Buying a real estate asset is a very tedious task. It involves a lot of research because ultimately you are going to invest the lifetime savings. A lot of things need to be worked out before investing in a real estate property.
The place, owner/builder from whom you are purchasing the property, time for constructing the property, financial institutions involved in purchasing the property are all important factors which need to be considered.
Thanks to digital technology, lot of information now are available on the internet regarding how to buy a property. There are lots of tips available on different portals. Here are a few which are really useful and must be considered:
- First and foremost you should calculate your finances. How are you going to arrange the finance? How much percentage of money will be paid by cash? How much loan will be taken? Which financial institutions to be considered for buying the property? The rate of interest? Etc. A pre-decided budget needs to finalize to avoid complications. If needed you should take the advice of friends, relatives or a real estate consultant.
- Secondly, the type of house needs to be decided. Whether it will be a bungalow, villa, apartment, plot etc. What will be the location? Whether the property is purchased for just investment or is it for living? How much will be the travelling distance for commuting to office? Any schools, hospitals, grocery shops nearby? What amenities will be provided by Lot of such things matter?
- If your needs are pretty much specific then it is better to reach out to real estate agent. You may have to pay for brokerage but you can end up getting the best deal as per your requirement. Real estate agents will provide you best options after understanding your needs. If you are not familiar with registration process then these guys prove to be very much handy. They will help you with home visits, negotiations, paperwork etc.
- You should do regular follow up with the builder, agent, bank etc. who all are involved in buying the property. Just negotiating the deal with the builder or owner of the property won’t suffice. You should regularly inspect the progress on how your new home is being built. How much time will it take? When with will society is formed? Neighbours that you might have to deal with? Etc.
If you follow all these tips, there is a fair chance that you may not get cheated. There can be much more interesting tips. Doing own research always helps. You should not believe in the hype created by the builder through advertising or by what others are saying? Talking to multiple stakeholders can help you a lot.
You should do your groundwork for understanding the property prices in the area where you are investing, interest rates offered by different financial institutions, customer testimonials, demand for that particular property etc. You should analyse whether it is the right time to buy or invest in a property.
Several factors must be studied to arrive at a decision.