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For a majority of the population, owning a property is one of their biggest dreams. And while one becomes capable enough to fulfill this goal, one should need to take every step forward very thoughtfully. So in here, we have made a list of some property buying tips which we believe undoubtedly assist you in selecting the right property.
1. APPROVAL AND LICENCES:
When you have decided which property you are going to buy, study all the paperwork which is in association with the property, which includes (commencement certificate for work, environmental clearance and approved building plans).
One should also check this mentioned list of documents for surety.
(a). Title Deed
(b). Release Certificate
(c). Check Encumbrance Certificate
(d). Verify land use
(e). Approvals by Local Body
(F). Property Tax Receipts
2. WHICH BANKS FINANCING THE PROJECT?
Banks always goes with the trusted developers, who are having an excellent execution record. There are numerous developers present in the market who are having thousands of property which is unsold, and due to this, they are not able to complete their respective projects. And because of this scenario reputed banks are not funding them. So, if you find some reputable banks are in association with the developers, you can give the go-ahead to the property.
3. Always do a detail evaluation of the locality
Before zeroing any property always check out the next immediate property available in that local area. Speak to as many locals and real estate agents you can. These things help in assessing the right value of the property and also benefits in discovering any hidden issue in the property or locality which are otherwise not possible. Make sure you check the property thoroughly and have consulted professionals whom you can trust.
4. Always get a fair idea of the age and health of the property
If in initials months you need to put money in-house repairing it might dent your cash collection quite colossally. That’s why it is always preferable to employ the services of a property health inspector who can able to inspect the property entirely. And able to give a fair idea about the amount of money which is going to be required for any future house repairs.
5. Register property in the name of wife/mother get discount on registration
In some states of India, you need to pay less stamp duty if the property is registered on a woman’s name. Some of the states which give these discounts are Delhi, Odisha, Haryana, Uttar Pradesh and Punjab. In fact, a few reputed banks also offer low-interest rate when a property is own by a female.
6. Try to minimise the distance between work & home location
When you start living near your workplace, you not only save on travel expenses but also gives you excess time to spend with family or to invest in more productive activities.
7. Always target a property which is in your financial capacity:
Property investment is reasonably a long-term affair. So before investing on the same one should always check his current financial liabilities and how much money is left after fulfilling those financial needs, it is still recommended one should not get a home loan more than 2 or 3 times of its annual income.
8. Always opt for best interest rate and bank processing fee.
One who is planning to get a home loan should invest his/her time adequately in researching all the options available in the market. Do not fall into the trap of lucrative interest rates, but also evaluate the processing fee charges or any other hidden charges.
9. Always estimate the cost completely:
People when they plan to own a house of their own, they just calculate their current expenses which they are shedding over the rent. But that’s not the only expenses which you need to bear when you own a house, for instance, you need to pay a considerable amount in the form of down payment. Then there is a various property associated taxes comes into the picture as well as you need to pay for maintenance of the property and moreover the local authority maintenance charges as well.
10. Always purchase a property which you can sell quickly.
If you are just buying a property for investment purpose only, always prefer a small property, because the number of people who desire that property is perpetually going to be higher than any other costly property. So there is always a chance of better returns on small properties.
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