Things You Should Know Before Buying A Home

BhoomiBazaar By BhoomiBazaar, 23rd Feb 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/3swa9b-r/
Posted in Wikinut>Guides>Property & Real Estate>Buying A Home

Buying an Property is a significant milestone in our lives and is also a major financial and emotional decision.You want to get it Right.Whether you want to move out of your parents’ home for the first time, own a home after renting for years or buy a place with a spouse or partner, purchasing your first property is a big step. It takes a lot of preparation when you’re in this stage of your life, and a little luck never hurts.

Things You Should Know Before Buying A Home

Buying an Property is a significant milestone in our lives and is also a major financial and emotional decision.You want to get it Right.Whether you want to move out of your parents’ home for the first time, own a home after renting for years or buy a place with a spouse or partner, purchasing your first property is a big step. It takes a lot of preparation when you’re in this stage of your life, and a little luck never hurts.



it is very important to be extremely cautious throughout the property buying process, especially in the case of first time home buyers. Here is an essential checklist for buying property in India. Be sure to consider these points when transacting in real estate.



1. Goodwill of the Builder : Before you buy a Property, its important to have a look at the builder profile and his overall history. How many projects he has already delivered, How much delay was there, Go to te website of builder company and check old projects and ongoing projects. Search on internet with the previous project name and you should be able to find some important information about it. See what people are talking about the builder and property.



2. Find out the current market rate : One should be aware of the market situation at the time of purchase. Find out what different people are quoting and include both owners and brokers in your list.



3. Make your own Budget : It is very apparent that each property dealer will have his own set of rates and one needs to bargain and bring him down to some nominal rates, However, you will have to first find out what your own pay capacity is. For this, make your own budget and draw up a detailed plan of your own liquidity outlook. This will help you determine if you could do a down payment and pick up something that is ready to move in or if a construction linked plan is something that will suit you better.



4. Get the best rate : Negotiate, negotiate and negotiate. After all, it is your hard earned money. every broker will try to give you the best deal, but you have to be clever enough to figure out who is actually giving you the best deal.” You’ll be surprised how much you can save by negotiating on the finer aspects.



5. Connectivity to your Work Place : An important parameter to look at before buying a property is the distance between your workplace and the property. Its something you have to deal with everyday. A property which is 3 km away from your workplace is very different from the property which is 12 km from your workplace. Long Distance might mean inflated fuel cost, time lost in travelling and getting frustrated and burning out each and every day for many years to come.



6. Connectivity to Schools, Hospitals, Transport, Markets etc : You should check how far are schools, colleges, hospitals, markets , shopping places and bus/train stations from the property. It should not happen that to save the money on property, but then spent on travelling your kids every day to school. The access to other important places is also very important.



7. Resale Potential in Future : When we buy a property, we are attached to it thinking that we are going to live there for next few decades, but no one known when you would be packing your bags again to move to some different location because of various reasons. At that time, if you realize that the property was suitable for you, but not to someone else, its going to be very bad situation. So you also have to think about the “resale” potential of property you buy. Will the property appeal to someone else ? Think about it again. For example, you might be looking at the property which has common parking, but what about future at the time of selling , every one you talk to wants a dedicated covered parking ?Also, Most of the people who are buying under-construction properties are very far from core city. So its an important point to check about the future development around the area. Find out whats the future development plan for Roads ,Flyover, proposed malls, and other things which might come up in next 4-6 yrs. If the place is not yet properly connected to main city, there might be future plans for it.



8. Rental Potential : A lot of times, people give their property on rent and move to some other location. At that time, if you realise that the property is not that attractive from rental point of view, you will regret your decision. I am not saying this is going to be a deciding factor in your decision, but still just keep it in mind and have a look at property from this view point only. If property is near colleges or centrally located, or close to commercial places, you will never find issues finding people to rent your property.



9. Air & Lighting : Air and Lighting is something which will determine your living experience on daily basis. The flat you live in should have good enough lighting (natural light) and proper air. Also you should check how the air flows from various angles. In my current flat, the way wind flows is amazing. So when you look at property, check if some other buildings are blocking the air and lighting or not. Which side the terrace or balcony faces and the view outside.



10. Amenities Offered : You should also check what kind of amenities are offered along with property. Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. Now you might be a simple person who wants minimal things, but if you want to make sure the property has very good resale potential, you might want to look at these things. After all, all these things will matter to you or people connected to you and if not anyone, may be the next buyer from you will look at all this.



11. Construction Quality : When you go to look at properties, check the construction quality. What we mean by it is check the walls, their overall look and feel, how is the finishing done, Does it look premium or the paints look like as if it will come out very soon. Check the wiring, fitting, tiles quality etc etc.



12. Road Conditions Around Property : I saw one property which was a little inside the main road. The road was not straight , but was in zigzag fashion and was not that wide. It was a inside road and not the main road, so there was no future potential of getting better road. Travelling each day with same road will frustrate you in long run, but might not be on daily basis. Also its not that safe in night. So when you look at any property, check the overall roads conditions atleast upto 500 meters from the project.



13. Locality and Kind of people living around : You should also check the overall locality and who all are living around. Are you comfortable there, will your family be ok ? Will it be safe in night ? will you wife/mother be able to go on a walk for an hour in-case they wish to ?



14. Keep an eye for hidden costs : Keep your eyes open for any hidden costs mentioned in the documents while signing the contract. Legally, the total actual cost of the house should be calculated by including the stamp duty as well as the registration charges.



15. Check on the property : Make sure that the agreement of sale is drafted as per the state’s Municipal Corporation.The property should have a title certificate, Municipal Corporation approvals and a No Objection Certificate given by the MCD or any other authority.
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Before Buying A Home, Property, Real Estate

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author avatar Kingwell
25th Feb 2015 (#)

Great information here. Welcome to Wikinut and looking for more of your posts. Blessings.

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author avatar Sivaramakrishnan A
27th Feb 2015 (#)

The decision to buy a home is to be thought out carefully as we lose the mobility to search for jobs away from our home. And renting out our property comes with its own issues - siva

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