Buying a property is an interesting activity.
Since it involves time, effort and money care is needed.
Even experienced buyers may make mistakes.
Nothing to worry though - we learn from mistakes and these mistakes help us grow by learning something new, some new ways that make us even more better decisions in the future.
The mistakes are like college fees. If you forget to learn the lesson given by the mistake, it is waste of the fees. Fees could be in the form of currency or time or effort or anxiety. So make use of it.
These are simple basic steps for buying apartments:
Where to buy? You make money in real estate while buying, not while selling. Don't assume some area will grow and select a location. It is a betting - it may or may not happen.
From whom to buy? Never buy from someone whom you have not had reference from someone you know. Ask a previous buyer or someone who knows the seller. This small step will save a lot of things later on.
How to buy? Are you paying from your funds or from a loan? Do the calculations to the penny carefully. Calculate each and every cost involved without ignoring any of them. For example, if you borrow money and pay the seller, is the transaction going to complete immediately or is it going to take a few weeks or months? What is the interest payment involved during this period? Did you plan to rent out to pay back? If handover takes a few weeks, what is the cost to you? Check these.
Check the Title deed and ownership. Is the owner free of liens to sell the property? Is there any loan on the property? Is the owner really the owner as per the registered documents? Take the history for last 20 years atleast to see how many hands it has changed before going to current seller.
Check the recurring maintenance commitments if it is an apartment. Is it something you are willing to bear every month or every year? Then go ahead.
Locality: This is similar to the point 1. Point 1 is from financial angle. Point 6 is from convenience angle. How far you need to go to get basic needs - transport, bank, school, kids play area, sports club, cycling track, hospital, grocery, regular needs like laundry, haircut, gasoline station and whatever else is of importance to you.
Neighbourhood and neighbours: it matters. What type of neighbourhood is to your liking - quiet, bustling, kids free, lots of kids, close to place of prayer, close to parks, closed community, where most people work, go to school, pray, party and so on.
This is a short quick guide, there is lot more to cover. Stay tuned, will post some nicer ones with lesser words and more pictures.
Ok why Pride Enchanta mentioned here - I want to reach out to those who have booked a flat in Pride Enchanta, BHEL, Mysore Road, Bangalore for interactions.
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