Quick Guide: Tips to consider before buying a home

Buying a house requires a lot of time, effort and money, but these simple investment tips can help make the home buying process manageable and help you make the best decision possible.

buying a home

Img : irishtimes

Start with a proper research

The first step starts with a lot of homework as well as research. These days there are nth number of projects coming up in the real estate market; it can sometimes become confusing to choose the right one. A buyer must consider the history of the developer, construction quality, and possession date that also helps in determining the returns you get on your investment. Failing to do a proper research could let you regret later.

Identify location

Location plays an important factor before buying a home. Always opt for a location that offers security, safety and is in the vicinity to parks, recreational centers, educational institutes, and hospitals.

Important Documents

After taking into consideration the above factors, a home buyer must give a check to all the important papers and certification which a project requires these days. With the implementation of RERA, these days a developer has to get different types of certificates like occupancy, encumbrance, registration etc. in order to have a proper approval of their project before presenting it to the buyer.

A buyer can get all these information on the RERA portal:

  • Approved Layout Plan

  • Building plan sanctioned by statutory authority

  • Title documents and Title Report

  • Approvals including permission to commence construction i.e. Commencement Certificate

  • Detailed cost estimate/valuation report from chartered engineer/architect (if applicable)

  • Building Layout, configurations and details of units including details of the unit sold

  • Litigations, if any

So, it’s important that a buyer must give a check to all the necessary papers and certifications beforehand and get it to authenticate by legal experts so that the property must not fall into any controversy in later stages. Purchasing a property without clear titles can even nullify the investment.

One to one with locals

It’s important that a buyer must talk to the locals living nearby so as to get an idea and perspective of various issues related to the property. It also helps in getting a clear picture of other important things like property rates and trend, infrastructural developments, security, and safety issues if any, etc.

Price of the Property

Keep a check on the circle rate of the location where you are looking for the property so that a builder cannot cheat on the prices they offer. Knowing this can also help you track local trends so that you cannot fall prey to property dealers. Researching property rates could help you generalize the returns you could expect in the future.

Extra Charges

While buying a property it’s not only base price you have to pay, apart from it, there are several other costs which a buyer has to pay like fit-out costs, interior costs, maintenance costs, property insurance if any, mortgage payments in case of loan availed. So keep a check on all these additional charges beforehand.

Negotiation

Negotiating the price of the property plays a key role before finalizing any deal. It can help you save a lot of money and get additional offers like cut in parking spaces, GST cut, free furnishings etc.

Financial eligibility

Once you zero in on a property, now it’s time to assess all the finances and money you have to put in for the investment. Whether you want to buy a property through a home loan or by paying the full payment at once, it’s important to have proper calculations of the finances so that you must not face any problem in future. While it is easy to get loans from banks, calculating the interest and EMI plan is also crucial. These days several banks offer many attractive schemes in order to safeguard the rights of investors as well as to save them during bankruptcy.

Post Possession essentials

Just entering into your dream home does not end the home buying process. One also needs to be careful post possession too. Make sure that all your documents are stored well along with adequate photocopies. Also, it’s important all the relevant paperwork/official documents must be updated with the new details every time.