You might be aspiring to buy a property for a few time now. For this you should have some important points in mind before buying or investing in one. Definitely you will be encircled with lots of question marks in mind whether what to buy and how to buy? Let’s discuss some of the crucial aspects one needs to keep in mind before investing
Actual Requirement
You need to find out your actual requirement for buying a property. Whether you want to reside or buy property for an investment? One needs to get into account all his financial aspects for answering this question. If you want to buy a house to reside then whether you want to buy a plot or apartment? Because if you plan to buy a plot then you should think of the extra cost involved to build a house upon plot. But if you want to invest value then buying plot is definitely a good option as the value of plot rises with time and would give you good return long term. Similarly rather than paying rentals it would be best to pay EMI’s and get your own ready to move-in apartment.
Arrange finances
You need to analyse all the finance options carefully before buying the property. You have to differentiate the income and necessary expenses and accordingly set the budget to buy the property. You need to check the terms for availability of loan if needed and the best suitable options in accordance to your finances. Plan in the way that EMI’s for loans do not hinder your regular lifestyle.
Under construction or Ready-to-move in property
After arranging all the finances and decision to buy a house you have to decide whether to buy an under-construction property or ready to move-in one. If you want to shift immediately or in near future period ready to move-in property suits you best. But, if you have availability of time period then under construction property is better option as in general scenario the property prizes are lower compared to ready to move-in’s and you even get time period for doing the payments to the builder.
Market research and title clear documents
Once you final the project you want to buy or invest in all the legal formalities need to be taken care of. The project should be clear of all dues and should be registered. Title deed must be verified and checked in detail. The deed gives detail study on the rights, ownership and obligation of the property.
The best way to make your real estate investment is to get an idea of what is going on in the market and then make choices for fruitful investment. This way, you can avoid mistakes that investors usually make and get the best returns from the property you choose to invest in.
