The real estate industry in India is very difficult to understand and completely lacks transparency. There are times when homebuyers pay for things that they never wanted nor needed when they purchase a new property for themselves. Everyone is aware of the fact that the Indian economy is booming at a steady rate and so is the real estate industry. However, consumers nowadays are looking for various safe investment options. The worst thing people do these days is without proper knowledge they go on a search to find properties. Without proper research and knowledge, buying property remains a risky task. Buyers often find themselves stuck with many problems when they plan to buy a property. To avoid this, here are a few tips for property buyers.
Saleable Area – It is necessary to understand the saleable area in any building where you plan to buy a property. Developers will help you to understand that the maximum built-up area is linked to plot size. There are many terms which you need to understand like the ratio of built-up area to plot size is called the Floor Space Index (FSI) or Floor Area Ratio (FAR). Different localities have different FSI and FAR ratios. For some residential properties, extra spaces like balconies, terraces and open parking lots are not included in the FSI calculation because of the reason that they cannot be monetized. However, there are many developers who convert these spaces through creative construction and charge homebuyers based on the super built-up area which is the total area of the apartment plus its share of common spaces. It is usually difficult for homebuyers to understand how super built-up areas are calculated where the real estate developers can help them.
Hiring a Real Estate Agent – When you have decided to buy a newly constructed apartment it is not necessary to hire a real estate agent as to when you will visit a model home there will be a sales agent from the developer’s side to help you out throughout the whole process of home buying. But, if you still choose to hire a real estate agent they will ensure that complete knowledge is being provided to you which the sales agent might miss out on telling you because keep in mind that the builder is paying their salary and they will get a commission off of each property they sell. Hiring a real estate agent can help you protect your interests and ensure you’re getting the best deal. It really depends, there are few developers who are ready to give you a better deal by going in without a real estate agent.
Selecting the Right Plan – There are different instalment plans accessible in the market, for example, down payment plan, Flexi-instalment plan, construction-linked plan, and possession-linked plan. Real estate experts state one must pick cautiously the plans which are best suitable for them, as for the most part there is an expense for each comfort. For instance, in subvention conspires, the value is at any rate 10 percent higher than what is charged under standard plans. Customers should likewise comprehend that any late instalment or default with respect to the developer in such plans will affect their financial record. At that point, there are ensured rental plans under which the developer is responsible for paying you lease for a fixed period during development or for a specific period after possession. In the principal plot, the purchaser gets standard instalments from the designer during the development of the house, which results in saving a piece of EMI or lease costs. In the last plan, for the most part for properties that are outside city confines, the developers offer rental pay after possession. Yet, the fine print is that there is no assurance so the risk is involved.
Understanding Your Budget – Before searching out for properties it is necessary to decide upon your budget, the amount you want to spend for buying your dream house. It is equally important to understand that the amount usually doesn’t account for other monthly expenses or problems like broken water pipe problems that can arise during homeownership. Thinking about a budget well in advance will also help you when it comes to making the final offer.
Knowing the Resale Value – Resale sale Value is something essential to consider before you intend to invest or purchase a property. Property purchasers never consider resale esteem when they purchase. They tragically focus exclusively on a prime area or the financial limit of the property. On the off chance that you pick an inappropriate property or area, it is conceivable that the cost of your future deal will consistently be less than the different homes around it.