One of the most important factors while buying a property is location. If you’re indulged in house-hunting than check out if there is any development activity going on in the surroundings. Malls, metro, residential or commercial buildings basically if you findthat there is a scope of proper development than only buy that property. In case you discover one than don’t wait, just go for it. This type of investment will surely provide good returns.
Can you actually afford what you’re going to buy?
Another foremost point to consider is affordability. Yes, just think if you buy a chattel that too by taking loan from bank than you will have to pay the EMI’s and what if you’re not able to meet your monthly expenses at the same time? Procure something which is within your budget but also has the possibility to offer high returns. Don’t get fooled as builders’ increase the prices by constructing clubs, swimming pools, etc. instead look if it’s fulfilling your basic needs like water, electricity, connectivity and resistance to earthquake.
Reputation of Builders’
Scout the quondam track record or reputation of the builders’ before spending on any property. Do ensure that the developers have delivered their previous projects within the specified time-frame. Often builders tell you that they are asking for less money in comparison to others but many times they reduce the covered area. Just compare the price per square foot to know whether the offer is cheap or not. Check that the papers are original and the land is not under any kind of legal quarrel.
Make sure builders have required approvals
One more thing to pay attention is to identify whether the developers have necessary clearances and permits to start construction. The sagest thing you can do is to get the documents cross-checked by a lawyer. You have the right to do that? Of course, you do have it.
How to select the right consultant?
The right way to begin is to ask your friends and colleagues if they know any such agent. You should do some research yourself by searching the internet or by visiting their offices. Choose an agency and then let them know that you want one of their best agents. It will be better to choose an agent who deals with homes that come within your price range. Most importantly, make sure that he works in accordance to your schedule.
Difference between Super and Carpet Area
Now, do you know the difference between super and carpet area? No? Don’t be upset as most of the buyers are not aware about these terms. But yes, you should know about them so that the real estate companies and dealers don’t misguide you. The dealers always decide the price on the basis of the measurement of super area. On the other hand, the actual surface area will be slightly less and this is called the carpet area. Basically, the actual floor area of your potential property is the carpet area.
We hope you’re getting some idea now. Let’s see some other points.
Less Maintenance Cost
You should ensure that the property you’re going to procure requires less maintenance cost. Be it new or old, it should not ask for monthly expenses. Make sure that the property is ready to move otherwise, if you’re staying on rent, than the developers might take 2 to 3 years more. Buy such a property only when you are enriched with another alternative.
Check if your developer has tie-ups with banks for home loans
There are developers who say that they have tie-ups with banks but it does not mean that they are going to offer you the best home loan rate. If the builders’ tell you that rates will come down don’t follow them blindly as the rates might go up as well. Purchase property on the basis of current interest rate not by forecasting future rate cuts.
If you’re planning to own an apartment than consider it on cubic footage basis not square footage. The standard ceiling height should be about 14 feet. Further, try to find a property which has architectural uniqueness. Be a visionary and evaluate if it has a solid foundation and high-quality materials are used in its construction to ensure it stays strong even after few decades.
Research Local Amenities
These were some of the significant points but some more that you need to consider consists of researching the neighborhood so that you’re aware what actually you’re going to buy. You can have a look at the neighborhood amenities such as nearby schools, hospitals, etc. to get a better idea about the locality.
These were some of the vital points you should consider before purchasing any property. We hope these will turn out to be useful for you while making your buying decisions.
To help you out in a better way, we, Finlace Consulting, offer an established base in the real estate industry. One of the most reputed builders in the market such as Aditya, Agrante, Ajnara, Amrapali, etc. is our clients. We provide the best dealings that completely satisfy the clients as well as customers. This is the reason why we have been able to place ourselves as a firm with zero litigation record.