10 things you must check before buying property
Investing in a property is a tricky game. Everyone wants a property near good schools, hospitals, shopping complexes and public transport. This article will help you with your decision-making process before putting your hard-earned money in a bad real estate.
- Whether you are buying a property for living or for future benefits do think about the cost of maintaining the property. Electricity, water, property tax and other basic costs should not be overlooked. More the area, higher the cost of maintenance. Check about the locality and area in which you are searching the property from your ones who are also investing in the same kind of property. So, calculate the cost of property and the expenses which comes with it before going further.
- Hiring a good lawyer and trusted real estate adviser smooth over the process and makes it less tangled. Investing on any of these two or both will be a huge help for you since a consumer or a buyer cannot be up to date about the new projects coming in way. Similarly, a lawyer will help you in legal matters if there are any lope holes in the property or any political troubles near it, which nowadays is many. You can also get help with property taxes and stamp duties.
- Don’t be a vulnerable buyer. Real estate is not for people who get influenced easily. People and can say a lot of things to get money out of your pockets, but you have to be an intelligent buyer and not get fooled easily. Don’t pay for the property in full is the first rule as it makes you vulnerable ahead of the seller. Be ready for all the circumstances which come in your way or you could lose your money in a jiffy.
- If you are a family person you always buy property near your work place. Calculate the distance of your going to be home and your working place. Schools and hospitals should also be taken in consideration. Schools, shopping malls, transport and other services under 5 ñ 6 km radius of your potential property make it more desirable for a fruitful investment.
- Under construction property can bring different challenges to you. Do check the land before investing in it. Visit the under construction property in timely intervals to know the construction is going well or if there are any unwanted problems coming in your way. You can ask occupants of the older building on whether the building was developed on time, or the developers handed over the building to the society amiably.
- Check if the people already living in the building are friendly or not. Neighbors do play an important role which most of the people neglect. If the residents are not affectionate or social, conflicts emerge eventually over a period on how to maintain the building, parking spaces.
- If you buy property of your dream with home loan, it is a good idea as you will benefit from it. But be sure to pay the installments on time or your investment can turn into losses. Do some markets research and opt for the most affordable one. Do check the rate of interest is different or less in case of senior citizens or loan taken on joint ownership.
- security comes first ” living in a neighborhood where robbery, theft, murders and crime rates are higher is not a right place to buy property. Buying a house is a crucial decision and security of your family is in your hands. Do check if there are camera installed, number of entry and exist, sufficient watchmen (night and day) are there.
- Living in the house is one thing but buying property for only investment is different. Scope of asset appreciation, legal status and foreseeing the market dynamics should be properly considered before the final investment decision is made.
- Documentation is a lengthy and need your attention accordingly. A buyer should be aware of his/her rights which are stated in the government laid policies. NOC from all relevant authorities and valuation report from the architect are a few of the essential documents which must always be acquired.
To sum up the article, buying a new house is a long and tiring task but to make it easy and uncertain do keep the above points in consideration and make your new purchase worth it!