7 Important Property Tips For First Time Buyers

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.

How to make your money work for you?

How to make your money work for you?

As you start your quest towards investing your savings, there are some important rules you should follow. We are presenting some of the important guidelines which are sure to increase the value of your investment over time and make your money work for you on the long run.

Right Investment, all about Goals:

First, you have to decide on your investment goal. Decide what it is that you are trying to achieve from this investment. What is the final outcome that you want from your investments and what is the timeframe that you are looking at for your investments? You also have to think about debt – is investing the right option for you right now? These are some of the important questions that you need to ask yourself internally while making your investment call.

Risk Assessment:

While doing your investments, you need to know what type of investor you are – essentially, how much money are you willing to lose? How much volatility can you withstand? All this information will help in terms of determining your risk assessment for your investment.

How you want to invest your money:

You must understand, what mix of investments suits your investor type? Bonds, shares, property, bank deposits? Will you invest directly yourself or use managed funds? All this helps in terms of determining your investment style and hence drive better results for your investment. This surely results in your money working for you in a better manner.

Homework is Important:

Homework is always important and this will help you derive better returns on your investment. Hence for this you have to research, compare and contrast everything – or get someone to do that for you. Read the business sections of the newspaper, go online, talk to your adviser, bank manager, or accountant.

Research different companies’ investment options:

If you are going to invest directly in a company, find out which companies suit your type. Do they offer the kind of investments you are after? What are the rates of return for each investment? What is the level of risk associated with the return?

Spread your risk:

It is never advisable to invest in only single direction. Hence, you need to spread your risk around different options and different companies. Just as an example, if you are looking at high-risk investments, you can balance your risk with other investments in lower risk areas, such as bank deposits or cash and bonds. When you are looking at your money to work for you, you have to follow the above set of guidelines and prosper ahead.

Tips to Better Negotiation

Experts from the finance side always tell you to negotiate for a lower price on everything from buying an expensive car to purchasing your home. But this requires you to do two things that are kind of uncomfortable in any situation – talk about money, and try to get someone to do you a favor. But we are presenting some tips that are sure to help you make the whole thing less painful.

1. Homework always helps

Most important is the fact that having good information beforehand is one of the key principles of negotiation. How to Convince, Collaborate, & Create Your Way to Agreement says that if you have done your research and understand the reasonable value of the item in the market and understand what you are willing to pay, you will be in a much better position to support the reason you are negotiating for a better price.

Well, doing your homework isn’t just about finding out what the typical going rate is for something, although that’s just a small part of the process. It is also about knowing when you’ll walk away.

It important to note that before you negotiate on anything, you need to ask yourself how important it is for you to get it, and at what point you’ll be willing to walk away.

And the way you negotiate for something you absolutely need, that day will be different than the way you discuss something you could buy at any point in the next six months. And if you know beforehand what constitutes a good deal to you, you won’t get dampened by anything.

2. Make your thoughts clear

Clear thinking always helps in making the right decisions and people often shortchange themselves by assuming certain items are non-negotiable, or by assuming negotiation is “greedy.”

It becomes important for you to express your concern respectfully, keep your feedback as objective as possible, and you will be surprised how often people will understand your feelings and give in positively for you.

And if you’re worried about seeming greedy or getting denied, think about what you bring to the table. Also, think about why someone might want to say yes to you, not just why they would want to say no.

3. Always Aim High

You should always looking for the higher plane and anchor your thoughts accordingly – “ask” as aggressively as you possibly can, while being able to back it up with black and white.

And yes, one big mistake many people make is to assume that when someone says “no,” the matter is closed for discussion. This is true that, often the timing just was not right the first time so a second ask might do the trick for you on the positive note.

4. Always Anticipate counter-arguments

You need to look for counter arguments while you negotiate. This is one of the basics of the art of negotiation. You also need to prepare yourself to present interesting facts to pre-empt counterarguments: Once you ask and give a rationale, surface the objections you think you will hear. This will always help you to negotiate in a better manner and create wining situations for yourself.

Things You Need to Know Before Purchasing Property

Critical Tips for Purchasing Property

It is true that everybody wants to own his or her own property but it is also equally true that, one should be very careful while deciding on the property. We are highlighting some critical factors for purchasing a property. It is always considered a tough task to go for the property purchase; this can surely be made easy and simple if you follow these tips.

These are some of the most important tips that will always assist you before purchasing your dream property.

Location Always Matters

It is always about the right neighborhood and the right location. It is important to note that living in the right neighborhood makes life a lot comfortable and hence experts say that you need to give a prior thought before deciding upon the location to purchase your property.

Also, you must check out whether the property is easily accessible, proper road, metro etc, facilities such as hospitals, schools, market, shopping outlets, eateries, and entertainment corners exist or not.

Basic Amenities

While buying your own property, you must check on basic facilities of water, power and sewage before finalizing your dream home. Shortage of any of any of these throughout the year or in particular seasons should be noted down so that you are well aware of the ground realities of your property.

Quality of Construction

This is very important. Quality of construction being used to build your property is something that you will have to live with, for the rest of your life so you need to examine it beforehand. You always need to take into account the construction quality of the house you want to purchase as this will help you understand the kind of maintenance it will be needing in the coming years to come.

Reputation of Builder

This also is an important aspect for buying a property and should not be overlooked. A little probe into the history of the builder will give you valuable information on his track record and the kind of projects that the builder has completed.

Resale Value of Property

You must evaluate the resale worth of the property you are going to purchase. You can also inquire about the supposed rent the property can deliver to you.

Stamp Duty

Buy a property for more than rupees one crore and you’re likely to have to pay big percentage of its price to the taxman. You must find out the exact stamp duty amount beforehand, so that you are better prepared.

Loan Facility

The most important thing after you make-up your mind to own a house is arranging the money and usually you will be required to facilitate a loan from a bank. Various loan schemes are available in the market from different banks. You should always compare the offering and look for the hidden charges etc before finalizing on to such long term investment plans.