Shortlisting a property
Next, you need to identify the most suitable property for your budget. You can now narrow down your search to find the perfect property on an online portal. Call the landlords or agents who have listed the property on the online portals. Advertisements for property sales are sometimes published in newspapers, especially Sunday editions. You can also contact reputable dealers via the internet directory or their website. Contact local property dealers to discuss your needs and budget. If possible, visit the property to get a feel for how it would be like to live there. Talk to the residents of the area if the property is available for you to take possession of. These people will give you a true picture of what it’s like to live in the area.
Location identification and analysis
You can drive to that location from your work or the school, market, and other places you frequent. This will allow you to gauge the convenience of the location. You should also visit the neighbourhood to see the people who live there if you’re buying on the secondary market. It is important to know the neighbourhood as these are the people you will most likely contact when you live there. Many people have been miserable because they purchased the most desirable property but neglected to consider noisy and unpleasant neighbours. Your neighbours will also affect the quality of the services offered in your neighbourhood. What is in demand will be what is available.
Choice of a property
Today, there is a wide range to choose from as the market abounds in various housing formats- from 1, 2, 3 and 4BHK (Bedroom-Hall-Kitchen) apartments to studios, villas and row houses to builders floors and independent houses.
It can seem overwhelming to decide on a purchase, make a decision and then buy a house. You can approach this process scientifically, but make sure to have all the facts and information you need. It is your life, your assets, and your money that are at risk. Do your research and investigation to make sure you are making the right decision. Take the information you find online and offline, and then check out the websites yourself. Move forward and take control. The whole process will be enjoyable and rewarding if you have the right information.
You may need the help of a broker, a lawyer, a friend or a relative who is skilled in negotiation if you’re not a great negotiator. You can individually handle Most cases on your own with some research and some running around. These specialists might be worth hiring if you don’t have the time or cannot live in the area where you want to buy the property.
How to choose a good broker
When choosing a broker, there are several important things you should consider. Your real estate agent can help you simplify your home search and will also help you evaluate all the offers that come into your inbox to determine the most profitable. Be careful when making your decision.
Before hiring an agent, learn as much information as you can about him. Ask for references. Consult your family and friends for recommendations of real estate agents that they have worked with.
Ensure that you have all of the agreements between you and your agent on paper.
Payment to the agent must not be upfront. If you do not buy or sell property through the agent, this could result in a loss. Once the deal and registration is complete you must pay the agent’s fee. Payments can be made by cheques to the Agents, but most prefer cash.
A broker is required to charge 0.5-2 per cent of the deal value if you plan to purchase a property. This depends on the size of your deal. The brokerage value for lease transactions is either one month of rental or 8.33 per cent of the deal.
Are you looking for an independent plot/ house?
A bank loan is always preferable when purchasing an open plot of land or a house. Bank officers are required to do due diligence on the property. A bank lawyer will review the documents. Another benefit is that the bank will check the CIBIL mortgage of property. CIBIL Mortgage will tell you if any other bank has mortgaged the property. Every bank must now enter the property details into CERSAI. This includes the full address and owner information, as well as the PAN.
Are you looking for a flat in a multi-storey apartment?
Before you choose an apartment, make sure to determine your budget. Next, select the location that is most convenient for you. Before you choose a flat, consider the size of your family (number of relatives present and future). Other important factors to consider are the builder’s reputation, the financial strength of the developer, title and ownership of the land on which apartments will be built, acquisition of land, approvals from concerned authorities, payment plans, and so forth.
Many end-users today are interested in multi-storey buildings or townships that offer all the amenities they need. These include a clubhouse, gym, meditation centre, swimming pool and departmental store. Only a site visit will determine if you have been given more bedrooms but smaller sizes. You may prefer a more open layout, and be willing to sacrifice one-bedroom in exchange for larger sizes in the other units.
But You will only get the best results if you invest early in a new market. You may lose the advantage of being the first to enter the market. If you enter too late, then the first-mover advantage is lost, and you may not be able to exit the market as there would be a lot of ready stock and the price may remain stable.
