How to Buy Residential Property

How to Buy Residential Property

Buying a new house is always a big decision. It requires thorough market research. This article gives some basic guidelines for prospective property buyers to consider.
WealthHow Staff
Each one of us has our own concept of a dream house. Some may dream of owning a plush apartment suite, for others it could be a countryside cottage or a bungalow, while a selected few would want to own a beach-side villa. Regardless of its type, buying property is always a monumental task which requires a lot of homework to be done by the buyer.

Guidelines

Identify the type of house that you want: First and foremost, identify and decide the type of house that you are looking for. For example: apartment, condo, villa, or cottage. Talk to your family members, seek their opinions and come to a common consensus.

Decide upon the locality: Involve your family members in a discussion regarding the desired locality, i.e. centrally located or suburban. Accordingly, shortlist a couple of areas. Consider factors like home security, distance from your workplace or children's schools, proximity to hospitals, train stations, etc., while making this decision.

Clearly define your budget: It often happens that in the process of buying something that we desperately want, we tend to overspend and regret the decision later. To avoid this, it is important that you review your finances and define your maximum spending limit accordingly. Keep the highest limit in mind and allow yourself a further 10% margin for flexibility. If you are opting for a home loan, make sure that the interest rate and the associated terms and conditions are something that you can manage.

Understand the legalities involved: Irrespective of whether you're buying a resale property or a new property, there are many legal considerations involved which you need to completely understand. Make sure you complete all the necessary formalities for property registration, stamp duty, property tax, and other details. If you have doubts about any legal formalities, it is wise to consult a real estate agent and get them clarified.

Consult a realtor: In case, you are confused about the entire home buying process, you can always take the help of a realtor. An experienced real estate agent will know the existing market conditions, available properties and prices, and will recommend options accordingly.

Study the construction quality carefully: This is something you should do, regardless of whether you are buying an existing property or a new property. Make sure that the construction is strong, sturdy, and durable. Inspect the plumbing, bathroom fittings, ceilings, and electrical layouts. Do a background check on the reputation of the property builder or architect if necessary.

Understand the total area of the property: Many times, people are misguided about concepts such as floor area, carpet area, built-up area, etc. Consequently, they end up making wrong decisions while buying properties. Therefore, it is very important that you understand these concepts beforehand, match them with your property requirements and then make an informed decision.

Make use of the Internet: These days, a majority of buyers use the Internet to browse properties based on their choice of locality, budget, and amenities. It is very convenient as you can view a number of properties from the comfort of your home.

For first time home buyers, property buying can be a very tiring and cumbersome activity. Make sure that you do a thorough research, inspect the property minutely, and negotiate well before investing in it.
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