5 Important Checks For Buying a New Residential Property

Buying a residential property at least once in a lifetime is everybody’s goal which we all need to accomplish sooner or later. As the savings expand to reach the desired amount needed to initiate the process of buying a new home, buyers often get keyed up and make silly mistakes because of lack of guidance. This article will help you take a rational decision for your most important investment:

1. Verify Property Price:

Decide the budget you can shell out for this investment and then search for various option within that limit. Find the price per unit of areas you would prefer to live in and shortlist the ones which match your budget. While you do this, make sure you understand that the kind of locality and amenities offered by a certain project affect the price of the property. Meet developers of the preferred area and ask for a quote and crosscheck this price in journals, property brokers, supplements, property portals online, etc. This will give you a clear idea of how genuinely the developer has prices the project. The residential apartments in Bangalore are easily available for buyers of all income brackets i.e. affordable housing segment, mid-income housing as well as luxury housing category. Therefore, a good research will help you find a suitable option.

2. Location:

Locality is very important and must be surveyed properly before finalizing the decision. Buyers must check the connectivity of the area with the rest of the cities. Hence, it is wise to buy apartments Banashankari, Whitefield, Electronic City, etc. for convenient commuting experience. If the roadways and rest of the infrastructure are not as developed as expected at the time of purchase, it is wise to check if there is any scope of development of infrastructure in this shortlisted area. If there are approved plans about upcoming infrastructure, you can expect development of this area and hence, can consider buying a property here.

3. Date of Possession:

Real estate industry is dynamic and a lot of new trends and changes keep happening which directly the completion of residential projects. For instance, the change in price of the raw material, labor association interferences, availability of funds with the developer, etc. Sometimes this also leads to delay in possession which impedes the plans of buyers who need to make arrangements for accommodation for the buffer period. Thus, it is important to make a realistic assessment of the date of possession based on the developer’s reputation of completing the construction and completions of the townships.

4. Additional Charges:

There are a lot of additional charges included in the total cost, and to understand these you must ask for a detailed break up of all the costs buyer is liable to pay in order to transfer the ownership in her/his name. This will help you make arrangement so of the funds beforehand and keep you prepared. Stamp duty, registration charges, etc. the common one and often the buyer also needs to pay for car parking and additional amenities like clubhouse, swimming pool etc.

5. Builder Buyer Agreement:

This agreement is signed at the time of booking the property while receiving the allotment letter. It is a tri-partite agreement with the developer or builder, bank sanctioning the loan and the buyer. There are times when this agreement is drafted in a biased manner favoring the seller if it is drafter by the seller. This is when it needs to be checked legally and revised before signing to accept the terms and conditions mentioned in it.