Tips for Property Buyers
Buying properties in India for the first time is quite challenging as there are various factors which needs to be considered by the buyer. At times the buyers are confounded to go for the first home which they see or opt for the one which they think is reasonable and is within their budget. The search does not end here. The property buyer needs to look into and do a mere research on the procedures on how to look for the apt property. Here are a few steps which will come in handy;
Search parameters: The maximum number of property buyers search for the relevant property online. Other mediums like a newspaper, magazine or newsletters also have property ads in them. It is an easy process for the property buyers to search with just one click and they have an array of options. Also one gets to see the aerial shots and pictures of the interiors. This will perhaps give the buyer an idea on what he actually is looking for and the things to be considered. This is one of the best ways to do your homework even before approaching real estate agent.
Considerations: The prior thing a buyer should do is to consider on what he is actually looking for. Like the type of area, neighbourhood and the facilities. Most of the buyers wish to acquire ownership in order to settle down for a long term plan or just convert the rent into a mortgage payment. In the course of considerations, the buyer should ask himself the following questions;
The type of home you want: Since the real estate world has an array of options when it comes to buying a property, the buyer should consider the options between a traditional single family houses, a flat, an apartment in India, multifamily building and so on. Every dwelling has its advantages and dis advantages based on aspects like the ownership goals and the kind of property. A buyer can also save his capital by opting for a fixer-upper policy.
The specific features which you’re looking for: You have to wisely think about the various aspects before buying a property as it is a long term plan. Prioritize the things and specifications which you would like to have in your new home like the type of neighbourhood, the room layouts, the directions and the facilities available.
The amount of mortgage you will be paying: Before you start the procedures of buying a property, you need to plan a rough sketch on how much the lender is actually willing to lend and the amount of mortgage you will be liable to pay. Also consider your other debts and your income supply and if you’re financially and officially strong.
Affordability: In many cases the lender or the bank gives you more than what you require. You need to accordingly plan the expenses based on your monthly payment, the total house cost, the down payment, the property tax, insurance cost, closing costs and the maintenance costs. Considering all these factors will make it easier for you to plan in a better way.
Seek the help: Seeking the help of a real estate agent will reduce half your job. A real estate agent will get you the apt property with your specific desired wishes. Also various other factors like your budget, negotiation, offer process, completion of paperwork, acquiring a loan and avoiding any pitfalls as far as you get hold of a good real estate agent.
Once you have followed the above steps, you will have to explore the aspects of the home buying process. This part of property buying is quite exasperating as there are offers and hassles to come your way. You need to be prepared for it and not lose patience. Things to be considered at this time are;
Get hold of the property: Go through all the available options of all the properties and choose the apt one. You can make this process easier by seeking the help of a real estate agent, internet, going by yourself in your neighbourhood and so on. Also a word of mouth among your friends and family members will help you seek a proper home.
Think about your investments and the secure financing process: when a buyer is buying a property, the bank and other lenders give them various options to go through the entire process. There are various policies and agreements implied to the first time home buyer in every state. Also keep in mind the mortgage rates which you will be paying.
Making an offer: You can make the best offer by seeking the help of your real estate agent. He will decide on how much money you should offer along with the specifications you require. Once you have decided on the total expenses, he will present your conditions and investments to the concerned person. The seller then will either accept the deal or issue an counter offer. You can then accept it or negotiate and come to a conclusion.
Home inspection: It is very important that you obtain a home inspection for your home even if your home seems flawless. Seek the help of a trained substitute to inspect your property for quality, safety and the overall condition. Once the inspection is complete and if you witness any serious problems which you were not informed by the seller, you can retract the offer and get back your deposits. If not you can negotiate with the seller to mend the repairs of the damaged property and continue with the deal.
Reject the offer or accept: Based on the previous negotiations, if you have got what you were looking for without any serious problems, you can close the deal by signing the paperwork. The various things which you will be dealing with while closing the deal are; home appraised process, performing a title search and signing a title deed to make sure that no other person owns the property, acquiring private mortgage insurance if your down payment is less than 20% and lastly completing the mortgage paperwork.
Also read;
Buying a Resale or Pre-Owned Property
