Important things to consider before buying residential property in India
You have decided to buy a house for yourself! Congratulations! Taking the decision is in itself a big feat. However, buying a house, be it a flat or an independent house is not easy. There are lots of legal and financial issues to be considered. Also, you have to get a property that you like. Hence, it is important to know about the things that you have to consider while buying residential property in India. Let us take a look at some of the crucial factors.
Pr-approved loan: It is best to get loan approval from the bank before you start looking for a house. This has several advantages. One of the advantages is that you know how much you can afford to pay for the house. This will help to narrow down your search and also save time. Moreover, you will be more confident about buying the home that you like.
Location: Location of the house is quite important. As you are buying a home and not an office, you do not need to look only in prime locations. Houses on main roads and such other prime locations are usually more expensive. Moreover, you would also have to deal with noise due to traffic and other such problems. It would be best to look for houses a little away from the main road. Even if the area is not developed, try to see if there are any chances of development in the near future. It is best to look for a house which has a school, grocery store, public transport, hospital, etc. nearby.
Reputation of the builder: This is an extremely important thing to consider as this can affect the quality of the house you buy. When you like a particular flat or house, do a background check on the builder by researching on the internet and also by visiting some of the buildings constructed by him/her. Most good or reputed builders would gladly help you in your research by providing information on their old projects. You must check things like the quality of the construction of the older buildings and also whether these buildings were delivered on the promised date.
Amenities: Most schemes of residential property in India provide loads of amenities. However, do not get carried over by these facilities. It is important to think practically here. Check which of these features or amenities are actually useful. Having a gym and swimming pool in the society premises is an advantage; however, if there is no power backup facility or proper water supply, what would be the use of extra amenities? Hence, think and choose carefully.
You have to understand that price to buy residential property in India is not limited to the amount you pay to the seller. It also includes things like service tax, stamp duty, registration charges, etc. It is important to do all these calculations and make sure that everything fits in your budget before you decide to buy a flat or house.