1. Location
Location is key to valuable Real Estate. We are highlighting the Location of the
Project as well the Location of the Property within the Project.
Consider checking for transport links, well-ranked schools/institutions, and
community involvement. Bear in mind, neighborhoods can transition from less
desirable to ones considered “up and coming” within a few years.
Additionally, you should determine whether the property is located adjacent to a
busy street, freeway, or other commercial areas because this could result in
increased traffic noise and unusually high parking demand.
The property's location within the Project is also critical. Do not forget to
consider the distance to the Main Gate/Road!
In general, properties on the middle or upper floors are in higher demand. If
the property overlooks a busy main road, the demand may be reduced due to
traffic noise. If the property is located far from the Project's Main Gate, it
may be a long walk to leave the premises.
Check the property's designated parking! You don't want to walk a few miles to
reach your car.
Properties overlooking a Garden/Open Area/Clubhouse with good ventilation and
sunlight, peaceful but not too far from the main road or market, and with
amenities in the community are in high demand and will continue to be so in the
future.
2. Ventilation And Natural Lighting
Numerous benefits of natural light can enhance both your physical and emotional
well-being. It is impossible to emphasize the value of ventilation in a
property. Air pollution is prevented from wreaking havoc on the environment and
the health of the family by proper ventilation.
Make sure you have visited the property at various times of the day and on
several days. It raises the property's market value while also reducing utility
costs like Electricity Bills and maintaining the health of the family.
3. Budget for Property Interiors
You have structured your budget by incorporating the 8–10% extra expenses above
the cost of the property (Stamp duty and registration charges on the property,
etc.). Keep an extra 10% aside for interior improvements for newly built homes.
4. Expert Advise/Legal Assistance
While you may choose to seek for a property on your own, whether by visiting
open houses or exploring internet listings, the majority of home buyers find
working with a real estate agent to be beneficial.
Ensure that you have sought the opinion of professionals in the field of law and
are not relying simply on your bank for guidance. If the bank makes a casual
mistake, you could find yourself in a lot of difficulties. Always seek a second
opinion from a legal counsel, it rarely costs more than Rs.5,000 to Rs.10,000.
5. Pre-Approved Home Loan
A pre-approved house loan is one that the bank or financial institution approves
after assessing the borrower's eligibility. Your income, employment history,
CIBIL score, age, and ability to repay the loan will all be taken into
consideration when determining the amount, you are qualified for.
A pre-approved loan gives an approximate idea of how much you can lend and saves
time on the loan application. The maximum loan amount a person is typically
qualified for is the amount stated in the pre-approval letter. This not only
provides you a stronger negotiating position because you are prepared with
finances, but it also helps you come up with a better strategy for shortlisting
or excluding properties.
NOTE: Keep in mind that a pre-approved home loan is only useful if you're
committed to buying a house. Multiple lender applications for a pre-approved
home loan will lower your credit score and result in application rejection.
6. Residential Investment Properties
From a global perspective, investing in real estate is a more secure choice.
Compared to stocks and shares, it is comparatively risk-free and offers good and
significant returns over an extended period of time. A nice illustration would
be a consistent rental income.
Ensure you ticked the below points on your checklist before making a final
decision.
- You've made sure the property can be rented.
- You’ve examined your property's potential rental yield.
- You’ve examined the project's possibilities for resale.
7. Developer/Builder Credentials and Reputation
This would give you a better knowledge on the Quality of Construction you can
expect for the Property. Online research can give information about it, as
customer forums, blogs, news articles, real estate websites, etc. frequently
provide a wealth of information. However, conducting field research is still a
wise move.
It is safer to purchase from a seasoned builder with a solid delivery history
because he is more likely to have a more professional approach, as well as
operational systems and processes. Additionally, you can look into his
background to see how other projects have been completed. Keep in mind that a
lack of transparency is a sufficient excuse not to purchase.
8. Examine the Project’s Connection and Secure Accessibility
This is important not just for your and your family’s stay but also should be
considered from the Resale point of view.
9. Availability of Essentials
Check for the availability of essential like groceries, schools, and hospitals
near the Property.
10. Road Connectivity and Condition
Check for the road conditions leading to the access of the Property.
11. Neighborhood and Standard of Living
It is important to check the neighborhood and the lifestyle promoted by the
community. From a safety perspective, check the levels of security offered by
the community.
12. KYP - Know Your Property (Super Built-Up/Built-Up and Carpet Area)
As you attempt to determine the size of a property, you may usually come across
words like carpet area, built-up area, and super built-up area.
As per RERA, an apartment's "Carpet Area" is defined as "the net usable floor
space of the apartment, omitting the area covered by the external walls but
including the area covered by internal partition walls of the flat." Typically,
Carpet Area is 30% less than the Super Built-up area. In the USA, internal walls
are not included in Carpet Area.
Calculation: Carpet Area> = Area of Bedrooms/Other Rooms +
Living Room + Bathrooms (Including thickness of inner walls).
In a flat, the Built-Up Area consists of the carpeted area plus the space
occupied by the external walls. Other spaces like balconies, terraces, gardens,
etc. are also considered to be part of a flat's built-up area. Because of this,
when a flat's space is described in terms of built-up area, it appears larger.
Calculation: Built-Up Area = Carpet Area + Area of Walls + Area
of Balcony
Super Built-Up Area refers to the total built-up area of the property, including
the proportionate space devoted to shared amenities inside the community. The
lobby, elevator shaft, stairs, pool, garden, park, clubhouse, etc. are just a
few examples of these amenities. By combining the total built-up area with the
space used by common amenities, such as hallway, lift lobby, elevator, etc.,
Developers can determine the super-built-up area of a unit. In other instances,
builders even include common areas with amenities like swimming pools, common
gardens, and clubhouses.
Calculation: Super Built-Up Area = Built-up Area +
Proportionate Common Area
