YOU MUST DO WHILE BUYING A HOUSE
Buying a home is perhaps one of the most crucial decisions of one’s lifetime. Each one of us wants to ensure that no stone is left unturned when it comes to selecting the best property or the best deal while selecting the dream home for our loved ones.However, the home buying process has many aspects, and overlooking even one might not prove to be a wise choice in the long run. Find below a few guidelines that every prospective home buyer must follow before finalizing the deal:
• Tip 1: Always Make a Future Plan – Assess Your Needs
It is imperative that you assess your financial goals, current lifestyle and long-term family needs. Decide the amount of home loan required and remember you can avoid paying both rent and EMI, by opting for ready to move in flats. Else, chart out a financial plan so that you can balance the rent and pre-EMIs without straining your resources.
• Tip 2: Pay Heed to the Locality – Research about the Future Developmental Plans of the Locality
While choosing the locality, home buyers must look for the historic price trend (per square feet) of the area. This will give a fair idea about the expected gain of real estate investment. Other factors to look for include social infrastructure, closeness to nature and transport facilities.
• Tip 3: Cross-check Developer’s Credentials – Enquire About Past/Current Projects
Home buyers must watch out for the quality of construction material used in the shortlisted project. Choose a developer with credible reputation and goodwill. The developer’s commitment of executing projects as per plan and the track record of timely possession of flats are other aspects to be looked into. Opt for a renowned and experienced developer in that region having good project delivery track record. That is by far the most prudent decision, financially.
Tip 4: Review Proposed Project Layout Plans – Go through the project plans
Scrutinize the layout plans to ensure if all that has been promised is being included in the project layout. Projects with a plethora of amenities are preferred by most home buyers. Check if the amenities offered cater to the needs of all your family members.
• Tip 5: Quick Checklist before the Deed – Look For Transparent Deals
Ask your developer if the project is approved by leading home loan companies. This would aid in getting quicker loan approvals. Also, insist on receiving the Occupation Certificate or Completion Certificate from the developer after completion of the project. Before you sign the deed, peruse its clauses to avoid any unpleasant surprises later. Besides, also double-check the following details:
◦ * Your name, address and PAN
◦ * Address (specification) of the property being bought
◦ * Clause of parking (if any)