What Should You Look At While Buying Property?
Investing in property without being acquainted with the intricacies may land you into some serious trouble. Most investors tend to ignore several important parameters while focusing on the worth of the property they intend to buy. As a result, people tend to face a plethora of problems, some small and some big.
These are some of the most essential facts that you should bear in mind before plugging your hard earned money into a property.
Verify all available documents
Without wasting an iota of a second, you must make sure that the property that you are going to purchase has necessary approvals and certifications. Hire a lawyer to get the information about the title deed, occupational certificates and approvals from municipal corporations.
Research about the property’s location
If you are seeking returns from your investment by renting it out to tenants, it’s important to know the whereabouts of the property’s location. Gather information about the possibilities of getting tenants in the location and its connectivity to the airport and railway station. The better the commutation facilities, the better would be the chances of getting tenants for your floors/flats.
The orientation and size of rooms
Rooms that don’t receive adequate sunlight during the daytime are frustratingly dark. Make sure that the rooms of your property have an adequate number of windows and proper ventilation to allow sufficient air flow. In addition to the orientation of the rooms, their sizes matter a lot as well. Are the rooms spacious enough for your furniture? Builders often place small pieces of furniture in the rooms to make them look bigger with an aim to misguide buyers.
Security and parking space
Nothing ranks above security of you and your loved ones. The property you are buying should have enough number of security guards and needs to meet all statutory compliances. Your building must have an adequate number of CCTV installations and firefighter appliances to ensure all safety norms. In addition to it, the building must have sufficient parking space for you and your guests. Don’t hesitate to inquire about other standards of services from the occupants before making up your mind.
Flooring and plumbing
Visit the property along with your family and friends to get their opinion about the quality of flooring, the state of the windows and the roof construction. Not all that glitters is gold; don’t let yourself be fooled by shiny new paint. Also, make sure that the plumbing in kitchen and bathrooms is in a sound state.
Compare the pricing and EMI
Most of the folks tend to be emotional when it comes to buying a new flat to live in. Fight your emotions and keep them aside; consider the amount of EMIs that you shall be required to pay. Ideally, the EMI and other maintenance charges must not exceed 30% of your total household income. Also, compare the costs of property in the vicinity to gauge the profitability of your deal.
Apart from these few aspects, you can gather information about the property prices from the current residents of the property. You must take decisions related to property matters with due diligence. Keep in mind these aspects and choose the property that is best suited for you and family!