Last updated on October 18th, 2022 at 05:41 am
Most people want to have their own house where they can live with their style. You may also want to invest in your dream house and waiting for the right opportunity. Nowadays, investing in a dream house is quite easy because most financial institutions easily get ready to pay the loan the interested home buyers. Before investing in any house, there are certain factors that you should consider to make your investment worthwhile.
We recommend you to talk to the neighbors so that you have an idea about the locality and people. Also, you should research work related to the price of the home in that area. To evaluate the market value of the house in which you are interested, you should compare the price of other similar properties. Make sure that there will be no water or electricity-related problems in that area. Research work is very important because you are going to invest your hard-earned money. Some of the important factors which you need to consider are described below:
1. Registration Of Property
When it comes to buying an under-construction property, then there are various important factors that you need to consider. Make sure that the property is registered with Real Estate Regulatory Authority (RERA). Whether you are buying under-construction property or ready-to-move-in, it is imperative to ensure that the property is registered. It will make sure that the builder will not cheat you.
2. Check Reputation Of Builder
Before buying any property, you should ensure that the builder is reliable. You should check the reputation of the builder in the market. Try to contact old clients of that builder and ask for reviews. If the customers give good reviews, then it is a green signal for the builder. Otherwise, you have to start searching for other builders.
If more customers are complaining against the builder, then it is a clear sign that you should not trust that builder. Buying a property reputable builder means that there will be less trouble and you can easily spend happy life in your new house. If you are buying an under-construction property, then check sample flat such as medallion sample flat.
3. Take Help Of Realtors
Realtors will help in making the right investment. They have good experience in this field and they will help you to search the property which can fulfill your details. You just need to make a list of needs and requirements and share it with the realtors. They will search for the properties which are the right fit for you.
4. Read The Fine Prints
Before buying any property, you should precisely read the fine prints. While reading the fine prints, you should pay special attention to the provision related to the change in the building plan. Real Estate Regulatory Authority (RERA) has made some guidelines to protect home buyers from any fraud. In these guidelines, it is clearly stated that the alternation in the property’s plan should be taken with the buyer’s consent. Any changes in the property whether it is related to the design or layout, consent of both parties is a must.
5. Finance Arrangement
If you are planning to invest in an under-construction property, then we recommend you to go for bank-approved projects only. The financial institutions will help you to evaluate the project before approving your loan. If the project is approved, then it is ensured that the builder is reliable and you will get your house before the deadline.
6. Location Of House
The home location also plays an imperative role in your new home buying process. You should ensure that your new home is located in an area where you can easily access things that are required on daily basis. There should be easy access to the local transportation system.
Also, schools and workplaces should not be very far away from your house. Future development is also an important concern while investing in houses. Make sure that the place where you are planning to invest will develop in the future and the value of your property will rise. The medallion flat mohali is located in the heart of the city.
7. Agreement Between Builder-Buyer
An agreement between builder buyers plays an important role. It will ensure that the project will be complete before the specified time. In addition to this, home buyers will get the surety that the builder will give the compensation in case of delay in the project completion. You should ask the builder for the agreement. Before signing the agreement, you should closely pay attention to the delivery or possession date.
To be on the safe side, we recommend the property buyers invest in the house which is approximately 40 to 50 percent complete. Purchasing a home is like a big investment and you are going to spend your hard-earned money. Making the right investment is imperative so that you can make the most of your money.
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