Buying residential properties is the biggest investment decision made by any person in his lifetime. For some, it is their dream home and so every square foot of it should be perfect. However, there are many real estate companies in town who con their buyers. Because of the same, most of the people are stressed and worried when it comes to buying a residential property.
Here are 5 things to consider before buying your first home to make a wise decision:
1) Legality of The Place
Make sure that the property you are going to buy is legally authorized to be constructed on the plot it stands on. Along with that, the real estate developers should have approvals and NOCs from the municipal corporation, area development authorities, water supply and sewage boards, and electricity boards. In case, if you are taking a home loan, then the bank you have chosen will investigate the validation of your property before the loan sanction.
2) Size of The Apartment
All the real estate developers usually quote the super area to their buyers and by using this measurement they close the final cost of the apartment. The super area includes the entire area including shafts, elevator space, stairs, thickness of walls and others. The actual size of your apartment is the ‘carpet area’ which is the actual area within the walls of the apartment. If there are two apartments on a floor, then the price of the common spaces gets divided between the two owners.
3) Financing Banks
Financing banks are an important element to consider because there are certain builders in the town with bad reputations and the banks do not finance such builders. Once you are done with finalising the property, search for banks which are ready to fund your property. Lastly, finalise the bank which offers you loan at the lowest rate.
4) Locality Around The Property
It is important to consider the locality around the property as you are eventually going to reside there. How are the people around you? Are you comfortable in that environment? Will it be safer for you and your family at night? Will the ladies and children of your house be able to go out for an hour or two to pass their time? If the answer of any one of the questions is ‘no’, do not invest in such places as your family safety is of more concern than your new house.
The property you are investing in should be such that it is convenient for you to travel to your workplace from your home. The markets, schools, and colleges should be near so that your wife and children do not undergo travelling issues. There should at least be one hospital or clinic and pharmacy store near your property so that it is easy for you to run in case of medical emergencies. Buying a house near to the transportation medium also saves your money and time.