So you are all geared up to purchase the house of your dreams, accrued all your savings, inquired the financial institutions about all the lending criteria and the term for which you will be taking up the loan. But, this is not all. While you might be overwhelmed with excitement and enthusiasm to be finally stepping into your own home, remember this is one of the biggest investments of your life. And experienced home buyers too might falter if they do not pay attention to certain important criteria. The decision of purchasing a house is not a mere child’s play and is much more than just monetary considerations. Hence, prior to taking the plunge, take a quick peek into some important things that you should check out while looking for a house in India.
Investment Considerations: Whether you are buying the property to sell it away a few years hence or are here to stay, it is important to look at it from the investment point of view. The market for real estate India is brimming with properties as real estate developers are looking out for every nook and corner to raise apartments and condominiums. In this booming market finding a house is no herculean task. However, as reiterated earlier, your home is an investment and while looking for a house it is important to see whether the same home will give you higher returns than what you are buying it with.
Location: The location of the house is one of the most important things that you need to pay attention to. It is worthwhile to purchase a house in a prime location or if you prefer to live in a serene and calm area, look for one that would at least have all facilities and amenities required for daily living around. The locality, neighborhood, closeness to hospitals and schools are other things which you would require if you wish to settle down in a place. In fact, a good, convenient location will also boost the appreciation rates of the house.
Work within Your Budget: While you might have settled down all your expenditure plans, it is essential that you keep your budget in mind while rummaging for a nest. You might have taken the amount for home loan into consideration. But what about the expenses you have to incur in decking up the house, or at times renovate it in case of buying a reused one? There are other costs as well such as maintenance cost, charges to be paid for car garage, money to be paid to the Land Surveyor or Notary and the likes. Work out your budget first, look into the amount you have to spend on the house and other things and then go forth with the purchase.
Check into Builder’s Reputation: Of course you do not wish to land up buying an illegal property. In order to escape such hassles and legal issues, check the builders’ reputation in the real estate market. Ask them to present the commencement certificate which is a legal document stating the approval of the municipal authorities for beginning with the construction project. An Occupation certificate is another significant document that requires checking for ensuring proper supply of water and electricity/ Unless you are provided with these certificates do not go ahead with the purchase.
Finally, however much you might be experienced in purchasing properties it is worthwhile to seek legal advice on the properties that would give you lucrative returns and will be a pleasure to stay.