Tips To Know Before Striking A Property Deal

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Living in a rented apartment for a lifetime is never a dream of anyone – we all want to own a house someday! But, the process of selecting the best property at the best deal is tedious and time-consuming. And often, first-time buyers either end up compromising on the locality, or price, or other basic amenities. You will also not want your property to be a burden on you – when you invest a lump sum amount in it, you will expect it to give a good return too.

To help you strike the best deal, we have prepared a checklist – these tips will help you to get your dream home to be it a villa or a 2 bhk apartment in Lucknow with minimal efforts.

Here are the tips to know before striking a property deal:

Locality

The choice of location depends on the personal needs of an individual – while some prefer to stay close to their workplace, others give more priority to the schools and other factors related to their kids’ development. But, in general, we all want our home to be in a well connected and safe locality – after all, you will never want your home to get burgled in your absence!

In case you have budget constraints and prefer to purchase a house in the outskirts, make sure that the area is well-connected, or else you will end up spending all your savings in commutation.

Budget

We all have a budget, and you will not want to become a pauper trying to purchase a property. So, locality and budget go hand in hand and need to be given equal priority while buying a flat

Some decide the locality first and then, depending on their budget, determine whether they will go for a 2 bhk or 3 bhk flat in Lucknow. Others first allot a budget and based on it, search the location and apartment type. Which path you will take is up to you!

Most of the builder-built apartments have bank approvals. It means you can get home loans up to 80% of the cost of the property you intend to buy. Before deciding your creditworthiness, these financial institutes also consider some other factors such as income, expenditures, and current loans, to determine the loan amount and interest.

Variety of options

Most of the developing cities have many builders offering loans for different communities and budgets. You need to make your choice wisely because a home is a one-time investment.

In case you want to shift immediately, you will have to search for ready-to-move-in apartments. Though they are costlier than the under-construction buildings, you can move into them quickly and start using your space!

However, you can also purchase pre-owned apartments at competitive prices and immediate possession.

Check the builder’s background

The increase in the number of builders has made it a compulsion that you verify the builder’s background and credibility before you invest in their property. Though various infrastructure laws have curbed real estate frauds, still a double check is imperative.

Sometimes, dealers do not complete their projects on time even though your EMI on home loans starts – know the right sources and consumer laws for such scenarios.

Negotiate

Whatever price the dealer quotes, never hesitate to negotiate! Always remember, just like the dealer has many buyers, you too have many options – so when purchasing a home, never compromise on anything.

Also, hire a lawyer who can help you out with the legalities. It is imperative to keep you informed about the current trend of the market.

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