How to Buy Residential Property

Each one of us has our own concept of a dream house. Some may dream of owning a plush apartment suite, for others it could be a countryside cottage or a bungalow, while a selected few would want to own a beach-side villa. Regardless of its type, buying a piece of residential property is always a monumental task, which requires a lot of homework to be done by the buyer. The following guidelines highlight the important factors that prospective buyers need to consider and examine, while on the lookout for residential property.

Property Buying Guidelines

Identify the type of house that you want: First and foremost, identify and decide upon the type of house that you are seeking, for example: an apartment, condo, villa, cottage, etc. Talk to your family members, seek their opinions and come to a common consensus.

Decide upon the locality: Involve your family members in a discussion regarding the desired locality, i.e. centrally located, suburban, etc. and accordingly, shortlist a couple of areas. Consider factors like home security, distance from your workplace, schools, proximity to hospitals, train stations, etc., while making this decision.

Clearly define your spending limit: It often happens that in the process of buying something that we desperately want, we tend to overspend and later regret the decision. To avoid such a situation, it is important that you review your finances and define your maximum spending limit, accordingly. If you do not want to be rigid in this regard, then keep the higher limit in mind, and allow yourself a further 10% margin for flexibility. If you are opting for a home loan, make sure that the interest rate and the associated terms and conditions are something that you can manage.

Understand the legalities involved: Irrespective of whether you're buying a resale property or a new property, there are many legalities involved which you need to understand fully. Make sure that you complete all the necessary formalities for property registration, stamp duty, property tax, etc. If you have doubts about any legal formalities, it is wise to consult a real estate agent and clarify them.

Consult a realtor: In case, you are not confident of going about the entire home buying process on your own, you can always take the help of a realtor. An experienced real estate agent would know the existing market conditions, available properties and prices, and would recommend options accordingly.

Study the construction quality carefully: This is something you should do, regardless of whether you are buying an existing property or a new property. Make sure that the construction is strong, sturdy and durable. Inspect the plumbing, bathroom fittings, ceilings, electrical layout, etc. Do a background check on the reputation of the property builder or architect, if necessary.

Understand the total area of the property: Many a time, people are misguided about concepts such as floor area, carpet area, built-up area, etc. and consequently, end up making wrong decisions while buying properties. Therefore, it is very important that you understand these concepts beforehand, match them with your property requirements and then make informed decisions.

Make use of the Internet: These days, a majority of property buyers use the Internet to browse properties based on their choice of locality, budget and amenities. It is very convenient as one can view a number of properties from the comfort of one's home. You can try out this option and who knows, you may get your dream house over the Internet itself!

For first time home buyers, property buying can be a very tiring and cumbersome activity. Make sure that you do a thorough research, inspect the property minutely and negotiate well before investing in it.