Things to Make Sure Before Buying a Property
Mar 28, 2017 Home Trading Steps
Buying a house or a property is a dream, but it might turn out to be a nightmare if the investment regarding the same is not done wisely.
There are four basic things that every buyer should make sure before buying a house.
1.Location:
Choose the right location for the investment that meets your requirement. While choosing, make sure that the property is not too far from your workplace. Make sure it has proper connectivity and roads are properly built. Don’t fall into promises of builders saying that the roads and connectivity to the various parts of city will start soon. Things like hospitals, schools, super market etc should be nearby so you won’t have to go too far in case of emergencies. Don’t by the property that is too far from the main city and lack basic amenities like water, electricity, roads etc.
2.Developer background:
It is very important to know the credibility of the builder before investing in the project. Even if the builder is renowned, it is better to look at their previous projects and their current maintenance status, quality of products used, demand in the market, and check for the reviews of their previous projects online. There are so many real estate developers in the market these days; it is wise to invest in the project by the developer who is affiliated to CREDAI.
3.Type of property:
There are various types of property where a buyer can invest like residential plots, lands, apartments, independent house, villas etc, which suits the buyer’s pocket and choice. Factors like finance, security, location etc play a major role in helping buyer take the decision. Apartments and houses are safe in terms of investment as there are fewer frauds as compared to lands and plots. As the prices in metros and big cities are soaring high, buyers are left with the choice to invest in apartments. While buyer in smaller towns still invest in lands.
4.Finance:
The most important factor while buying a property is the availability of funds. Even though the banks offer high loans, it is a buyer’s responsibility to make sure his monthly EMI is not more than 40 percent of his earnings. Besides paying EMI, a buyer should have a healthy savings account. The common problem that buyer’s face is making a the decision of whether to opt for fixed interest rates or floating interest rates for the loan. It is better and advisable to choose the fixed interest rates. It is better to not go overboard with the finance and buy the property that does not adversely affect your monthly household expenses. Experts advice that a buyer should keep amount of at least 4 to 5 EMI aside and save them in case of unforeseen circumstances like loss of employment or any factor that affects the financial situation of the buyer.
There are four basic things that every buyer should make sure before buying a house.
1.Location:
Choose the right location for the investment that meets your requirement. While choosing, make sure that the property is not too far from your workplace. Make sure it has proper connectivity and roads are properly built. Don’t fall into promises of builders saying that the roads and connectivity to the various parts of city will start soon. Things like hospitals, schools, super market etc should be nearby so you won’t have to go too far in case of emergencies. Don’t by the property that is too far from the main city and lack basic amenities like water, electricity, roads etc.
2.Developer background:
It is very important to know the credibility of the builder before investing in the project. Even if the builder is renowned, it is better to look at their previous projects and their current maintenance status, quality of products used, demand in the market, and check for the reviews of their previous projects online. There are so many real estate developers in the market these days; it is wise to invest in the project by the developer who is affiliated to CREDAI.
3.Type of property:
There are various types of property where a buyer can invest like residential plots, lands, apartments, independent house, villas etc, which suits the buyer’s pocket and choice. Factors like finance, security, location etc play a major role in helping buyer take the decision. Apartments and houses are safe in terms of investment as there are fewer frauds as compared to lands and plots. As the prices in metros and big cities are soaring high, buyers are left with the choice to invest in apartments. While buyer in smaller towns still invest in lands.
4.Finance:
The most important factor while buying a property is the availability of funds. Even though the banks offer high loans, it is a buyer’s responsibility to make sure his monthly EMI is not more than 40 percent of his earnings. Besides paying EMI, a buyer should have a healthy savings account. The common problem that buyer’s face is making a the decision of whether to opt for fixed interest rates or floating interest rates for the loan. It is better and advisable to choose the fixed interest rates. It is better to not go overboard with the finance and buy the property that does not adversely affect your monthly household expenses. Experts advice that a buyer should keep amount of at least 4 to 5 EMI aside and save them in case of unforeseen circumstances like loss of employment or any factor that affects the financial situation of the buyer.
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