Buying a home,
especially in a metropolis for the first time, is surely a daunting task. It’s
imperative to do some background research on the suitable neighbourhoods,
select residential projects that meet your needs and requirements and most
importantly check if your pocket allows you to move ahead. Since most of us,
homebuyers, turn to home loans, there are a few things you must keep in mind
while buying a property. Below listed are some essential tips that are sure to
help you get your dream home in the most hassle-free manner.
Explore your Options
Buying a home is
a task that involves a huge investment of your hard earned money. And,
therefore, it’s best to invest it in a property that’s not just situated in a
good locality but also offers proximity to a plethora of daily needs such as utility
stores, medical facilities, schools, colleges, shopping centres and more.
Study the Property Zeroed
Though real estate builders in India are coming up with
exotic homes that speak high of intricate designs, luxurious spaces and modern
amenities, but it’s best to take a look at the property on your own rather than
blindly trusting a property agent. Go forth, explore
the premises, judge it on your requirements and only then zero upon it.
Developer’s Background Check
Home is one such
investment that must be done with utmost precision. With a plethora of con men
sitting in the market, it’s advised to safeguard yourself and your money
against such frauds. Do a thorough background check of the developer. Confirm
whether the land is in the name of the builder or not. And, in case it’s being
built by a new developer in the property market, ask for the original deed papers
of the land and get them thoroughly examined by your lawyer. It is also advised
that you must study the projects already delivered by the builder, assess the
time taken to complete the project and seek reviews from those who’ve purchased
property from that builder earlier.
Make an Estimate
Now that you
have visited a few properties, checked the background of the developers and
have an idea of the entire costing, draw an estimate of your monthly income and
expenses, and based on the remaining amount calculate your monthly EMI. It’s
the amount that you’ll have to keep aside each month for the payment of the
home loan you will take from your bank. Seek a second opinion from a
professional agent who can help you ascertain an EMI amount which you can
afford.
Bargain
Despite the fact
that rate of interest (ROI) is fixed by the financial authorities, there still
lies some scope of bargain. So, negotiate and who knows, you may end up saving
a few thousand on the entire amount.
Scrutinize the Papers
Before you pick
up that pen to sign the deed, it’s very important that you read all the
documents carefully. There are chances that the papers may miss out on a few
essential points where you may have negotiated. Don’t trust an agent blindly.
Scrutinize the paper, go through the entire content and only then sign the deed.
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