Buying a house is a career milestone for many.With a decision this significant, it becomes important that we take care of certain things and check some boxes before finalising the property.
So, we have compiled for you some pointers that will help you make an informed decision before buying a property.
i. While dealing with real estate agents, one gets to hear different property-related terms such as carpet area, built-up area, and super-built up area. Here, the carpet area of the property is the actual usable area that doesn’t include the space occupied by external walls. So, make sure that you know how much area you will be getting to use before buying the property. Built-up area includes the external walls. Super-built up area consists of common areas such as parking, lift, lobby etc.
ii. Besides scanning the property from the inside, one must also check the connectivity of the area where the property is located and the facilities in its vicinity. Metro station, railway station, hospitals, schools, and eateries are some of the public amenities you should look for.
iii. Before you plan to move to a new house, try analysing the occupants who are living there and if you will be comfortable sharing some of the common facilities with them. It is advised that one should live with like-minded people to avoid conflicts in the future.
iv. Before shelling out your money for the land/property, hire a legal expert and assess all the documents. The property papers are often complex for people who aren’t familiar with real estate terms like land deed and land use. So examine the documents with help from an expert and then make the decision.
v. While the dealer will always try to lure you into buying the property by promising all kinds of facilities, you must get a clearer picture by talking to the residents. Approach some people residing there and check if the water supply is proper, gym is functional, swimming pool is cleaned on time and the electricity supply is not disrupted frequently.
vi. Look for any small neighbouring building or bungalow that can be likely converted into a taller building in the future. These structures often end up blocking the view of your property and affect its value too.
vii. Ensure that cost of running the property fits well in your budget. Estimate the maintenance charges, commuting charges, and property tax other areas where you will be spending money after you move to the new property.
viii. Explore the home loan options thoroughly before finalising a house. Look for the cheapest home loan available by scanning the schemes of different loan providers and check their rates. Also, decide what ownership will suit you such as woman co-ownership or senior citizen.
ix. Always discuss the payment aspect with the dealer prior to sealing the deal to avoid any conflict. Dealers tend to demand huge cash amount that is difficult to arrange for many.
x. After getting the quote from the dealer, try to find out the average range of prices in the neighbourhood buildings. Assess the nearby properties and know their construction quality, and the area and facilities they offer.
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