10 Things to know before buying property in India

Date : 14-June,2019|Read: 5 mins

Buying a property in India is a first-time prospect for some home buyers or a one-time decision for others. Some get excited, some stressed, some do so in a hurried fashion.

Despite having a smaller population than China’s and being the second most populated country in the world, India has the highest youth population in the entire world.

When you see a property for sale, you sometimes get a feeling of attachment thinking of it as your ‘Dream Home”. When you like some special aspect about the property you tend to overlook other aspects that could impact the prospects of the property.

Then, when you get a feeling as if it’s the best house in India, you feel the urge to book the property immediately. You start arranging the booking amount, try to sort out the down payment and the home loan as well.

If you think carefully, you will realise that the decision of buying a property in India is not something you do in a rush. It is something you do in a calm manner as it is a decision that impacts your lifestyle, family and most importantly your finances. This decision is one you don’t want to regret later.

It’s like this. When a detective investigates a case, they deliberate deeply and analyse the scenario and then come up with a conclusion. A home buyer must also do the same. You must investigate elaborately when buying whether apartments in India or villas or plots.

Keeping this in mind, we have come up with a list of 10 things every home buyer must know before buying a property in India. Take a glance and take a strong mental note. Think intricately. It’s important. It determines your future.

10 Factors To Be Considered Before Buying Property in India

These 10 factors must be your parameters for determining the credibility of the property. Homes247.in is with you in every step of this process checking all the things to know and be sure of, off the list. Still, we believe that everyone must have a firm idea and insight into the Real Estate market in India.

  • Builder Credibility & Reputation

Checking the credibility of the Builder or the Real Estate Developer developing the project is a very important step. Scoping the profile of the developer and knowing the business history of the builder is very important. Looking into the past developments of the developer, the upkeep of time of delivery or if there was any delay. Since RERA, every developer has a website with all the completed, ongoing and upcoming real estate projects. The internet is at your fingertips and salvaging it to find everything you need to know about the property you’re interested in. It’s important to know what others are talking about the builder and the property.

  • Proximity to your Work Place

The proximity of your workplace from your home is the next big concern. In today’s times, almost everyone in a family works 5 days a week. This means you or your family members have to travel regularly from your home to your workplace. If the distance between the property and the home buyer is long it translates to inflated fuel cost, loss of time in travel, getting burned out due to the long & tiring commutes each and every day for years to come.

  • Transport, Connectivity to Schools, Hospitals, Markets

Checking how far are the nearest schools, colleges, hospitals, markets, shopping malls, bus and train stations from the property is very essential. If you save money on the property but end up wasting money and energy on travelling farther distances there’s no point. Having the best house in India is no use if your kid’s school is distant. Being able to access important places easily is necessary.

  • Resale Potential in Future

The thought of living in your dream home in the future manages to distract you from the fact that there is a strong possibility you might soon move out of that property soon due to some reason. In that situation, people occasionally understand the fact that the property they bought is suitable for them but not for someone else. This is why experts insist on the importance of Resale Value of the property. Determining whether the property has good resale value, if it will be attractive to someone else are things one must be clear.

Factors like the credibility of the property, parking, supplies, connectivity, proximity to metro/bus or train stations, upcoming infrastructure developments in the locality like roads or flyovers or proposed malls or any other developments that can take place in the vicinity of that project are important and must be duly considered to understand the resale potential of the property.

  • Rental Potential

Occasionally in the past, it has been seen that after buying a property, people choose to not stay there due to some reason. They rent their property and live in a different home. In a scenario like that, if you learn that the property doesn’t have good rental prospects, it is disheartening. So before buying the property glancing it from this angle is also very important. This shouldn’t be a deciding factor but it surely is an important one. People looking to rent your property might be looking into proximity from top schools and colleges nearby or connectivity to other areas or various transport options. IF you take a centrally located property you will never face an issue in this concern.

  • Ventilation & Natural Light

Cross Ventilation & Flow of Natural Light into your home is an important aspect. They affect your daily lifestyle more than you know. A lot of apartments in India are oxygen deficient due to the lack of these both. Such homes become stuffy and suffocating. Checking the flow of light & air is very important. There can be buildings nearby that are blocking the flow of light and air, the balcony or terrace might be facing the opposite side, anything can be possible. When you visit the property, checking all these factors is very important.

  • Amenities Offered

Every residential property today comes with various amenities to choose from. To optimise the living experience of residents is what real estate developers today are focused on. A clubhouse, parking, lift, power backup, swimming pool and gym are some of the commonly offered amenities. Even if you are a simple person or a person who doesn’t need these amenities, ensuring all these amenities are available will impact the resale potential of the property. Anyways, amenities are something that everyone from the family or people close to you might need or even the future buyer of your property for that matter.

  • Quality of Construction

While visiting any property for sale, one must ascertain the quality of the construction used. Checking walls, overall look and feel, quality of finish, quality of paints used, wiring, fittings, tiles and quality etc. If it’s an under construction property you can ascertain all these facts only by checking the credibility of the property developer.

  • Urban development in the locality

Some properties are exceptionally developed and have wonderful amenities but the road leading it is either too narrow or in ruins. If this approach road is not the main road, then the scope for development in this road can be less. On a daily basis, this might be tolerable to you but in the long run, it can be quite frustrating. This is the reason it is advised to glance the overall condition of the roads within 500 meters from your property.

  • Standards of living in the locality

Lastly, understanding the locality is an important task. Knowing what sort of people live in the locality, whether they are all from good family backgrounds is essential to the safety & wellbeing of your family members. Different families have different lifestyles and standards of living. They come from different backgrounds, having different styles of thought. People living in the locality make the locality what it is.

Homes247.in Expert’s View:

For any home buyer, it is tough to determine all these factors at one go. But is always advised that they must check all of this.

In today’s times when people are extremely busy with their daily lives, going on site and simultaneously checking all these things can be pretty meticulous.

Homes247.in, the leading real estate portal in Bangalore optimises all of this for you in a time efficient and a cost-effective manner to make your home search easy and successful.

We do an intensive screening process that checks all of this for you. Having on-site support we have regular updates on each and every property we feature and any other developments in the Real Estate Market in India on the Home Guide Section of our website.

When you get in touch with us, we already have the background checks on all the properties that you might be interested in. So, don’t worry. We’ve got your backs always!

assetz-marq

Related Post

Let us clarify your Query

All email enquiries will be taken care in one business day