Tag: Points While Buying a Home

Don’t Overlook These Points While Buying a Home

Don’t Overlook These Points While Buying a Home

You have decided to buy a home. However, there are some things you must keep in mind before feeling at home in your new pad.  Right from the process of searching a house, finalizing the perfect one till finance and finally registering it – homebuyers might be left feeling exhausted in the daunting process.

And then there are times when you simply fall for a house at the first sight. To make the entire process of purchasing a valuable asset like a home, here are the five key factors that you must not overlook while making your decision.

1. Legal aspect of purchasing a property: When you have set your eyes on a property that seems ideal as per your spending capacity and needs, there are several legitimate intricacies that must be addressed to complete the purchasing process.

It is highly advisable for you to seek legal advice while acquiring any property. The exercise of purchasing a property in India entails extensive documentation that calls for the legal knowhow’s and perseverance to deal with the legalities. Once you have settled on the price of the property, rest can be taken care of by the legal expert. A legal counselor can effectively identify the loopholes, if any, in the procedure.

2. Look for ‘the’ location: The key criterion to be considered before buying a home is the location of the property. Finding the perfect location is essential. This is undoubtedly a time-consuming process and requires an all-inclusive research. The convenient location is extremely significant because it determines the value of the property. While hunting for the house, you should keep in mind road connectivity, distance from primary amenities like hospitals, educational institutions, markets etc.

3.Register your property: After choosing and buying the property, you need to register it with concerned authority for you to legally assume proprietorship. Through enrolment of the sale deed, the property privileges can be secured from the date of execution of the final agreement.

Also, some research on finer details of engineer’s record like market feedback, aggregate square footage developed, and any possibility of project delay will only help you feel safer about your decision. Make sure that you look for any risks that may thwart the overall improvement of your property.

4.Variables in acquiring cost: The financing cost of a home is currently showing a positive trend with the recent interest rate reduction in home loans and welcome moves to boost affordable housing in Union Budget 2017-18. A blend of multiple factors including home credit rates, lower costs of housing, and favorable development in the urban areas, has made it encouraging for individuals to purchase a house in recent times.

Those purchasing properties for residential purposes or even as an asset should know that this is an ideal time to invest in a property as the future, with recent budgetary announcements, only looks positive where the value has the promise of appreciation.

5.Resale potential of the property in future: While buying a new property, you should also keep in mind the resale potential of the property. Even though you develop emotional attachment with your house, preparing for growth in our upwardly mobile economy is only intelligent. Considering the resale value of your house will help you stand in good stead in the coming years if you ever choose to move on. Will the house that you are purchasing currently draw potential buyers in the next four to five years? Think twice and ponder about the resale perspective while investing the property. An informed decision will save you a lot of headaches in future.

Happy home hunting!