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15 July 2020 | 4 min read

Buying A New House? Here Are 5 Things To Keep In Mind

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When it comes to buying a house, you should be ready to go the extra mile to get to know everything about the property. As you may have heard of cases where buyers have had to let go off the property as it was either agricultural land or the title was disputed, or there were pending dues. 

Hence, you are required to keep all possible points in mind before you stride and make a choice. As buying a house might also involve taking a loan, followed by monthly instalments flowing out of your income, you need to plan your budgets accordingly. Ahead, you will discover the five key things to remember while zeroing in on a new house. 

Property Price 

The price of a property plays a vital role in the final buying decision, as pricing of the property directly affects your finances in the long-term. Once you know the price of the property, compare it with the amount of other properties surrounding it to get an idea if the builder has offered you a genuine quotation. 

These days there are a lot of online portals where you can easily compare property prices. Always look for the maximum value for money and try to cover as many amenities and services when making the final purchase. Get to know the underlying costs like maintenance, utilities, etc. especially if you are taking a home loan to buy the house. 

digibank offer attractive interest rates from two of India’s leading Housing Finance companies – HDFC Ltd & PNB Housing. Besides being digital, some critical features of digibank home loan include the following –

  • Enjoy doorstep service and a wide range of home loan products
  • Experienced personnel who will guide you throughout and ensure smooth and secure processing of your loan application
  • Simplified documentation and faster approvals
  • Loan approval even before a property is selected
  • Attractive interest rates with affordable repayments options
  • Transparent processes with zero hidden cost
  • Free & safe document storage

Find out more here.

Flat’s Carpet Area

The next important thing is to know the correct carpet area of your new house. Usually, a property’s area or the super built-up area that is listed is the entire area including shafts, elevator space, stairs, the thickness of walls and others. However, the carpet area is the actual area within the walls of the flat. 

This area can be 30% lesser than the built-up area or the area used to calculate the price of the property. Most of the time, people get confused between carpet area and built-up area. Hence, having a clear understanding of these areas is very crucial in making the final buying decision. 

Location, Amenities And Comfort

Look for property in a locality where you see professional growth, lifestyle maintenance and ease of reach. These simple yet crucial factors will help you have a peaceful living in the house. The flat should be in a safe and secure place, offering some security to families living in the flat. 

That’s why the concept of residential colonies is trending these days as they offer myriad integrated amenities like swimming pools, recreational areas, designated sports facilities, clubhouses, groceries, general stores, hospitals and other convenience factors. It is essential to ensure the essentials are within the reach when buying a property, especially when the purchase is for personal use. 

Legal Check Of Property

Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation. However, if you are taking a home loan, the concerned bank will validate your property documents before loan sanction. 

Apart from this, it is paramount you do thorough research on the seller or developer you are going to buy the property from, to avoid future complications. With the recent RERA guidelines and regulations, buying properties with cleared paperwork and permissions has become more reliable. However, there’s no harm in checking reviews yourself before investing

Additional Perks

Once you are done with the vetting, look for other perks and incentives when buying a new house. One of the most obvious ones is the discounts and savings offered by developers and realtors during the festive season. Some even offer perks and incentives like free parking, waived off registration fees, and more. 

The decision to buy a house should be based not just on the need, but also on your financial readiness. 

by Akansha Singh
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