Buying Property has become a trend in India. Every person wants to invest in the property which will give them high return in future. So, they want to earn extra income. However, not everybody wants to earn extra income as some really have to buy home to fulfill their dreams. Such people try to make sure that the decision they are making by investing their savings in that particular property will lead to a successful decision. So today I am going to share the checklist that you are must consider going through in order to obtain a successful property purchase!

The home buyers checklist is as follows:

 1. Know your Budget

Determining your capability to pay is the first step in your quest for finding your dream home. Knowing your budget at the early stages saves a lot of time and helps you focus on the properties that fall in the price range you have set for your home. So, set your budget in a manner that the loans, EMIs do not impact your lifestyle. Important expenses such as home insurance, maintenance costs, etc. need to be factored in when deciding on the budget. Consult with Best Invest for more information.

2. RERA Details

The number one thing that one needs to check is the RERA opinion about that particular property for a successful property purchase. RERA stands for Real Estate Regulatory Authority. Every state has its own RERA. It was established in 2016. This act was made to seek the protection of home-buyers as well as to boost investments in the real estate sector. This authority acts as a regulatory body so as to assure that no individual feels cheated in this area. So in order to give your deal the status of ‘a successful property purchase’ one should surely check the RERA status regarding that property. Hence, this is the first step to obtaining a successful property purchase.

3. Know your taxes

Second thing is to know about the tax regimes. So, it is extremely essential to have knowledge about the tax regime in order to protect yourself from fraud. As, if you know your taxes you’ll pay the right amount to the seller and not be indulged in any kind of fraudulent activity. Moreover, this exposure to knowledge about taxation will help you in having a safe transaction.

4. Location

Then is location. Location is the crucial thing one has to check before purchasing any property. It is the only thing that certainly cannot be changed once you have bought the property. Hence, it needs to be evaluated carefully. For instance Jay is a family man and has bought a house on a very lonely road outside the city. There is no supermarket around where his wife could go and buy the groceries. There is no park where his daughter could go and play; no neighbors with whom his parents could go and talk to. Moreover, there is no househelp around as well. Hence, we don’t want anyone to face any such situation. Therefore, check out the location and its surroundings in order to get a successful property purchase.

5. Property Price

Discernment is the cornerstone of wise decisions. So, detailed analysis of the market and property price trends can prove to be crucial in order to ascertain the right price of the property. Moreover, buying a house is an investment you make for the future. Hence, studying the property price appreciation and depreciation, history of the area can give you key insights. In fact, knowledge of the price trends can help you determine the worth of the property and predict the returns on investment in the future.

6. Documentation

As a home buyer, it is vital to ensure that all the property documents from a builder or previous owner of the property are in place to avoid any last minute hiccups. Moreover, this is I’ll also save you from any legal hassles in the future. Furthermore, Documents such as RERA certificate, No objection certificate, structure plan, registration, approvals, etc. need to be verified before you initiate any transaction.

Also Read: How to invest in real estate as a college student

Conclusion

Buying a home can be a confusing task that requires a lot of effort and time. Moreover, If you are a first time home buyer, the whole process of buying a home can be a bit overwhelming. Hence, make sure you consider the mentioned in the article above as they will help you in making a successful property purchase. Moreover, the Best Invest Consultants will also help you in making the best deal!

(Disclaimer: All the statements are opinions and perspectives. Hence, the accuracy of the facts is not guaranteed)