21 September, 2022    

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

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