Check These Parameters before Buying a Property

There are many reasons why people buy a property. Some buy a property just to live in their own house, someone has a desire to buy a dream home, some people are interested in future investment purposes, and many other reasons. Whatever the reason is, a buyer should keep in mind some important parameters before purchasing any property. People often ignore these important parameters while buying and in the future sooner or later they come across many problems which sometimes lead them to sell the property. Property is not a low-priced commodity that can easily be altered or exchanged. To buy a property, people put their hard-earned money which they may have saved for years, and take a loan which is a big obligation. So one should be very cautious and consider the parameters which we are going to discuss here. 

Developer 

When buying a property one should know the details of the developer of the property. You must check the past records, the delivered projects. It is better to visit a delivered project by the developer, so you may understand the quality of work, the design and the taste of the developer, etc. It is also to check whether the developer had delivered all the past projects in time. Try to find out professionalism, work culture, and the value of words of the developer. A reputed renowned developer and brand are better than a local non-reputed developer in regards to keeping commitments, timeframe, and professionalism.

Location and neighborhood

Location is an important parameter when buying a home. You may have a private car; however, you must check public transport available from the location. One must check how much it will take to reach major locations in the city by public transport and whether app cab service is available in the location.

You should also check the neighborhood areas. It is advised to spend some time roaming the areas nearby and check the availability of the necessary items and services for your day-to-day life. Check what are the shops, restaurants, medical stores, ATMs, and clinics available in the area.  

Community

Understanding the community and culture is also very important to know because after all, you are going to live there. It would be good to spend some time to understand people, demography, economic status, etc. It is important because, if your community mismatches while living you may go down mentally.

Paperwork 

Paperwork is to be checked thoroughly at the time of purchasing a property. One should take the information related to Home loans. Project approval from leading banks and Regulatory Authority confirms that the paperwork of the project is done properly. If banks have approved the project for loans, there is no requirement as such for searching the papers; however, one may go for the legal searching for owner satisfaction.

Quality 

What are the quality measures to consider at the time of buying a home? One should read the brochure/prospectus of the project which is provided by the developer. The specification is mentioned in detail what are the items and fixtures are used in the project. It is also mentioned at what stage the flat will be handed over. Someone may also contact the engineer of the project to understand the materials used in the construction of the project. At the time of delivery, check thoroughly whether all the fixtures are given as per the specification. A reputed developer provides well-known branded items for electrical wires and switches, sanitary fittings, and elevators.  

Timing 

Timing is to keep in mind when to buy your desired property. If it is very urgent, then no matter when you are buying, only buying is important as you are in need. But if you have some time in your hand, that would be good. But it is advised if you are serious to buy a property, takes two to three months maximum. Check out the options available in the market. You may choose any festival time to get more discounts and offers. Also to check the home loan rate at that time and if there is any offer from the bank related to home loan. 

Price and Budget

This is the most important part while purchasing your home. One should know the maximum budget and affordability. When selecting a property, keep in mind that the price of the property should be less than your maximum budget. People often do this mistake when buying. If you want to stretch a bit, that is okay, but you should also consider the other costs involved in the deal like registration and stamp duty cost, home loan processing fee, etc. When you are buying a home, you may think of doing some interior work. That also one should take into consideration. If your budgeting gets wrong, you may invite many problems in life unintentionally. 

So, keep these parameters in your mind when buying your desired home for your own use or investment or whatever the reason is. Buying a property through authorized Channel Partners of the developer would be preferred. A channel partner would advise you more effectively. 

Happy Buying!!!

Author: Arnab Ray

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