Budget is the most important thing you should take into consideration before buying a property. Set a budget and make sure your finances are in order. For many, Paying EMI is not an easy option. Paying EMI empties out their pocket by the end of the month. It would be wise to ensure that the EMI does not exceed 40% of your monthly income. Make sure that you don’t overestimate your financial capabilities.
Once your finances are in order, the next important thing for you to do is research. You should work with the localities which match your requirement. Some of the criteria which one should consider while looking for a property are:
- Accessibility and connectivity
- Presence of social and physical infrastructure
- Proposed infrastructure developments
- Safety and security
It is always advisable not to invest in localities which lack basic amenities such as road, water supply and drainage system. Never get carried away with the promises of upcoming infrastructural developments and do not invest your money on those promises. Infrastructure takes time to be built and a few even fail to take off.
For guidance, you can visit IndiaProperty.com as this site provides expert analysis of localities through the micro market research reports and the locality pages.
- Check the builder’s credibility:
The real estate market is vast and the industry has both reliable and unreliable builders. Do not blindly invest your hard earned money after seeing a too good to be true offer from a small time builder. Make sure you check on the trustworthiness of the builder by visiting their previous projects. This will give you a clear idea about the credibility of the builder and then you can decide whether to invest your money or not.
For any property related transactions, title deeds play a crucial role. Check whether the seller has a strong title deed, if not, do not purchase the property. Here are some legal aspects to keep in mind while purchasing a property:
- The title deed is an important document without which you will have legal troubles in the future.
- Make sure you get the original title deed verified by an attorney before buying the property.
- Before acquiring the property, confirm that all the clearances for the property are in place.
- If you are planning to buy an under-construction property, do not forget to get the allotment letter and the development agreement from the builder.
- The allotment letter has details about the project such as the price of the property, floor plan, delivery date and liability details if there is any delay in delivering the project, whereas the development agreement has the details of the terms and conditions under which the landowner has allowed the builder to use his property.
- Make sure that the taxes related to the property are cleared before you buy the asset.
- Never hesitate to get an expert’s help if you have doubts.
This is a guest post by Amy Anstey Seelan J