Buying a house is undoubtedly an important achievement and an asset that will only appreciate in the future. As we all know, buying a house is a time-consuming act as it includes a lot of research about the property, the builder, amenities, property value, and so on. In this blog, we bring you a few important tips which will help your decision-making process easier.
Total Ownership Cost
The cost of buying a house is not only about the actual cost of the property but also involves a few additional expenses that the owner will have to take into consideration. This includes stamp duty, registration charges, and other miscellaneous expenditure.
If you are planning to buy a house that’s under construction, you need to clearly understand the carpet area and the super-built up area of the apartment. The person buying the property needs to know the usable area or the liveable area.
The Total cost of running the House
Even after buying a house, there are additional expenses that might have a bearing on your savings. So, before investing in the property, it is advisable to take into consideration additional expenses like the maintenance charges, property tax and community charges.
Good Neighbours make your Life Easier
Just like it is important to get the best deal for the property, it is also important to check other occupants of the building. Having neighbours who are like-minded helps in a lot way. In a housing society meeting, issues on parking spaces, allowance of pets, access to the common park, etc. can be easily resolved with unanimous votes.
Proximity to Conveniences
Buying a house involves a lot of research apart from the property rate and builder’s credibility. One needs to check on several factors, which includes water supply, electricity supply, availability of domestic help, safety & security, easy access to basic requirements, fitness centres, day care centres, hospitals, schools, etc.
Explore Different home Loan Options
The world is moving fast, so are the real estate property rates. Mumbai being the financial capital of the country, the real estate projects here offer customers competitive rates, state-of-the-art amenities and top-notch infrastructure. As per closed-group research, the majority of people take loans to purchase a house. This is because buying a new home in Mumbai, with only savings, is nearly impossible. When you apply for a loan, consider all the possible benefits attached to it. Interest rates are different for women, senior citizens, joint-ownership, etc.
Check the Builder’s Credibility
One crucial research every prospective home buyer needs to do is to check the credibility of the builder.
Quality of construction, whether the builder has delivered what was promised, the time taken to complete the construction, whether or not they follow the RERA guidelines, etc., are some of the basic things one needs to ask about the builder or the developer.
Real estate industry in Mumbai is significantly growing and with various small & big builders joining the growth league, it has become very difficult for the prospective home buyers to select the right property. Above are some of the basic yet essential points that you need to consider before buying a house.