The first step towards buying a property starts from being able to identify the one that suits your needs.
With a large number of builders competing with each other to get your attention (and you money, too), there is a wide range of choice available. However, it is important to select the property depending on:
Location Of Site- While choosing the location, you need to keep the following parameters in mind (Fill the table below and assign 1-5 values to the parameters for each flat you see in an area. A comparative table like this will help you to short list the flat)
Affordability – Does the location fit your budget?
Place of work – How far is the office from the desired location?
Market place – Where is the nearest market?
School – Where is the nearest school?
Public transport – Are buses/trains easily available from the location?
Builder – Does the builder have a good reputation in the market?
Availability of water and electricity – Is there a steady supply of both?
Residential/ commercial – Commercial areas face traffic jams during working hours and level of noise is rather high
Hospital/ Medical services – Are they available easily?
Society expenses – Is the monthly outgo on the society and maintenance a strain on your budget?
Security – Are the security systems in place, like a professional guard or electronic systems?
Parking – If you own a vehicle, you will need space to park it.
Type of ownership – In some areas, property is available only on a power of attorney or ‘pugree’ basis. Getting funding for such properties is a problem.
Self constructed property (SCP) – SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects.
Under construction property at an early stage – Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem.
In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property –
Chain of title – It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.
Maintenance – Check the internal as well as the external condition of the building.
Water leakages – A flat with water leakages should be strict ‘no no’ as it adversely impacts the overall condition of the building.
Condition of the flat – Is the paint peeling off or concrete crumbling?
Neighbours – Grumpy neighbours can make life very unpleasant.
Society transfer charges – If they are too high then you need to factor that in your budget.
It is virtually impossible to select a property that meets all of the above-mentioned parameters completely to your satisfaction. It is, therefore, necessary to prioritise the above parameters and select a property on a trade - off that is acceptable to you.
Stage of construction – To decide on whether you need to go in for a property that is ready or under construction, you will need to keep the following factors in mind
Urgency – If you are staying in a rented property where the rentals are exorbitant and if you feel the need to shift immediately, you should opt for a ready property.
Discounts – If you are not in urgent need to buy a property, you could buy the property from a reputed builder on a cash down payment option and get a substantial discount on the cost of the flat.
Modifications – It is always easier to get a flat modified to suit your tastes/requirements at the time of construction than doing up a ready flat.
source: http://www.apnaloan.com/primers/home-loan-india/selectproperty.html
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