Buying a property is one of the most significant financial decisions you’ll make in your lifetime. Right from the searching process for finalizing the property to finance and registration process, finding the right property requires a lot of time and commitment. Clicbrics lists the things you should know before you close the deal.
Know your budget
Budget is the most important thing that will decide where you want to buy your property. Therefore, the first step is to fix a budget as it makes the whole process easier to shortlist a property if you have an idea on how much you are willing to spend on it. Compare the property price from other builders to get an idea if the developer has offered you a genuine quotation. There are many sources like online real estate portal listings, brokers of the area or newspaper listings from where you can compare and find the best deals.
Legal Check of Property
Before buying a property, you must ensure that the property is legally authorized to be constructed on the plot it stands on. The builder should have approvals and NOCs from various authorities like RERA, Area development authorities, electricity boards and Municipal Corporation and water supply and sewage boards.
Verify the Developer
It is recommended to do a proper background check on the developer. Try to inquire about the developer from the people who have earlier purchased their properties from this developer. In order to avoid any last-minute shocks, it is important to know the developer's reputation.
It is always recommended to check with the banks that are willing to finance the project you are planning to invest on. Sometimes, due to a bad reputation of a developer, some banks do not offer loans to some developers. Therefore, once you finalize the property, just find out which banks are ready to finance the project and try to go with the one offering you a loan at the cheapest rate.
Consider the Location of the Property
Not to forget, it is important to look around the locality where you are planning to live in. Ensure the property has all the necessary infrastructure like supermarket, hospital, school, banks, etc. are available in the vicinity.
Check the Size of the Property
The size of the property is another factor that you need to consider while selecting a property. Though the size of the property also depends on the requirement and budget, you should also consider the size of your family before choosing the right size of the property.
Visit the Site
Before booking the property, visit the site first because sometimes the layout in the brochure could be different from the reality. You can interact with people in the neighborhood as they may have an idea of any illegal occupation or other legal disputes related to the respective property.
After you decide on the property you plan to buy, ask yourself if it is really you want? If you get the answer in the positive, grab it! However, you should remember all the above points before you seal the deal.