Purchasing a property in India is a lengthy procedure while choosing a good property; rather a perfect one is an even tougher task. Buying a property is making a massive investment, freezing all your money and liquidity and also singling out on a sole property that could affect your comfort levels and the way you lead your daily life from the date of purchase. The essential tips that are about to follow are generic in nature and should be considered irrespective of the kind of property you decide to purchase. Read to find great handy essential tips to choose Real Estate in India.
Type Classification
First of all, you need to decide what kind of property you are interested in buying. This is the first and foremost question that shall ultimately decide everything else that entails with property buying in India. Decide whether you want to buy a residential property or a commercial property. Are you looking for specific amenities? List your needs and then let the final search begin.
Location
The location of the chosen property should be assessed based on your need and requirements of daily life. For instance, if it is residential property where you would be living permanently, you need to decipher if you have a rail head, a bus stand, an airport, a school, a hospital, a super mart etc. around you. On the other hand, if it is a commercial space you need to know whether the space offers itself as a decent buying market. The efficacy of the purchase of the property will be decided by the surroundings and whether it will make your life more convenient.
Internal Environment
Internal environment connotes the surrounding of the property like the society or the park which houses your dream home or may be the commercial complex that houses your commercial property. Internal environment in residential spaces entail the existence of utilities like a health club, a swimming pool, a children’s play park, banquet hall and other such frills like in-house gyms, salons etc. which people do look for. With respect to commercial spaces, these include the existence of an ATM in the premise or even close to the premise and a commercial license for water and electricity.
Home Loan Option
The loan option can be used for most properties when it comes to real estate in India. Home loans have their own laws along with rules and regulations with respect to the kind of property on the bid for a loan. Most of the loan needs a mortgage, a collateral that is secured by the financing bank till the total home loan not paid. However, make sure you decide and agree with the terms and conditions with legal help before you sign any paper regarding the property deal. Loan options are used most of the times, but this tool should be used with great care keeping your finances under strict scrutiny. If your home loan bounces, not only could you lose your property on loan but the collateral as well.
Thus, primary and secondary research should be done well in advance while the legalities should be fully secured before any purchase.