The Indian Real Estate sector is scaling to new heights with a variety of options being offered to buyers. Besides the emotional parameter, investing in a house is also looked upon as a long term investment. Owing a house where we can live on our own terms gives us a sense of freedom. However, it’s important to keep some things in mind before taking the biggest investment decision of your life.
- Plan your budget and secure a Home Loan
You should stick to a particular budget while buying a house, as over investing can put you in major cash crisis in future. Taking a home loan, could be the ideal under such a situation. Conduct a detailed study about home loans extended by different banks, their policies and documentation required, rate of interest and the maximum amount that the bank is eligible to provide, while taking up a home loan. A detailed study will help you to kick start your plan.
- Registration and Legal aspects
The property must be registered with the title deed and other details in the sub registrar’s office. Prior to making any deal, a thorough study of legal documents is a big must. Scrutinize the papers well to check if the property is in any legal dispute which the seller or owner might not have disclosed. You can also opt for legal assistance from legal adviser’s utility departments and tax departments.
- Well connected area:
The locality where you plan to buy your house should be well connected to major destination points like airport, railway station and highway which are the most desirable factor in view of Indian Real Estate. Buying a house in deserted areas may give you cost benefits but is not a sensible investment option as it does not allure any buyer or tenants if you have plans to resell or rent out your house in the long term.
- Proximity to amenities
While purchasing a house, it is essential that you should consider one that is in close proximity to basic amenities like schools, colleges, shopping complex, hospitals, etc. These basic amenities save a lot of commuting time and make your life much easier.
- Civic amenities and other factors
The water supply and sewage disposal problems are a growing concern among new developments. So, before short listing any area, check for the regular water supply and proper sanitation conditions. Various other factors like traffic concern, the developments being made nearby, security, and proximity to the work place should also be considered.
- Beware of builders
Indian Real Estate is touching new heights at present with a lot of potential buyers all ready to invest. The builders and agents leave no stone unturned to entice them by creating a perfect sales pitch. Consider following points:
# Give attention to the size of the flat, as the average apartment size is coming down in metros.
# Instead of looking for freebies asks for cash discounts.
# Don’t paying the booking amount in cash as some developers don’t issue a receipt till you pay the full booking amount.
Every one of us wants to have our own house especially today when the Indian Real Estate business is doing exceptionally well. Be alert and keep the above mentioned points in mind to have a pleasant purchasing experience of the biggest investment of your lives!