Great challenges are involved in buying apartments in Delhi like city for first time which tempt to just go with first home that comes affordable to use or continue with rent. In order to demystify this process getting maximum out of purchase, let’s see what you all to consider before you purchase a house, what to expect and tips to make them easier for you.
Find the right home:
- Before you start your hunt for house, get an idea about what king of location or neighborhood where you want to have house and type of house.
- Real estate Delhi never sleeps. Looking for any hot property, move quickly otherwise you can lose it probably.
- When you start looking for house, make a wish list but one thing no house is perfect.
- By seeing the cover, don’t judge a book. Same is the case of house too, go inside and check around before make the decision.
- Good shaped properties are very rare to see which don’t stay for long time in market.
- If you plan it as an investment then best place would be an up-coming area.
- When you are purchasing a house, it is a kind of investment. You are spending your earning on it.
- If you go with new upcoming projects they offers small bed rooms, while older units have much square feet typically.
- Think over the maintenance fees that get increases periodically.
- No needs to buy an apartment in a building where lot of tenants are staying because they might not take care of the building and surrounding as owner do.
- With first visit sometimes feeling can overshadow the house but go for second visit that allows you time to do full inspection of house and take decision by you head not heart.
- If the house is little old one then thorough inspection is needed like the whole infrastructure, plumbing and look fixtures and waste water pipeline. Also check the electrical system whether they are not overloaded or safety hazards are there.
- Realty won’t be that fancy as you had dreamed about a house.
Finance
- You can apply for housing loan before you start looking houses, because houses can be bought or sold overnight also. Sometime your dream house is in your hand but the seller is not going to wait.
- One think you remember the loan you take should be three time of your income only- it is rule of thumb.
- The lender can subtract debt payment remaining from your income first so with high debt, lot of loss of income and small house.
- You should always keep some money apart to pay off the advance amount. Typically it is 1 to 2% of property value and also money for tax, insurance, registration and for agent if any.
- When you going to buy a new house, you must pay 10% to 15% within the period of registration happens, you don’t get title by that. Until title is in your hand, whole mortgage can’t get issued completely, so during this period you have pay as the work progress.
Final process
Make the offer as low as you can or check out the ongoing price in nearer place. Try not to go with price listing rather fair market value is enough. Three important things matters are negotiation information, its preparation and reality. Keep a home inspector before finalize, you can never know what is under-covered because it is a benefit which can be used to negotiate.
