Make a Proper Plan Before Buying a Property
Jun 01, 2017 Home Trading Steps
Buying a house is a dream and finding the right property that matches our individual choices, requirements and needs is a difficult task. The most important task while planning to buy a house is to plan everything out, from the budget to availability of funds. The stakes are too high while buying a house and hoping that the things will work out on their own later is a foolish decision.
1. Do your homework:
For most of us buying a house is a onetime investment. So it is better to research even the minute details regarding the property in which the buyer is interested. From the background check on the builder and physical inspection of his previous work, make sure you are satisfied with the builder’s reputation. Don’t fall into their claims, check the facts. To know more about their previous projects and their maintenance, check for the reviews online.
2. Keep your budget in mind:
It is always easier to look for the properties that fit into your budget. Going a too far with the budget can cause a financial trouble in future. Paying the monthly EMIs should not be heavy on the pocket but should be easy. Generally, your EMI should not be more than 40 percent of your monthly salary. The banks pay up to 80 percent of the total amount to buy the property. Rest 20 percent is the down payment that the buyer has to pay for themselves. The amount paid by banks does no cover the registration charges and stamp duties. They are supposed to be paid by the buyer themselves. Keep in mind of these expenses before buying the house.
3. Do your own calculations:
Seller or the builder can try to confuse you with too many calculations and maths. Do not worry. Get a CA and ask them to help you out with it. Understand where every last penny of the amount is invested. Know what you are paying for and research if the amount that you are paying for it, worth it or not. Your job does not end with hiring a CA or a property inspector, you will have to get involved with them and understand each and every aspect of the property.
4. Ask as many questions as you can:
When a buyer is investing so much money on a property and will have to be under crushing debt for 10 to 20 years, there isn’t anything as too many questions. Try to get even your slightest doubts cleared. Ask as many questions regarding the property and its maintenance. Keeping quiet might turn out to be a bad idea.
1. Do your homework:
For most of us buying a house is a onetime investment. So it is better to research even the minute details regarding the property in which the buyer is interested. From the background check on the builder and physical inspection of his previous work, make sure you are satisfied with the builder’s reputation. Don’t fall into their claims, check the facts. To know more about their previous projects and their maintenance, check for the reviews online.
2. Keep your budget in mind:
It is always easier to look for the properties that fit into your budget. Going a too far with the budget can cause a financial trouble in future. Paying the monthly EMIs should not be heavy on the pocket but should be easy. Generally, your EMI should not be more than 40 percent of your monthly salary. The banks pay up to 80 percent of the total amount to buy the property. Rest 20 percent is the down payment that the buyer has to pay for themselves. The amount paid by banks does no cover the registration charges and stamp duties. They are supposed to be paid by the buyer themselves. Keep in mind of these expenses before buying the house.
3. Do your own calculations:
Seller or the builder can try to confuse you with too many calculations and maths. Do not worry. Get a CA and ask them to help you out with it. Understand where every last penny of the amount is invested. Know what you are paying for and research if the amount that you are paying for it, worth it or not. Your job does not end with hiring a CA or a property inspector, you will have to get involved with them and understand each and every aspect of the property.
4. Ask as many questions as you can:
When a buyer is investing so much money on a property and will have to be under crushing debt for 10 to 20 years, there isn’t anything as too many questions. Try to get even your slightest doubts cleared. Ask as many questions regarding the property and its maintenance. Keeping quiet might turn out to be a bad idea.
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