So you are planning to buy property for the first time? But, you have no idea where to start? You do not have to worry as we have all the details you need to know before investing in property. So, keep all these points in mind and only then decide to call in the professionals for packing and unpacking. So, here we have some essential things to consider when buying a new house in India.
Before buying a new house or a property, you must plan a proper budget to know how much money will be required when buying your house. It is important to know if you are also financially ready to purchase a new home. So, before buying one, you should also consider financial obligations such as car or education loan repayment, etc.
2. Property Location
Another important aspect to keep in mind when looking when you want to buy a new property is the location. If possible, look for a location near the prime city as the houses or flats around that area will not be very high. Before finalizing a location, you must also make sure that the chosen location is convenient for every family member. Ensure that your office or your children’s school or college is not very far from your new home. Don’t also forget to check if the location is safe to reside in. You must also know if there are transport facilities such as metro, bus, taxi, etc., available to commute to your work, reputed school nearby for your children, hospital and shopping complexes.
3. Goodwill of Builder
An important factor to consider before investing in a property is to thoroughly research the builder of the property you are planning to buy. You can visit the builder’s website and read their history or go through the reviews of the builder given by previous clients. You can also go through the upcoming projects to know the builder’s credibility. It is an important step to research the builder’s reputation before purchasing a house or a flat from them.
Before buying the property, you must always check for the amenities you will get. If you are planning to buy a property, check the power backup facility, gym, general store, parking area, elevators, swimming pool, etc. You or someone in your family may require these things, so it’s important to check for them.
5. Construction Quality
It is important to know the quality of the construction done to build the house or flat you are interested in buying. So, before finalizing the deal, you should go to the property site and inspect the area. Inspect the quality of the paint, walls, flooring, bathroom fitting, frames of windows, etc. If the site is still under construction, you can head to another property by the same builder to know about the builder’s construction work quality. You can also do some research regarding this online.
6. Additional Charges
When buying a property, you must read all the documents related to it carefully and ensure that there are no hidden charges. You must also consider the charges or fees of mortgage brokers, notaries or lawyers, etc. Ask about the maintenance fees for your property.
7. Resale and Rental Value
Often, people do not consider the resale or rental value of the property and purchase one only based on the locality and amenities offered. But, the resale value is also an important aspect to consider when you are looking to buy a property. If you ever plan to resale or rent the property you buy, it’s worth considering its resale value.
8. Legal Check of Property
Buying a property requires some crucial documents that you will have to obtain from the builder or submit. Documents that may be necessary include NOC (no objection certificate), a title deed, property tax receipts, general power of attorney, allotment letter, loan papers, identity proof, etc.
9. Important Documents
Buying a property requires some important documents that you will have to obtain from the builder or submit to them. Documents that may be required include NOC (no objection certificate), a title deed, property tax receipts, general power of attorney, allotment letter, loan papers, identity proof, etc.
10. Reputed Moving Company
After you have purchased the flat or house, you will want to move to the new location. So, you must search for a good moving company that provides packers and movers in Lucknow, Pune, Noida, Delhi NCR, or any city where you are moving. So, research for some reputed companies with a lot of experience in the transport market. You must go through their ratings and reviews online.
Frequently Asked Questions (FAQs) – Important Factors to Consider when Buying New Property
1. What is the best way to buy a new house?
Knowing if you are financially ready to buy a new home and set a budget is first. Find a house close to good schools, marketplaces, hospitals, etc.
2. How do I prepare to move into my new home?
You must find a good packers and movers company, get moving insurance, research the weather, and then set a moving date.
3. What to look for before buying a property?
Before buying a property, check the location, infrastructure of the property, quality of the construction, and know about the builder.
4. What questions to ask when buying a flat?
You can ask about the payment plans, completion of the projection, if the property is still under construction, etc.
5. How do I verify packers and movers to relocate to a new flat?
Get quotes from various relocation companies, avoid the ones with very low cost, and check the moving company’s history.