How to make the right property investment?

Here are some important criteria specific to property purchases which are highly beneficial for all property buyers to look into.

Legitimacy: It is highly crucial to check the legality of the property you are planning to buy. Property buyers prior to signing any agreement or deal essentially need to check if the legal details of the property have been completed. Generally every city has a local government body in charge of approving new constructions and buildings.

Clarity: It is important that the buyer has complete clarity on what they are ready to compromise with and what they are not ready to compromise; as it is difficult to get everything we want. For this an individual prior to making a buying decision needs to be completely clear about the most important priorities they are looking for in a particular property.  

Competitor Research: Before making any deal it is essential to do all the research possible of the different properties in the same locality. With such a comparison the buyer can make a more informed and accurate judgment about features like quality, pricing , facilities available, and other factors offered by the current property as compared to older ones in the locality.

Builder Research: It is necessary to also thoroughly research the builder credentials before taking the step of signing the agreement. By checking the past history and visiting old buildings constructed by the builder one can get a better understanding about the quality standards of the builder; and whether the builder will be able to provide the flat or property on the promised day or not. Usually most good companies will provide their complete company profile on their website where important aspects of their previous projects can be gauged.

Facilities Research: While purchasing a flat every builder provides a list of features and specifications to get the buyers interested. Features here meanfacilities of the building and specifications mean amenities and facilities provided inside the flat. Most developers provide a large list to attract buyers; however buyers need to go through the list in detail to understand practically which of these features and specifications will really benefit them and which are just superficial. 

Location Advantage: A lot of individuals would prefer purchasing flats in a project which is on the main road considering it a location advantage as compared to the one on the inside road. However if we consider the future, residential project which were prime property as located on the main road may not seem so beneficial considering the noise caused due to increased shops and traffic. Hence while buying an office this may be a prudent decision however probably a slightly inside location for a home with the basic facilities like grocery store, schools, hospitals, public transport and so on would be a wise decision. Nowadays most upcoming areas like new residential properties in Gurgaon, Noida and so on tend to keep these factors in mind while commencing any new project.

Approved Project Loans: Most reputed builder groups will have their projects registered with leading Banks and NBFC's; where the institution has already approved the project for the home loan. In this case an APF (Approved Project Finance) number is provided to the developer and if a customer requires a home loan they can provide the APF number along with documents while applying for the loan. With this facility the customer is free from the stress of collecting legal documents of the project and submitting them along with his own financial papers. Another benefit is that the customer is assuredabout the sound legal & technical credentials of the project.

Other expenses: Actual property cost is not only the price paid to the builder there are various other chargesto be paid which need to considered and compared with the customers budget before finalizing the property. Add on costs may include parking space charges, service tax, stamp duty, registration charges, home loan processing fees, electrification charges, transformer charges, club membership charges, and so on. Also to maintain the property other charges include costs like maintenance deposit and charges. 

Value for money: In the end it all comes down to the price the customer has to pay and the value for money. For this the buyer needs to do a detailed survey about the prevailing prices in that locality. Sometimes the most economically priced property may not be the most ideal property considering other factors like specifications of the flat, location, possession date, quality of construction, etc. Hence it is best to compare between equals and then make a decision about the value of the property.

There are many other features to consider before making your decision on your new home. Nowadays reputed builders themselves provide a lot of information about their upcoming projects to make it easier for the customer. Various well established builders like Unitech Group with properties in Gurgaon and other upcoming areas have built more than 100 residential projects and hence such builders are well experienced in providing all the details to their consumers. All the points above can be considered amongst other points you may find essentialwhile purchasing the property.