Important Points before any Investment in Real Estate

By Nitesh Shrivastava On 2017-02-03 12:02:15

Nowadays, real estate market is growing up and people are investing their money into buying apartments, flats, residential plots or any other commercial property. There are certain points which are specific for all the categories like commercial, residential etc. We have realised that there are certain points that every buyer should keep in mind before investing their money into the Real estate .We will discuss all these points in detail.

1. Legal Formalities: Every buyer should check the map of the building with the local government bodies before buying any flat, apartment or property. If the property is approved by the government only than a buyer should proceed further to buy it.
2. Reputation of Builder : Every buyer should check the history of builder before buying any property .Buyer should have visit the old buildings made by the same builder and it will be helpful for buyer to get to know whether the building will give possession on time or not .
3. Competitor’s Work: Before signing any document buyer should research on the work with the different builder in the same location so that he will get an idea about the land quality, facilities and prices.
4. Location of project: Always select the location which is little far from the main road as you are investing money for peace or leisure, so it should be noise free or not preferable on main road. While selecting the location other facilities like schools, hospitals, grocery shops, public transportation, parking, 24*7 electricity and power back up facility must be checked.
5. Specification or other features: Every buyer should check all the specifications and facilities provided by the seller. Always keep in mind if you are comfortable with all the specification than only go ahead.
6. Loan facility: All reputed builders are registered with the leading banks and you keep in mind before applying for the loan you must have the approved project finance number. If buyer have APF number than he/she will get instant loan.
7. Requirement or Wish list: Buyer must be clear with the wish list that it should be specific and clear. We all know we will not get all the things we want and have to adjust somehow, but it doesn’t mean we invest money unnecessarily or without any verification.
8. Buyer’s Budget: Buyer must be clear with the budget and stuck to that. Before finalizing the property check with add on expenses like parking charges, club fees, service tax, stamp duty, home loan processing fees, electrician charges, preferred location charges etc. When you add all these expenses that will be your actual property cost.
9. Calculating Area: Every buyer must be aware of some basic terms related to area like carpet area, Built up area, Super Built up area.
10. Negotiation in prices : At the end when a buyer have done with his research , he should talk about the final price with the seller and try to negotiate with the seller as they always keep the big margin in flats and apartments . Try your luck might be he will agree with or give you 5-10% discount on the actual cost.