Home buying is important, however, have you taken extra precautions before buying a property?
The harsh reality despite the fact that home buying involves big investment or lifelong savings involve when we finally decide to buy a property, we still do not take an extra bit to ensure that it is the right investment. Property buyers had to understand the fact that it cannot be a 2 minutes Maggie noodle so just to go and search on Google and 2-3 site visits to the property are not enough to make a decision get ready to organize your home buying process.
Every buyer needs to refer the below checklist to ensure you follow at every step of home buying journey:
- Clear Requirement- There is a stereotype mind frame is that you should always buy big size houses if you are buying it to reside, however at one point the families are becoming nuclear and we aspire for a big house. Every home buyer should think about the area which is the actual utility of a small family this clear requirement will not only lead to lesser home loan liability it will also convenient to maintain the property. 2 BHK with better carpet area is good over 3 bhk .
- Lesser Liability – Always tend to bear lesser liability, You can decide-
Under construction property will put lesser loan liability than ready property
Payment plan to construction link
Choice of bank
Size of the flat as per requirement - Ready to move in or under construction property sheep-walk or smart decision
Always check pace of construction at least for last one year
Visit delivered project of builder
Talk to residents and existing clients
Read about location
Take advice from property consultants - Maintenance and upkeep
Maintenance is crucial
Always buy a size which is manageable
The common area design should not be fancy architectural and difficult to maintain
The maintenance of their existing projects - Govt. current policies and regulation
Always go through the updated regulations
Check govt. schemes and subsidiaries
Check builder papers and legality - Home loan options and ROI
Check all options
Futuristic approach towards the rate of interest
Check the 1-year trend of that bank rate of interest - Construction quality
Check Specification and verify brands with show home
Check plaster at the actual site
Check brands of material use in construction - Flat layout v/s interior v/s carpet area
Always check if the carpet area is sufficient for furniture placement
Check carpet area v/s build-up area
Check columns, pillars, and beams in layout
Verify all measures to the submitted layouts under regulatory website - View of the flat
The angles of belconies
The view of each window/ balcony
The view from main gate - Builder background and history
The history of builder
Existing projects
Delivered projects
Talk to residents living in their properties
Check with customer bought in their on-going projects
Check builders’ financial stage
Check their virtual goodwill through reviews - Discussion with existing buyers
This is very important check all testimony available on social media online
Check review and Google rating - Understanding the price
Do not go fascinate with attractive payment plan
Understand all payment option carefully and compare
Always good to go with construction linked plan - Evaluate the discount and schemes
Go in detail and understand feasibility of any scheme offers - Plan to set off the loans
Get ready with the home loan set off plan and decide loan duration on the basis of this set off plan - 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, many areas can be observed during repeated site visit if any confusion ask to the builder, outside consultant, and existing client and make sure on clarity.
line and length of plaster/brand of switches and sanitary ware/ finishing of flat/ carpet area/ roof height/ window placements/ garbage disposal/ common lobby ventilation/ - Things to take care at the time of closure- read the agreement, payment plan, other documents.
Take out extra time and read all documents carefully before signing
Please follow this checklist and then take a final decision it is your hard-earned money and you have to be more careful.
