Best Guide for Buying a Property
Buying a property is a marvellous and quite an intelligent decision and extremely essential for asset development and future planning. From first time buyer to a pro in real estate- buying a home, can be a fascinating experience for all. Apart from budget, there are several others factors that one must consider while buying a property. Have a look.
Budget is the most imperative and utmost deciding factor in buying a property. With budget, every other factor rests in place. Like depending on the budget- decide the location, size, nature like housing complexes or standalone houses, intervention of brokers and dealers and off course payment terms i.e you may be able to pay the full in cash or go for down payment and EMI. For example; if your budget permits to buy flats in Palava city, one should surely go for housing complexes and opt for EMI on a construction linked plan.
Location is next in priority. On the location, various other important factors like appreciation value, rental rate and overall value for money are dependent. Such as lodha palava prices seems to appreciate at a high rate and the rental rate post possession will also be high and increasing.
Resale Value is a significant thing to count before one plans to finance or buy a property. Property buyers never look for resale value when they deal. They make the blunder of aiming exclusively on a good locality or the economic dimension of the property. If one chooses the wrong deal or site, it is possible that the future sales price will always go down than the other homes in vicinity.
Home loan eligibility relies upon the refund ability, earning, prevailing loans or debts and age and profile of the loan claimant. The lending firm or banks offer online services such as Home loan entitlement calculator to understand loan eligibility of the home loan debtor. The maximum loan that can be authorized differs with the banks and the admissibility criteria may diverge according to the bank or RBI protocols. As home loan rates upsurges, the credit entitlement for a debtor becomes firmer and more rigid. Moreover, banks have lately alleviated their loan norms and will consider close to 100 % home loans, a deposit will rise the chances of the home loan being sanctioned at a desirable rate.
One thing should be considered by all buying properties that there are lot of additional and hidden costs involved with the deal. They are brokerage, service charge by real estate companies, surveyor charges, parking and maintenance and extra rates for exclusive and specially chosen floors. For example; if one is preferring a south and east facing flat on the ninth floor, over viewing the garden or pool- the rates per square feet automatically surges up.