If plan to buy a house in Bangalore is your first initiative then, you might be in for a shock. The process will be nothing less than a nightmare. When we decided to lookout for a house in Bangalore, we contacted few real estate agents. We cleared him what we were looking for as well as the budget we could afford. He took us to few assorted properties, but none of them were even close to what we were looking for.
Investment in property is definitely a good call especially in a place like Bangalore, but you need to be cautious while concluding to fetch you good Profits. First-time home property hunters commence the search long before most even realizes it. There are many important aspect to keep in mind while buying a property, below are points for your assistance, having learned them hard way.
Mind your Pocket size:
This is the primary step when you go for an investment. The expected expenditure for house must be around or below 35 percent of your total income. Flexibility in your budget would definitely help during times of any unforeseen events. Find out your capability to accrued loan from any trusted housing loan institute or bank. Watch out your income and ensure how much you can pay as down payment. This will help you to ascertain and conclude your budget while hunting property in Bangalore.
Find the best Location:
Location plays an important deciding factor in buying a property. Make sure you checklist few aspects before jumping into conclusion.
Ensure there are proper approaching roads to the house.
Ensure there are proper water & electricity connections.
Ensure that well laid out drainage, sewerage and garbage disposal arrangements have been made.
Is there any issues concerning to pollution due to industries etc?
Level of developmental activities of the area - ensure adequate public transport facilities and other prominent amenities like educational institutions, hospitals etc.
Survey the market and talk to local people and enquire about the standards.
Do a market research on the current scenario:
Lots of people go by the opinion of someone they know. While trusting is good, but few important decision requires lots of facts & figures. It is advisable to visit brokers, look at websites on real estate, visit exhibitions, then shortlist properties based on your requirement.
Find the right sources:
Buying a property in Bangalore is one foremost resolution taken by us, make sure you invest your hard Earned income in projects acknowledged by renowned developers or agency having proven track record. You may rope in trustworthy real estate agent for a nominal commission.
look for resale value:
Always go for a property which has a resale value. Purchase the property in a developing area. The value of land will appreciate but purchase house or flat or land that is Vaastu-friendly from resale point of view. Even if you have to be more flexible with your budget, invest in a property which has resale value. Focus on property in developing area. The value of your property may appreciate in future. Investing your money in Vaastu- friendly property will boost your resale value.
Look for your lifestyle and layout:
Before you search out for a property, decide on what kind of lifestyle you and your family will be comfortable. Would you like villa, apartment or individual house? Or do you need a suburb or inner city? All defines your lifestyle. Study on the layout is also very important. You don't want to buy an apartment and invest twice the amount in restoration. First of all, ensure there are enough rooms for your family. Confirm on the available space of the living, dining area and kitchen. Entire layout has to be planted in prior depending on the size of the family.
Once zeroed on a property go through ALL the papers:
Once finalized on the property, the verification of all the required papers and documents becomes property. Before documenting the property in your name, ensure that the building has been raised as per the government sanctioned plan and if there is any deviation, it should be in the allowed limits. Check and recheck the documents and papers with a learned advocate. Assure that the documents of property you intend to purchase are crystal clear. Especially
a) Mother Deed - can be assessed in the registrar’s office. Mother deed gives you an entire scenario as in the details of the holdings of the property for past 30 years.
b) Sale Deed
c) Conversion Documents – Very important when you buy property in place like Bangalore, where property is not available in central part, most of the land outside will be meant for agriculture, so it is important to be converted.
d) NOC (No Objection Certificate) - Ensure you have a NOC from BDA or the required authority, if the property is converted.
Own your Dream:
You need to make sure that you repay your home loan installments periodically on time. Once you occupy your home. Ensure you maintain your property in proper condition for resale if required.
Buying a property in a place like Bangalore is dream come true. There is a need to maintain extreme caution while finalizing a property. After all its our hard earned money invested in it. Make sure you entrust your dream in a trusted hand.
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