Home buying is an essential task and involving tremendous hard work, that’s why there are some extra precautions that you must look after before buying any property.
Even though home buying involves huge investment where consumers many times put-in all of their lifelong savings while buying a property, the harsh reality is that we still don’t crosscheck to ensure that whether we’re making the right investment or not. It’s high time, now the consumer must understand the fact that purchasing a property cannot be equivalent to buying sports shoes online where you just go and surf the internet, looking for the desired shoes and finalizing the deal. Unlike purchasing shoes, you cannot purchase a property just by visiting 2-3 websites.
We’ve consolidated a checklist for easy reference of buyers which will ease your property purchasing experience-
- Clear Requirement-
Many people have a stereotypical mind-frame that one should always purchase bigger houses if being bought for living. Besides this translation, every single home buyer should carefully take note of the area that will be utilized by his family. Crystal clear awareness about space requirements will not only lead to lesser home loan liability but will also be easier to maintain. For example, a 2 BHK apartment will have a better carpet area over 3 BHK.
- Lesser Liability–
The customers must always tend to bear lesser liability. You must be well aware of the fact that an under-construction property will put lesser loan liability than a ready to move property. If you pay attention to the nuances then you can easily optimize the payment plan for a valid construction link. The customers must also give a check on the choice of the bank being opted for as many banks might be providing better and affordable EMI plans for the same property.
- Ready to move in or under-construction property-
One should always check the pace at which construction is happening for the time of at least the past year. For this customers can visit the delivered project of the builder and talk to residents and existing clients about the validity of claims of on-time completion and timely move-in. For other insights related to this, you can take advice from property consultants. Also, the price difference is important here, ready to move in property usually is expensive over the under-construction property.
- Maintenance and upkeep-
Maintenance and upkeep are crucial for residential properties, for longevity and fostering positive vibes. That’s it becomes crucial to buy a property that can be easily managed and kept by you and your family members. The common area should be designed in such a way that it has no fancy- architectural designs are inculcated as they’re difficult or expensive to maintain.
- Staying abreast with new policies-
Potential buyers must also stay updated with the government’s current policies and regulation- related framework. This helps you in understanding whether your desired project is competent and compliant with the latest government laws and ordinances. These norms can be easily implemented by checking the latest government schemes and announcements. You must also verify the builder papers and their legality, for trustworthy commitments.
- Home loan options and ROI-
Before purchasing any property you must take note of the home loan’s rate of interest, checking this for convenient and easy payments. You can check the change in the rate of interest in the previous one year and decide accordingly.
- Construction quality-
The construction quality is of utmost importance for a property as it testifies the strength and the sustainability period of the property. You must also check the specifications of the property and verify whether the accessories from the brands promised have been installed or not.
- Flat layout v/s interior v/s carpet area-
This won’t be an essential factor but you must also check whether the carpet area being provided is sufficient for furniture placement or not. You can also perform a comparative analysis of carpet area v/s build-up area, to ensure that efficient work has been done in construction. Examining that all the columns, pillars, and beams are in the same position as shown in the provisional layout, also at the same time examining that these specifications follow government compliance.
- View of the flat-
You must also take note of the angles of balconies, the view of each window- balcony, and most importantly the view from the main gate, seeing that whether they are in unison with the flat or not.
- Builder background and history-
The experience and projects of the builder greatly affect the prospects of your project. Aspects like existing projects and delivered projects can make the picture very clear, about the previous association and credibility of the builder. You can talk to the residents living in their properties to get a better picture of the company’s past projects and fulfillment of claims. You must also check the builders’ financial stature which will easily tell about the shortcomings if any. For a better picture, you can also check the virtual reviews of the builder which will help you in strengthening the goodwill.
- Evaluate the discount and schemes-
You must also discuss with the builder about the available discount and compatible schemes on ongoing projects. You must get in exact details and understand the feasibility of any scheme- offers that are available to you.
- Plan to set off the loans-
You must be ready with the home loan plan, details, and its execution. Prior planning and discussion with your family members will help you decide upon the loan duration and decide the financial liabilities during that time.
- Things to observe during site visit-
Try to make site visit thrice before closing the deal and keep a set agenda during every site visit. We recommend numerous visits because a larger number of areas can be observed during repeated site visits and in case of any confusion, you can ask the builder, outside consultant, and existing client and clear your doubts. You must take note of the line and length of plaster, brand of switches and sanitary ware, finishing of flat, carpet area, roof height, window placements, garbage disposal, the common lobby ventilation, and many more points for detailing.
- Things to take care at the time of closure-
You must carefully read the agreement, payment plan, and keep a check on the list of documents. You must cautiously read all documents carefully before signing and seal the deal.
For a well- informed decision you must follow this checklist and optimistically use your hard-earned money.