Things to Keep in Mind Before Buying a House
Hiranandani Communities | 25 Jan,2018

Buying a house is one of the most important life decisions for most people. However, it is an exhausting task. To help you out with it, here are some useful tips that will help you out in making the best decision for you.

  • Do your own research

It is very important to research about the area that you want to invest. Your research must not just be based on the property rates, but you must also consider future prospects. For example, if you’re looking to buy property in Mumbai you must check for upcoming township projects in Mumbai.

  • Know about the market rates

It is essential that you are aware of the market situation and the property prices of areas nearby when you’re buying a property. In case you are planning to buy property in Mumbai, find out what prices other builders & developers in Mumbai are offering.

  • Plan your budget

While the property rates vary from builder to builder and depending on the amenities offered, it is very important that you plan your budget. Look for the liquidity and the loan if you plan to take any financial assistance. This will help you determine the down payment and what kind of property to choose.

  • Check the property

Visit the property and see the neighborhood, look for transport facilities around. Check for nearby schools, hospitals, markets, etc. Ensure you choose one that suits your needs. Make basic checks about the power supply, water supply, and security.

  • Look for hidden costs

Check for hidden property costs mentioned in the document while signing the property contract. Legally, the total cost of the house should include stamp duty and registration charges.

  • Check the contract

Ensure that the sales agreement is drafted according to state’s Municipal Corporation. It should include the title certificate, approvals from Municipal Corporation and a No Objection Certificate by the respective authority.