Beginners Guide to Buy Property
Buying own home is a dream of many people , here we are going to talk about some important factors which you should know before purchasing a property.
There are many property options to choose from –
Residential plots, apartments , independent houses and multi-storey flats. So firstly , you need to decide what you want to buy.
Residential Plot
If you want to use your property as an income generator , need a regular income and want to make a dream home with your own choice (material , color scheme , structure and many more ) , then a plot is the best option for you. In this case , you have to do some extra efforts but you will get extra benefits also.
Ready-to-Move Independent House
Second option is to buy a ready-to-move independent house.It has same benefits as with buy a plot and construct your house , the only difference is that its made by some other person and its a good option if you don’t have much time.This property is also an income generator for you , you can get good rental income.
Flat
Third option is to buy a flat. A flat can be fully-furnished or without furniture.Mostly Flats are inside big societies , many people find it safer to live along with the facilities provided by the builder. So a flat is also a good option.
“Do a background check on developers so you would feel safe to invest. Always find a local real estate agent.“
We have talked about all types of residential properties , all have their own benefits . So its your choice what you want to buy.
Next , we talk about some important things you should know before buying a property –
1. Budget – You should know that the property you are buying is within your budget and is capable to satisfy your present needs .
2. Find the Right Location – It is better to try a place near to the prime location of your city so that the price is not that high. It will also effect its resale value.
3. Rental rates in the Area – If you are planning to invest in a rental property then gather information about the rental rate in that area , it will help you to choose the right property with right location which will increase Property Resale Value.
4. Loan – Before buying a property , check your loan eligibility. It depends on some factors such as your income , any existing loan , your age etc.Many banks provide this online facility where you can check your loan eligibility and apply for loan without going to bank.
5. Down-payment and other costs – Property Down-payment , Stamp Duty and Registration Fee , Real Estate Agent Fee , land surveyor , lawyer or notary etc , these are the costs that you will have to keep in mind before buying a property.