Wednesday, 2 December 2015

Remember the basics of property buying

Have you evaluated your requirements? It is very important for a buyer to have a clear head in terms of his/ her requirement. Ashwini Bhardwaj, a local real estate agent in Delhi says, “Many a times, buyers look for a king-sized apartment. In some cases, the requirements are that of big garden, modular kitchen, calm locality, affordable budget, and the list goes on. It is extremely significant to ascertain their needs and then start looking for a home.” You must be clear about the size, type and the kind of apartment you are looking forward to before investing.

New or Resale: Another significant factor is to decide and know whether investing in new or resale property will be beneficial for you. Take time to analyze the worth of both new and re-sale property based on your needs and lifestyle.

Resale properties are priced less in comparison to new properties. Sometimes they are priced the same. Until and unless it is a property under construction with upcoming social infrastructure.

Amenities: Buyers should consider the livability factor of a particular locality, prior to making an investment. It’s not only the nearby schools, hospitals, malls and grocery stores that help make a decision. Rather, the amenities and facilities available within the residential housing project matters. For children and senior citizens amenities such as medical center, children play area, swimming pool, and a clubhouse, among others, should be within the residential complex so that they don’t have to venture out to play and socialise, respectively.

Location! Location! Location! = Right location: Selecting the right location is one of the most complicated aspects of property buying. Every buyer has their own set of preferences like distance to work, school, malls, bus stops, metro station, etc. It is extremely essential that the area is well-connected to other parts of the city. As a buyer, you need to identify the right location that match well with your needs.

Infrastructure: The place you are looking forward to invest in should be equipped or must be in close proximity to established schools, healthcare facilities, parks, public transport, grocery stores and others. Whether an end-user or investor, surrounding infrastructure matters, as it sets the livability factor of the locality.

Self help tips buy property developer’s credentials: Prior to making an investment, it is extremely important for you to do a proper check of the property market and the reputation of the developer. The check must include market presence of the developer, status on the past completed projects, credibility on project delivery and reviews of the past buyers. It will help you in getting an idea about the capability of the developer as well as his construction capability/quality.

Explore Options: Do not stick with one option. Go explore various types of housing options under different brand names. This will help you get a better understanding of the market to make the best property decision.

Check for project approvals: Before putting your hard-earned money in a residential housing project, it is important that you check and enquire about the builder’s credibility. Also check for project approvals. As a buyer, you have all the right to demand documents associated with approvals procured from the local authorities.

Know the hidden costs: Hidden costs are one such expenditure that may take many home buyers by surprise. These hidden costs often escalate the total cost and make it very difficult for the person to handle the expenses. It may include interior cost, maintenance deposit, parking space cost, registration cost, among others. So, it is smarter to be aware of these costs and be ready for this additional expenditure.

Legal Issues: Property transaction comes along with legalities which is sometimes very difficult to understand. Legal experts can help you with legal issue titles such as No-objection certificate, transferable title, record of right and title, stamp duty charges, tax, and many more.

Source: PropertyatNeoDevelopers.Wordpress.Com

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