Planning to buy a residential property? Some useful tips

Owning a residential space is a dream that everybody loves to see and a task to be achieved in life. With the rising cost of real estate, buying property is no more that easy. However, what everybody makes sure is that to at least buy a residential space for themselves. So are you in the phase of planning a residential property? These tips will definitely come in handy for you. Check them out.

1. Buying a property, and specially if that’s a residential one, the excitement is the thing that surpass all other emotions and also sometimes gets in way of thought-process and decision-making. So hold on, stay calm and be careful such that your excitement doesn’t overpower your decision. Make wise decision that is profitable for you. Always remember that the deal that’s profitable for others may not hold good for you. So take advices but make your own decision.

2. Before going forward with any property, care to check the papers, permissions and clearances. Remember these are more important than the floor plan of the property. Most of the time, if you are buying a property in its nascent stage, there are chances that the cost gets lowered considerably. But the developer may still not have all the permits and clearances. So take care to verify them and also to be assured that at least they have a sanctioned construction plan, others may come in course of time. In case of a second-hand flat, be careful to check out that all its due taxes are cleared before it get registered to your name.

3. This point mainly comes into play if you are going for a new project. Before going forward, take into consideration all the related costs. Most of the time what is marketed is the base amount. You may jump in thinking that it suits your budget and make the down payment. But soon you will realize that there are more into it. Registration of the property, insurance, taxes, association registration, etc. are huge enough to fail your budget. Always consider that you have to shell out about 10 to 15 % more than the reflected amount. Plan your budget and look for properties accordingly.

4. This point personally holds much importance for me. See if you are also on the same line. If you are buying a residential property, always set your priorities correct and beforehand and stick to it. For example, suppose you are buying a flat to stay near your workplace, and it should be easily commutable and that it should have good facilities and so on and so forth. Therefore your priorities are 1. workplace, 2. easy to commute 3. good facilities. Start looking for a property that is on first hand near to your workplace; after that criteria is fulfilled then look forward to its communication options and then to the facilities. That way you will not deviate from the main reason for your buy and also can stay streamlined in your decision-making process. Suppose you end up buying a flat with wonderful facilities but far away from your workplace, eventually your need will seem not satisfied.

5. The final one is relying on a dependable property broker. Everyone has their own expertise. You may not be an expert in studying projects, its appreciation and depreciation value, loans and taxes. But a good is. Therefore it is always better to rely on a good and reputed for getting the maximum profitable deal and also to ease out the other official processes.

Finally, all the best for your venture!

One thought on “Planning to buy a residential property? Some useful tips

  1. Ridley Fitzgerald

    Yes, we are planning on buying a residential property soon. I appreciate how you mentioned all of the other added costs to the base cost of the lot. Our budget isn’t huge, so looking at those is important.

    Reply

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