Five Imperatives before buying a property
Owning a property or a home for oneself is perhaps a dream that everyone has. But just dreaming will not earn you much. Once you have settled down on buying a property for yourself you need to be more in touch with reality to get your dreams fulfilled without any hassle. The five commandments that will earn you a super dependable property are:
- Check the authenticity of the developer/builder
Once you have selected the house that you are going to buy for yourself, it is an absolute imperative that you need to check back on the credibility of the builder who is developing the property. Check on the feedback about the builders from the market. In this regard the blogs and discussion forums can be very beneficial. It is important to clarify the clauses and the facilities that the builder states in his sales deed. According to surveys, there are increasing number of cases registered by home owners, where they complain of being cheated by builders in some way or the other. It is a usual trend with many builders that they defer the completion date, so read the clauses carefully.
- Check whether the rates are competitive
It is always good to scan across a dozen of properties from various builders before you actually zero down on one. That way you can have a hang of the market and about the prevailing price range in the market. Check out what additional facilities the developer has to offer apart from the normal flat. There are many builders who even offer myriad accessories like modular kitchen and air conditioners.
- Look out for the best financer
There are ample banks and other financial institutions that offer home loans at a reasonable rate. Once you have decided on the budget and the property, you need to conduct a quick research on such bodies that offer you flexible payment windows and competitive rates. Apart from that you should also check whether the financer is prompt and careful to handle all disbursements, since the payment cycles have a direct impact on your CIBIL ratings.
- Organize your budget
This is probably the very first stone that you need to lay down when considering a buy. Your desired budget would determine the location, the space and other tenets before you actually zero down on a house. Always remember, apart from the cost of the house there a number of ancillary things that you would be required to pay for, like registration fees, brokerage fees (if applicable), other legal fees, to name some.
- Judge your need
It is extremely important that instead of flowing with the tide, you need to think independently before you buy a property. Determine the reason for buying your apartment. In case it is an imperative, when buying a property will ensure a home, there is a reason for hurry. However, if your desire to buy a property is just for parking your surplus income, always remember to invest in nascent projects and before that you need to study the market. Get a property booked when there is a lull in the market. That way you are sure to strike the best deal.
Ankita Aggrawal is a business architect in real estate industry. She has 5 years of experience and she has got knowledge about various real estate projects including commercial properties,Residential properties,bunglows, Villa near Bangalore Airport