If you’ve got enough capital to invest in a new home, you’re doing a great job. But it doesn’t end here. You can’t just sit back and relax and enjoy the thought. Buying a new home requires you to pay the utmost attention to your investment. You can’t risk making even a little mistake because it might stay with you forever this time around. Such is the case when buying a new house, apartment, or even a flat for sale. There are a lot of things you should know such as the real estate laws and transaction policies and much more. Of course, you can always hire a professional as you definitely should. However, knowing a few important things can help you make a well-informed decision for a better future.
Survey the Market:
If you need to spend 80% of the time sharpening the ax, it’s wise to do it. In real estate, there’s no rush at all since the market is always taking a lot of time to turn. All real estate investments offer great returns but that happens in the duration of years. Even if you’re looking to move into your new house, you can’t have anything going wrong in it for at least the next 3-5 years. Needless to say, your capital will remain invested throughout the duration. Therefore, it’s crucial that you do things right.
Start by narrowing things down to size, location, the preferred amenities, and the right budget for yourself. It’s best if you take a look at properties of all sorts. From houses with open areas in Thane to 2-3 BHK flats in Mulund. Narrow it all down to exactly what you need and discuss it with people who have gone through the process recently. They’ll be able to tell you the market condition.
You need to make sure some things about the property in question before you even begin negotiating for it. Firstly, you should check out the property inch by inch. Suffice it to say, you should check every sanitation pipe, sewerage, bathroom walls, paint, switchboards, and electrical wiring, etc. It’s best if you bring a real estate agent with you to do this since they are professionals and know what to look for. They can best guide you throughout the process too but it’s good to know these things for yourself as well. Now that you’ve surveilled the property yourself, you should do a background check on the property. Make sure you’re talking to the person who’s either the owner or endorsed by the owner themselves, e.g. property managers.
Furthermore, you should take a look at the project development plan. Consider the whole project and factor in the future possibilities that can happen around. As stated above, it’s a long-term investment so you need to understand if there are possibilities that rates can go up.
Locality & Location:
If you’re looking to invest in a house to rent it out, you need to get a house that’s perfect for families. Similarly, if you’re looking to move into the house yourself, you need it to be the same way. Take some time to think about all the things that a family needs near their house. You can come up with various conclusions that will all be right. Some of those can be hospitals, restaurants, schools, nurseries, fitness centers, and parks. If you can find a house in someplace with malls and entertainment centers nearby, that would be a definite plus point. Another thing you need to look out for is the accessibility of the location.
All people want their house to be accessible by main roads, public transportation and in a not too crowded area. You can’t go for mid-city neighborhoods that are polluted and crowded. Although if there’s an option for a house that is just the right distance away from the fuss, you just might hit gold.
After you’ve gone through all of the above, you need to make sure that the deal goes right. Firstly, take your time with the negotiations. Don’t give in too soon and don’t let the option getaway that easily either. Having a professional real estate agent trained at this by your side is a terrific option at this point. Secondly, you need to make sure the legal work is handled with the utmost care. There can be no mistakes as it can result in serious lawsuits and financial expenses to fix. Furthermore, if any clause is not mentioned in the contract, that’s a loophole that will result in exploitation. Therefore, you should have professionals do it for you to minimize the risk. As a safety precaution, have another professional overlook the documents before signing them.