Important Tips, before you buy that house
As you decide to buy your own home, it is very important today that you must a clear idea about how you are going to execute the buying process for your home. It is true that India’s real estate market is growing at a phenomenal rate. There are a lot of opportunities towards buying, selling or even renting properties in India. However, one must work in a profound manner in order to achieve the best results towards acquiring the best real estate options for oneself and create wealth for the long term. We are presenting some of the most important tips that you must consider before you buy your dream home.
The Right Budget:
It is quite important for you to understand the budget which is exactly right for you and your household. You must understand, how much money you will have each month to meet your expenses and based on this, you can create room for your monthly EMI. As you drive towards your home deal, understanding your family’s current and necessary needs will surely guide you to make the right call at the right time.
Perfect Location:
Locations are always important for you and your family. It is always a big factor which will decide even the resale value for your house. Hence, you must take time and take a good look at the location and the locality where you are looking forward to buying your property.
Great Resale Value:
As you are making that most important decision of your file, it becomes very important to consider the impact of good resale value. It is important to consider before you plan to buy a property. A quick understanding of city scape planning can give you a great deal of confidence and also make you understand the real estate planning and how it is going to affect your property in a positive or negative manner. Is there any metro station likely to be built? Or is there any big industry which is set to have its base close to where you are purchasing your property? There are some of the questions that can deliver the answers that you are looking at.
Stamp Duty & Registration Fee:
You must have a clear understanding of stamp duty and registration fees. When planning your budget for property buying and deciding to buy a property, you should understand the rate and charges applicable in your city and location. You also need to find out the stamp duty amount applicable to your home purchase as per the market rates applicable in your city and location.
Eligibility for Loan:
One must understand that home loan eligibility depends upon the repayment capacity, income, exiting loans or debts and yes, the age of the loan applicant. In today’s tech savvy environment, leading Banks provide online services such as Home loan eligibility calculator to calculate loan eligibility of the home loan borrower. RBI has given its guidelines on how to sanction the loan and all these guidelines, govern how you get your loan. However, as home loan rates increase, the loan eligibility for a borrower becomes difficult.
Research about real estate developer:
Today, it is always advisable that you do your own research on the real estate developer that you are going to purchase from. And this is also true that today most of the builders are quite transparent in terms of answering the queries to the best of their knowledge. Hence, the more you understand or communicate to your builder, happier you will be at the end of the project. And one of the most important aspects for making an understand about the builder or real estate develop – is its reputation in the market.
Legal Advice:
Whether it is purchase or sale, construction or lease of property-Legal Advice is always advisable. S real estate is considered to be a long term investment; you must be clear about the laws that govern the location of the property. Hence, in order to make things easier on the legal turf, you must take proper legal advice.
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