Things you should check before buying property

Given the population in our country and the land available, every piece of property seems precious. Even if that wasn’t the case, property is important, even if you buy it just as an investment or to move into it immediately. There are a couple of things that you must absolutely consider before signing the papers or the agreement. You wouldn’t want to buy a place and then wonder if you made the correct decision. You can refer to this checklist before you buy any property, and it could be a villa or a simple 2 bhk flat in Bangalore.

Things you should check before buying property

  • Loan

Although that’s not the first thought that you come across when you are hunting for houses, it is something you should begin considering. Banks these days offer quick loans, but you may have to find out what part of the total cost can be loaned from the bank and then make arrangements for the remaining. It is important to first think about this in order to arrive at a budget and then accordingly look for houses. Make sure you keep in mind the expenses that will follow for renovating or installing furniture in the house.

  • Need and Want

Make a checklist of all the things you are looking for. If you have older parent, you might want a place on the ground floor or a building with a garden and a walking track. For kids you’ll need to have a school close by. Make a list of all these things and you could categorize them as things you need and things you would want. You could also arrange them in order of priority so that you know what you can compromise on and what is utterly non-negotiable.

  • Area

When you are buying a flat, it can often get confusing between the carpet area, the built-up and the super built-up. You need to understand all these are concepts and then pick a flat accordingly. The builders usually quote a super-built up which also includes a proportionate area of the lobby, lift and other common areas. However, the area that is actually available for your use is much lesser. Make sure you do the math before buying it.

  • Future

Most cities are developing and expanding at a fast rate. Consider the future prospects of the location that you are planning to buy a house in. This could also mean that you can buy a place in an area that is still developing and keep it as an investment that could pay off in a couple of years. Buying property in a prime location will always cost more.

  • Legal aspects

Although a little lower on the list, this is one of the most important factors, especially when you are buying property in a new construction. Make sure you check the builder’s records and ask for the approval papers, or check with the local government regarding the approved building plan.