8 Thing to remember before buying new house.
Investing in buying new house or flat is one of the most important decision of your life and thought of having one has always been dreamed since very young age . Year of saving and hard earn money cannot be let go when you are taking final decision .Hence , you are required to keep all the valid and important points in mind before you make the final choice .There are some parameter that you need to look in to it , while making purchase decision .
1 . Property Price:
It is mostly recommended to define a fix budget range because it makes easier to shortlist a house when you know how much you want to invest in buying property .comparing price of the property from one surrounding it from various builders gives you an idea that the price which has been offered to you by builder is authentic . you can do this by checking it through various online portal , local real estate agents and quotation from similar property builders and developers.
2. VERIFY THE BUILDER:
The piece of land in question may be under lawsuit. Hence, it is advised that you do an in depth verification of the builder. You could verify its past or current projects or even post queries on the various online real estate forums.
The piece of land in question may be under litigation. Hence, it is recommended that you properly verify the builder and cross check his past and current project. Now government imitative such as RERA registration, you can check it through government portal about builder & its projects.
3 .BUY VS RENT:
Lot of people buy a property thinking they will use rent to pay EMIs. Industry Experts say it is a wrong approach. Surabhi says, "Do not over-leverage in hope that rental income will pay for the EMI. The rental received on residential properties is generally only 2-3 per cent." However, the property may remain unoccupied for months before you can find anoccupant.
4 .Financing Banks:
You should be familiar of the banks that are willing or not willing to finance certain builders. Owing to a bad reputation with financial organization, some banks do not provide loans to certain builders. So, it becomes really very important that you must check with the banks that are filling to fund the property you are planning to invest on.
5.THE RIGHT PLAN:
There are various payment options for buyers available in the market such as down-payment plan, flexi-payment plan, construction-linked plan and possession-linked plan. Industry Experts say one must choose carefully and understand the payment term norms, as generally there is a cost for every ease.
6.CHECK THE INFRASTRUCTURE PLANS:
Metro connectivity to major other places or any other big infrastructure development in future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industry or adjacent to any major government project.
7 CHECK THE SITE:
The layout in the brochure is marketing and promotional toolkit and you could find there major differences from the reality. So, it is advice to do a thorough site visit before booking the property. Interact with people in the neighborhood as they may know about any illegal occupation or other legal disputes related to the property. Also if possible please check with local authority of that locality toward any legal complication which it may face later.
8 Hidden and Additional Charges:
Ensure that all the clauses of the documents are read in detail and penalty clauses be understood. The builder is legally obligated to pay you a monthly penalty in a scenario where you do not receive the flat’s/ house possession within the grace period. Additional legal expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind and you must communicate about it with builder prior to signing any contract or paying a booking about to him .