It is a dream of many to own a home that matches all their aspirations, here are some things a buyer needs to know before purchasing a residential apartment or home:
Step 1: Budget
You should ensure that the property you are getting will satisfy your present needs and be within your budget. As a property buyer, understanding your family’s present major needs will help you make the right decision.
Step 2: Location
It is important to choose take a good look at the location and the locality. Location will also have a large impact on the resale value of your home. Choose wisely and your home may be your best investment.
Step 3: Rental rates in the area
If you are planning about investing in a rental property, homes in high-rent or highly populated areas are ideal. Knowing the rental rate in the area helps you to choose the right property and location.
Step 4: Good Resale Value
Resale sale Value is an important thing to consider before you plan to invest or buy a property. Property buyers never consider resale value when they buy. If you choose the wrong property or location, it is possible that your future sales price will always be less than the other homes around it.
Step 5: Loan eligibility
Home loan eligibility depends upon the repayment capacity, income, existing loans or debts and age of the loan applicant. The lending company or banks provide online services such as home loan eligibility calculator to calculate loan eligibility of the home loan borrower.
Step 6: Stamp Duty & Registration Fee
This is an important expense or tax, much like the sales tax and income tax that are collected by the Government. If you want to know the market value of your property and the stamp duty amount on it, you need to contact the Ready Reckoner to locate your valuation zone and sub-zone. Find out the stamp duty amount applicable to you as per the market value.
Step 7: Property Advisors
Though at the outset, you might feel like doing all the ground work, having a property advisor along your side is valuable as they do all the ground work for you and give you professional help at every stage mentioned above. Also, most property advisor provide free service to customers as they get a fixed marketing fee from builders. Check out Viluva Property Consultants for some serious professional help in your residential property search.
Step 8: Additional Costs
Even if this isn’t your first home buying experience, you will want to get help from a team of professionals. Fees or service charge by lenders or mortgage brokers, land surveyor, lawyer or notary etc should be considered. Find out how much is the maintenance charge. Will car parking be provided and do you have to pay extra for it.
Step 9: Property insurance:
Property insurance safeguards your financial future if certain damages occur to your property. The cost is relatively low and provides coverage in case of problems with the property title, certain damages or any legal issue.