Property Investment Guide
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Buying a dream home involves an individual’s lifetime investment. So it is important for home buyers to carefully evaluate each and every detail related to the property starting from costs, government policies, taxes to the loan plans, registration, construction, locality etc. before investing in it.

So, follow these 10 tips that before buying a home which will lessen the risk of failure:

  1. Property research

A real estate investment involves lots of homework as well as proper research. With a number of projects coming up in the property market, it can sometimes become confusing to choose the right one. For example, amenities on offer, history of the developer, construction quality, and possession date are some of the important factors that play a key role in determining the returns you get on your investment. Failing to do a proper research could let you regret later.

  1. Location and lifestyle

Both location and living style plays an important factor before buying a home. Always look for a location that offers security, safety and moreover all the basic needs store and amenities are in the vicinity of the project. For example, home closer to economic parks, recreational centers, educational institutes, and hospitals, should always be favoured during decision-making.

  1. Important papers

After taking into consideration the above factors, a home buyer must consider checking all the important papers and certification which a builder requires these days. With RERA, these days a developer has to get different types of certificates like occupancy, encumbrance, registration etc. in order to register their project before presenting it to the buyer. Purchasing a property without clear titles can even nullify the investment.

A Buyer can get all these information on the RERA portal:

  • Approved Layout Plan
  • Building plan sanctioned by statutory authority
  • Title documents and Title Report
  • Approvals including permission to commence construction i.e. Commencement Certificate
  • Detailed cost estimate/valuation report from chartered engineer/architect (if applicable)
  • Building Layout, configurations and details of units including details of the unit sold
  • Litigations, if any

So, it’s important that a buyer must give a check to all the necessary papers and certifications beforehand and get it to authenticate by legal experts so that the property must not fall into any controversy in later stages.

  1. Communication with neighbours

Before finalising any property, it’s important that a buyer must talk to the locals living nearby so as to get an idea and perspective of various pros and cons related to it. It will also help in getting a clear picture of various other things like property rates and trend, infrastructural developments etc.

  1. Property Rates

Almost all the local governments provide a guidance value/circle rate to help investors know the rate of a property. Knowing this can help you track local trends so that you cannot fall prey to property dealers. Researching property rates and working out developments could help you generalize the returns you could expect in the future.

  1. Additional Costs

Apart from the BSP of the property, there are several other costs which a buyer has to pay during and after the possession. These charges include fit-out costs, interior costs, maintenance costs, property insurance if any, mortgage payments in case of loan availed. So keep a check on all these additional costs beforehand.

  1. Negotiate before paying

Negotiation plays a key role before finalizing any property deal. It can help you save a lot of money and get additional offers like parking spaces, GST cut, furnishing etc.

  1. Financial assessment

Once you zero in on a property, now it’s time to assess all the finances and money you have to put in for the investment. Whether you want to buy a property through a home loan or by paying the full payment in a go, it’s important to have proper calculations of the finances so that you must not face any problem in future. While it is easy to get loans from banks, calculating the interest and EMI plan is also crucial. These days several banks offer many attractive schemes in order to safeguard the rights of investors as well as to save them during bankruptcy.

  1. The Risk Factor

Before investing in any kind of property, it’s important to consider any risk factor attached to it.  A buyer must ensure that the residential property must be clear of all the obstacles so as to avoid last minute hassles.

10. After Possession

Just buying a house is not the last task. One also needs to be careful post possession too. It is essential to make sure that all your documents are stored well along with adequate photocopies. Also, make sure all the relevant paperwork/official documents are updated with the new details.