Buying Property Made Easier

Buying a home is not a spur of moment decision but a decision taken after much thought, contemplation and research. If you are confused about which property would suit you better: a land with a house of your specifications, or a ready to move in flat or a flat under construction, then contact our agents on +91 0522 4026175. We will help you make the right decision.

 Here’s an expert analysis for those stuck in this jinx:

Ready to move-in flats: Ready to move-in flats are ideal for home buyers who are making their first property investment. This will save them from spending on rentals. The risk factor involved in this category in terms of delays and hassles during construction, is nullified, as the home buyer is getting a ready accommodation. The disadvantage of ready to move-in flats are their prices. They are pitched at higher prices in comparison to the construction and time plans. 

Flats under construction: Developers offer different plans to home buyers depending on the home buyers’ affordability and need. The return on investment in these projects is high as they are much affordable compared to the ready to move-in ones. This is ideal for home buyers planning to purchase their second home. The major disadvantage of projects under construction is delays, price escalations, variance from the planned layout, etc. Home buyers opting for these plans for their first home, will have to shell out money not just for their new home which is under construction, but also for their rental accommodation.

A property with land: These properties are relatively expensive as the cost of land is included in the deal. They are also hard to maintain as it is solely your responsibility to maintain it while in apartments you are responsible for the interior of your apartment only. If you are planning to take a loan to invest in real estate, then keep in mind that you won’t get a loan for the land. So be ready to arrange that money on your own.

The points one should keep in mind, when he is planning to invest in real estate are:

1)      Your budget: You might be thinking to take out a home loan but keep in mind that you will have to pay monthly instalments. So calculate your monthly expenses, deduct them from your monthly salary, then decide what part of the remaining salary you can pay regularly as instalments then decide on the property.

2)      The interest rate varies from Bank to Banks and are competitive thus you have more choices. You should also check other fees such as processing fee, documentation fee, and any prepayment penalty associated with the home loan. At the same time do research on the best option that banks offer. You should also get the maximum tax benefit from your home loan. Find out if you can make your spouse co-applicant and avail the tax benefits. You will simply double the tax benefits if there are two co-applicants.

3)      Builder’s track record: Check the name of the builder and do your research on how the builder has delivered in the past. Talk to people who are living in homes built by the same builder. There are sites such as India Property Review indian property review. This site has rating of building and housing societies. They also publish research reports on housing societies. The property should be such that if you want to resell it you can do so without any hassle. Buying from a reputed builder becomes important here.

4)      Legal papers and Documentation: You should get a lawyer who can search the associated documents before you buy the home. You should get everything in writing from the builder. The sale deed should be duly signed by both the buyer and the seller. You should also ensure that lay out plan, building plan, number of floors, and ownership documents are in order. Take legal help from a lawyer if you do not understand any document. Also, make sure to get the encumbrance certificates from the sub-registrar. It tells you the record of last 30 years. You should get this from municipality and from the owner too as he or she will have the receipt of the taxes paid. Also the NOC certificate from water and electricity boards has to be obtained.

5)      Location: The most important part of a real estate is location especially if you are planning  to resell it soon and pocket the profit. The most important aspect of the right location is future prospect of big construction such as mall, IT Park, company, SEZ, airport, railway lines, or any other commercial space. Apart from this, following points also need to be kept under consideration:

a)      Availability of civic amenities such as power, water, roads

b)      General environment

c)       Closeness to main road, markets etc.

d)      Possibility of renting out your home

For any other query or advice or help, contact us immediately on +91 0522 4026175