Investing on a new property is one of the crucial decisions of your life. Years of saving and years of planning cannot be let go at the right moment when you make the final decision. Hence, you are required to keep all possible points in mind before you make a selection. As buying a property might also involve taking a good amount of loan, followed by monthly instalments, so you need to be careful. When buying a property, everyone has their own priorities. The buying process is complex and takes time. Having written priorities is a helpful way to guide you through the process without forgetting that are important. Your realtor will also want to understand your prioritized list. Understanding which features mean the most will help eliminate houses that won’t work for you and compare the homes that will. In this article, we’ll discuss about things to consider when buying a new property. If you haven’t already thought seriously about these factors, now is your chance.

9 Important Things to Remember Before Buying property

  1. Property Price:

    The first step in selecting a house/flat or any other property is to fix a budget. It makes it easier to shortlist a property if you know how much you are willing to spend on it. Compare the price of the property in question with the ones surrounding it from various builders to get an idea if the builder has offered you a genuine quotation. Portal listings, brokers of the area or newspaper listings are sources for getting your dream property.

  1. Carpet Area

    Usually, a property’s area or the super built-up area that is listed is the entire area including shafts, elevator space, stairs, thickness of walls and others. However, carpet area is the actual area within the walls of the flat.

  1. Land Record

    The land on which your property is built is very crucial. You must research about the soil quality and topography of the land on which the house is constructed. The plot should also be clear of all dues and be registered.

  1. Legal Check of Property

    Ensure the property is legally authorized to be constructed on the plot it stands on. The property should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation.

  1. Apartment Possession

    It has become a trend of delayed possessions of flats owing to delay in commercial and residential plans. As a buyer, you should have a clear estimate of the timeline for possession.

  1. Financing Banks

    Due to a bad reputation, some banks do not offer loans to some builders. So, it is very important that you check with the banks that are filling to fund the project you are planning to invest on.

  1. Builder-Buyer Agreement

    When you select a flat or house of your choice, you can book the same by giving a token amount. Then, agreement prepared. All the clauses must be clearly understood and if any doubts, should be raised at this point itself. After getting clarity on the agreement only, you need to sign it.

  1. Location of the property

    Not to forget, it is important to look around the area where you are going to be eventually residing in. The amenities, physical infrastructure and reach to all the basic places are important to be analysed. It should be in a safe and secure place, offering some security to families living in the flat.

  1. Hidden and Additional Charges

    Ensure that all the clauses of the documents are read in detail and penalty clauses be understood. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind.