Check Before You Invest - Factors That Make or Break A Property
Aug 12, 2016 Home Trading Steps
Like every coin has two sides, even the real estate industry has two sides. It can indeed to a tricky business which can bring you no profit but if the investment is done wisely and carefully than it yields you with many benefits. Since investing in real estate costs all your savings and hard earned money hence it should be done with caution and proper research. One needs to ensure that his or her money has been invested in the right property.
There are certain parameters a buyer needs to ensure of -
To begin with, affordability, this is the most crucial and chief factor when buying a house. A person needs to first fix his or her budget and then start searching for properties. Make a list of your finances and then decide on the budget. There are cases where people are left with empty pockets by the end of the month after paying EMIs. One needs to should ensure that the amount of EMI should not be more than 40% of one’s monthly income.
Next equally crucial thing is research. After deciding on your budget, one should start looking for homes in various localities which are in your budget. While researching, one needs to look into points like roads and connectivity, accessibility to markets, hospitals, school, office or college, the infrastructural development of that area. The elements of safety and security should also be considered. It is advisable to people that they must not invest in areas or societies which lack amenities like water supply, proper drainage, electricity supply etc. Never trust what the builder says about the project until he provides you with a proof.
Further, one needs to check the credibility of the builder. Since the industry of real estate is a vast one, it comprises of frauds as well as honest developers and builders. One should never trust the builder completely or blindly. One needs to ensure the trustworthiness and credibility of the builder in whose project you decide to invest, this can be done by researching and knowing about his past projects or works.
Finally, one should carefully check all the concerned legal documents. A buyer should start with the title deed which ensures that the builder is the real owner of the property and not a fraud. This helps you avoid legal problems in future. A buyer then needs to check for all the clearance documents of the property. In the case of a project which is under construction, ask the builder for an allotment letter and a development agreement. One also needs to check that all the taxes related to the concerned property have been cleared.
There are certain parameters a buyer needs to ensure of -
To begin with, affordability, this is the most crucial and chief factor when buying a house. A person needs to first fix his or her budget and then start searching for properties. Make a list of your finances and then decide on the budget. There are cases where people are left with empty pockets by the end of the month after paying EMIs. One needs to should ensure that the amount of EMI should not be more than 40% of one’s monthly income.
Next equally crucial thing is research. After deciding on your budget, one should start looking for homes in various localities which are in your budget. While researching, one needs to look into points like roads and connectivity, accessibility to markets, hospitals, school, office or college, the infrastructural development of that area. The elements of safety and security should also be considered. It is advisable to people that they must not invest in areas or societies which lack amenities like water supply, proper drainage, electricity supply etc. Never trust what the builder says about the project until he provides you with a proof.
Further, one needs to check the credibility of the builder. Since the industry of real estate is a vast one, it comprises of frauds as well as honest developers and builders. One should never trust the builder completely or blindly. One needs to ensure the trustworthiness and credibility of the builder in whose project you decide to invest, this can be done by researching and knowing about his past projects or works.
Finally, one should carefully check all the concerned legal documents. A buyer should start with the title deed which ensures that the builder is the real owner of the property and not a fraud. This helps you avoid legal problems in future. A buyer then needs to check for all the clearance documents of the property. In the case of a project which is under construction, ask the builder for an allotment letter and a development agreement. One also needs to check that all the taxes related to the concerned property have been cleared.
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