A Helpful Guide to Buying Residential Property in India

There are many kinds of residential properties available in India. Buying the right type at the right cost may seem like a tiring and challenging task. To make it easy, it is important to focus on certain factors during selection of a property. This article provides some helpful tips on some such factors.

There are different types of residential properties in India which are available at different prices. But choosing one that is ideal for you might seem like a big and difficult task, especially if you are not sure of what you are looking for. In order to buy a perfect house for you, you must follow certain rules and focus on certain factors to make a wise and good purchase. 

Like everything else, buying residential property is also based on certain rules which must not be overlooked. Discussed below are some such factors which you must keep in mind irrespective of whether you wish to buy a property in MayflowerEstates in Coimbatore or any other locality in Bangalore.

• Find your property: The first step in buying a house is to narrow your search down to a few select properties based on specific criteria. For example, if there is a particular location where you want to buy a house, look for all houses in that area and then zero-in upon the ones that seem the best of the lot. You could then base further selection on the number and types of rooms, amenities available, price etc.

• Background check: After you have selected the property you would like to buy, run a thorough background check on it. The check should include everything from financial details to legal ones of whether the seller has the rightful ownership or not, whether the property has approvals and permission to be handed over etc. Also, if it is under construction, make sure you can wait until construction is complete. If it is already completed, make sure you have a look at all its features, or you could wait for an under-construction property if you are willing to wait. In short, base your selection on your priorities and preferences.

• Payment: It is important to know the payment option before settling for a property. You need to know not only the cost of the property but also the payment plan offered by the builder whether the property is eligible for loan or not, and if any scheme is applicable. Depending on whether you are opting for a completed project or a property under construction, you may need to pay a lumpsum of money or may be eligible for part payments and plans. Find out about these finance options carefully before investing.

   

• Allotment letter: If you choose a property that is under construction, the builder will give you an allotment letter which will have details of the property like property number, premises, cost of property and much more. This document bears testimony to the fact that the particular property has been allotted to you and will contain all details including the extra charges you might have to pay for parking, amenities etc. 

Thus, whether you wish to go for a house in the Mayflower Estates of Coimbatore or own a villa in Chennai, you must keep the above tips in mind in order to make a wise and safe buy.