Plan Your Property Purchase the Right Way
Buying a house is not an easy task. One needs to do proper planning which includes location of property, the size, its amenities, quality, legal aspects etc. before taking the big leap. After all, it is his hard-earned money on the line and a choice of a lifetime. There are multiple tips to plan your home purchase in a good way.
Proper planning
Planning a property purchase starts from the inception of buying a property till mobilising funds for it and making sure the necessary formalities and legalities are covered. While planning a house purchase, make sure you follow the following tips.
1. Identify your budget and stick to it: There are several beautiful brochures from developers that can entice you in a jiffy to make a big jump in terms of budget. The salesperson too can paint a beautiful picture about the property which may compel you to spend big money on the property. However, before you spend too much money, be absolutely sure about your budget constraints. It becomes even more important, if you are going for a loan. Have different areas in your choice list as well to pick up a property within your budget.
2. Identify the various costs involved in the project: In an under-construction project, there are several costs involved such as land cost, construction cost, material cost, labour cost, annual maintenance fees, utility charges and so on. The land cost is an indicator of the future appreciation potential of the property. Also, have a buffer set aside with your budget as property prices keep appreciating in most cities and localities. Having a buffer is also important in case of under-construction properties since the project cost escalates by the time it is handed over to you.
3. Check social infrastructure: While considering a property purchase, location of the project and its proximity to office, school, bank, grocery stores and other key amenities is a critical consideration for any property buyer. Most people love to stay away from the traffic and noise. Hence, it is important to strike a delicate balance between proximity and a peaceful location. Also, know that more the social amenities near your area, higher will be the land cost.
4. Check construction quality and amenities offered: Builders usually claim a variety of amenities such as club house, swimming pool, a community hall, premium bathroom fittings and so on. Open a brochure and you will find these amenities mentioned. However, you need to check whether these amenities are provided when the project nears completion. Many times, the actually offered amenities are different from the promised ones. The quality may also be lower than the quality promised. Hence, make sure that you are provided with the amenities and quality that was promised.
5. Verify Legal Aspects: Several times, a layman is unaware of the legalities involved in the project. This is one of the most critical considerations while purchasing a property. One should do some basic research about things such as developer background and his reputation, whether the land being developed has any legal issues, whether the developer has the legal documents and development plans in place, if there is any deviation from the approved plan, whether all the necessary certificates are in place and so on. It is easy to fall prey for false promises and then end up on the wrong side of the law.
Apart from these factors, one must do some research regarding the bank loans available, future development prospects around the area, its impact on the property etc. One should also try to understand the government policies and plans that will affect the area in the future.
Buying a property can be a good or a bad experience, depending on how well you plan the purchase. Hence, make sure that you have planned every step of buying your dream house.
