Upper East

5 Step Guide to Purchase a New House in India

Purchasing a property is one of the most crucial decisions for an individual. Property investment requires thorough research and analysis. This blog will provide a brief on the factors to consider before purchasing a property. It will highlight topics including:
1. Factors to consider before purchasing a property
2. Why you need an expert?
Investing in a good property project has benefits like diversification of assets, stable returns, comfort, and security. Buying a house imparts a feeling of independence and achievement. Here are key factors to consider before you purchase a new house:

1. Budget

Allocate a budget for your property investment. Your house planning should be done according to your allocated budget and your capacity to apply for a home loan. Home loan eligibility depends upon the repayment capacity, income, existing loans or debts, and age of the loan applicant. Adhere to a precise management plan of the expenses to get a brief on much money will be left each month to meet your expenses. You should have the confidence that the property you are investing in, will satisfy your present needs for comfort and security.
Analyze your neighborhood to get a brief on whether it will match your personality and lifestyle. Buying a property in a good neighborhood impacts your impression on your guests and family. Your selected area should have adequate basic amenities such as power, water, sewerage, etc. Research on the best real estate developers and seek expert advice. Infrastructure in the area, connectivity, builder goodwill, and price of the property are key components you should research before making the purchase.

2. Location:

Location of your property matters because it indirectly affects your routine lifestyle. The location you choose should be within your allocated budget and should also be feasible with your everyday travel requirements. It should have an interconnected street network along with an efficient proportion of good retail stores. Upper east 97 is one of the leading real estate developers in Mumbai that can offer you spacious houses in locations that have effective connectivity and essential amenities.
Analyze your neighborhood to get a brief on whether it will match your personality and lifestyle. Buying a property in a good neighborhood impacts your impression on your guests and family. Your selected area should have adequate basic amenities such as power, water, sewerage, etc. Research on the best real estate developers and seek expert advice. Infrastructure in the area, connectivity, builder goodwill, and price of the property are key components you should research before making the purchase.

3. Resale Value:

If you purchase a home in a desirable location with essential amenities intact, chances are that the location will attract a large pool of home buyers later down the road. Alternatively, if the location is less desirable, it is possible that the future sales price of your home will be less than the prices of other homes in locations that are more desirable. This would likely attract a smaller pool of home buyers. Homebuyers often make the mistake of focusing solely on a prime locality or the budget of the property. Select a property with good resale value. Research or take the advice of experts to evaluate the resale value of your property. Wrong property or location can impact the resale value of your house.

4. Stamp Duty & Registration Fee:

Stamp Duty and Registration Fee are an important part of your expense or tax, much like the sales tax and income tax that is collected by the Government. When planning your budget for making a property investment, you should be aware of the essential rate and charges applicable in your city. Stamp duty rates and property registration charges depend upon several criteria across different States.
In Mumbai, stamp duty is levied under the Maharashtra Stamp Duty Act. The Maharashtra government has reduced stamp duty charges on properties for the next two years in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad, and Nagpur. With this announcement, stamp duty on properties in Mumbai, Pune, and Nagpur will be charged at five percent (four percent Stamp Duty + 1 percent Metro cess).

5. Property insurance:

Property insurance is a type of insurance policy that offers financial reimbursement to the owner of the property in the event of damage or theft. This policy provides a layer of protection against most risks to the property such as theft, fire, weather damage, etc. The cost is relatively low and provides coverage in case of problems with the property title, certain damages, or any legal issue. There are many different home insurance policies to choose from, with varying levels of protection. Banks offer some of the best home insurance policy plans customize according to your requirements.
Numerous situations are expected to arise post-COVID-19, however, the one advice that remains constant from the experts is that this is the right time to invest in property. This time of crisis is fortunately believed to be the best time of buying a property due to the favorable circumstances. Millennials especially are bound to purchase new homes to efficiently tackle a possible crisis situation in the future. The use of the digital platform to promote the sales of real estate will inadvertently increase the involvement of technology in the real estate business.

Advantages Of An Expert In Purchasing Property

Seeking an expert real estate agent or developer is a wise decision as compared to doing a self-research. They have the resources and expertise in finding the perfect house that perfectly matches your description. They have enough information on the pricing of properties and selecting a reputed real estate builders can save you from some extra expenses. They are well-informed whether a particular property is overpriced or underpriced. Experts also have information on the availability of the properties and can find you much easier as compared to your self-study endeavor.
Real estate agents can tackle the paperwork for you. You don’t have to worry about the required signatures or margins. When the purchase in on the verge of completion you want to make sure there aren’t any unexpected title issues, that the financing has come through and that all of the professionals involved are staying on task and on the timeline, and real estate agents are used to dealing with these types of issues and can work through almost any challenge that arises. Apart from the technical aspects of a sale and the mistakes people can make in the paperwork, real estate agents know neighborhoods and houses inside and out.
To conclude, thorough research is mandatory before purchasing a property in India. You also need to conduct thorough research on the builders and the real estate developers to ensure your investment is in the correct hands. Choose the experts to assist you with your property purchase as they have unlimited resources to cater to your requirements.