Mar 05, 2015
Every one of us craves for owning a dreamy house at some point of time. But how easy it is to fulfil that dream, when buying property poses several possible hurdles along the way? Even though we are ready to invest huge amount on house or ready to go for loan, there are few things to consider before taking that very important step of our life.
Decide whether to buy ready flat or plot to build a house or individual house
The most important is if you want to buy a flat or to buy a plot so that later you can build a house there. There are both pros and cons associated with ready flats. Like when you buy a flat, it’s typically bought under leasehold and the plot will not be yours. But when you buy an individual house along with plot, you will be the sole owner of property and can do anything you wish with the land and house. But due to tremendous increase in property rates, not all can bear the cost of buying an individual house. So based on your limits, first you should decide what to invest in.
How worthy is to invest such a huge sum?
When you are finalizing a particular house, you should check whether the price is proportionate with existing market values. Information on previous transactions can be obtained from brokers or neighbourhood or registrar office, etc. So it’s always best to consult two to three realtors and understand the market fluctuations before proceeding.
Know your place
We will buy a house to spend our precious future in a peaceful way. So it’s great if you have a friendly neighbourhood right. Decide your priorities in terms of location, and what is going to be most important to you in a new neighbourhood – good local schools, commuting distance from work, public transport links, crime rates, close to family and friends, proximity to amenities, restaurants, hospitals and such things. Probably if you go half a mile down, you could enjoy the pleasure of park nearby or perhaps an extra bedroom or maybe a bigger garden. You can talk to people who are already living at the location to understand best.
Negotiate as much as you can
Usually the owners keep a grace price which will be more than 30% than the actual expected price. The price of a property in the agent’s window is not set in stone and vendors can often be willing to negotiate, especially if your survey has revealed defects. So ask and wait till you understand they can’t bend anymore.
Legality of the property documents
Whether you are going via a broker or directly purchasing a house from the owner, keep in mind to consult a lawyer before starting a move. Once a negotiation with the buyer complete and informal agreement with the seller is done, next step is to sign the formal written contract. So hiring a certified real estate lawyers helps to smoothing out the work of transferring property from buyer to seller. So in turn you can be sure that there are no legal issues associated with the property.
K. Altaf, Managing Editor, The Property Times
