Points to Note while Buying Property

Buying real estate is a popular kind of investment as it provides high future returns. The motto behind buying a property could be different but it is a major financial move. Whether you are planning to buy the property as part of your investment plan or moving in, there are numerous things to consider before you make the leap. You might come across plenty of alluring property projects that are going to boom in the coming years but be very careful before you invest as a bad investment could mean a significant loss in terms of money. In order to avoid such a situation, it is always better to prepare a checklist about the kind of property you would like to invest in & choose a property option that meets the most number of criteria on the checklist.

• Location – The location of property is an important thing to consider before buying. Is it located close to schools, markets, hospitals, etc? Consider the average time taken to reach all these places from the property?

• Accessibility/Connectivity – Is the property accessible? Is it well connected to other important locations across the city? This is important because you or your spouse would need to travel to your office/shop on a daily basis; the kids would have to go to school/college, etc. – for all this proper connectivity is a must.

• Neighborhood – Is the property you are considering to buy located in a safe neighborhood? This is important to ensure your personal safety and that of your family.

• Legal Regulations – Does the property adhere to the legal regulations outlined by the concerned authorities? Was it built as per the building code? Have all the previous dues e.g. property tax, etc. been paid?

• Budget – Is the price being quoted for the property within your budget? Outlining the budget is an important step that should be undertaken before you actually start looking for viable properties. This narrows down the possibilities and makes your search more effective and less time consuming.

These are some of the essential considerations that should be kept in mind while buying new real estate. By preparing this checklist, you can ensure that you do not end up investing in property which does not meet your requirements efficiently.

References:

http://www.selfgrowth.com/articles/points-to-consider-when-buying-property-in-mumbai

http://timesofindia.indiatimes.com/business/personal-finance/Nine-things-to-keep-in-mind-while-buying-your-first-house/articleshow/24456559.cms

http://www.moneysavingexpert.com/mortgages/house-buying-guide