In recent times, the real estate market has evolved a lot and there is a new phase and a beautiful mix of sophistication, comfort and profitability. But then, buying any property be it a home, a commercial property or a property for investment consumes a lot of time and involves a detailed process. It is also important to understand certain specifications of the property purchase. In India, the purchase of property is totally dependent on certain laws and taxes and also involves certain processes, identifying a property, home loans and much more.
Here we list down a few things that you should keep in mind before you buy any property
It is quite important to start your search for any property based on the goal you have, whether the purchase is for an investment or you would like to live there. If you have decided to invest in a property, you need to be flexible and can invest in any of the upcoming areas in your city or state. In recent times, there are lot of new satellite towns and townships that have come up. Buying properties in places that are of low prices have seen investors enjoy tremendous returns. But if you want to live in an area, you should consider the location where the property is. It should be near to where you work, should have schools and colleges nearby for your children, and the presence of hospitals, malls and good physical and social infrastructure too matters.
It becomes really important for you to choose properties based on what you want to derive out of them. Whatever you choose, it should be quite important in budgetary concerns. Properties that are located in business districts of the state you live in are quite expensive and also command a good value and potential for returns. But upcoming industrial areas are also promoting real estate with new satellite townships, industrial clusters and communities and all these places also attract big investments.
Before you proceed for buying a property it is always good to check on the reputation of the Builder. You can easily find reviews online and read the feedback provided by the home buyers who would have already purchased properties from the builder. There would also be reviews about the builder’s previous projects easily available online. It is also important to check the future projects and also the rate of capital appreciation. Most importantly, you need to check whether the builder completes all the formalities within the time frame given.
Before buying a property it is very important that you do a little investigation of the property. You need to check the title of the property and see if all the papers are in place. It is always better to make your own investigation into the legality of the property. The builders may have several tie ups including that with banks and it is better to go through the examination. Other clarifications such as road widening widths, setbacks, the legality of the land etc., should also be checked.