Thinking of buying a new house? Well, considering this is one of the most expensive purchases that you will make, its important that you do a bit of research before you go ahead with investing in a property. It can be quite a daunting experience if you don’t know how to go about it and you would need all the help possible to ensure that it a seamless transaction.
Here are a few dos and don’ts that you must keep in mind before you purchase the house that you’ve always wanted. For those buying their first home, this informative article may end up being your best resource that will help you steer through the process of investing in a new house! You may also want to connect with a real estate consultant to guide you with your purchase.
Planning to buy a house is probably one of the biggest decisions you may have taken. It is therefore very important that you buy the right property. The crucial point according to any real estate consultant or property consultant is the location of the property in question. In fact, the three most vital things that real estate firms focus on while factoring in on realty is the triple mantra – “location, location, and location”. To enhance the value of the asset real estate consultants always insist on some important factors such as a family friendly neighbourhood, sound social infrastructure and good transport facilities.
Before you make any investment in your dream property make sure you check your builder’s credentials. Do not get lured by fancy advertisements and promotional material that he shares with you. What you see may not always be what you get. Use the services of a realtors to check the builder’s past projects and find out if he has done a good job in executing the projects.
Reviewing the layout plans of the property is important as it would help you assess your property needs. It would allow you to visualise how the furniture and equipment would fit in the available space before you make the final move. You would have control over the floor plan of your property, and you can suggest any modifications you might need. Scrutinizing the project layout plans would also give you a bird eye’s view of the entire project and give you clarity if the amenities promised in the brochure are in the final plan. You can connect with real estate consultants who would act as a mediator between you and the builder.
Lots of Real Estate experts advise that you thoroughly research the property before investing in it. This would include all necessary details such as the background of the builder, checklist of documents, checking if the property is not tangled in any kind of legal dispute and more. Also make sure the builder gives you the Completion Certificate or Occupation certificate once the project is competed. Ensure that you run a fine-tooth comb through the clauses of the Sale Deed before signing it. In the alternative get a real estate consultant review the document. Real estate consultancy services help ensure that any dealings that you do with the builder are transparent.
It’s important that you take a careful look at your finances and ensure that they are in order before taking on the responsibility of buying a property. When you apply for a loan, banks would want to assess if you will be able to pay them back. All your financial transactions, investments and banking activities will be minutely scrutinized. Your eligibility for a home loan would depend on your age, existing loans, and most importantly your repayment capacity. Reach out to realtors to assist you with shortlisting banks which provide hassle-free services.
Also check the stamp duty and registration fee that is applicable to your property basis the market value. In addition, there would be other charges involved as payment to your lawyers, home surveyor fees, parking charges etc.
Property Insurance also should be considered as it will safeguard your future if any damages occur to your house or property.
Investing in real estate consultancy services firm is not necessary, but it will save you a lot of mental anguish in the long run. It is important that you understand the process of buying a house beforehand. The more you educate yourself on the process the less stressful it will be for you and in no-time you will be the proud owner of the house you’ve always wanted to buy.