Important Tips before Purchasing Residential Properties in Gurgaon

The rich can still afford buying and selling property without paying much attention to the profit or loss involved but a middle class man can’t take any risk while purchasing property as sometimes his lifetime savings are involved. Thus, before purchasing your much desired possession, your home, you need to plan and be alert.

Draw comparisons:

Quite obvious but always check out several properties before you choose your house whether it is the best price wise and at par with your other specifics.

Current Market scenario:

Always take into account the current prices of the property in the area in which you are interested in purchasing your residence.

Check out the builder:

This is one of the most important and not to be missed factor to be considered by the buyer. The right knowledge about your builder’s reputation can save you from getting cheated and you can be sure about your choice based on your information about your builder’s past projects and their performance in the property business.

Assessment of the re-sale value:

Necessity for assessing the re-sale value of the property you are going to buy emerges due to the fact that may be after some years you may think of buying another house. You can also make inquiries about the amount of rent which you are likely to get in case you think of putting your property on rent.

Beware of hidden charges:

Ask your property dealer to give you the total cost of the house and be sure that there are no hidden charges as sometimes hidden costs can shake your budget and the inability to make this adjustment can mar the whole concept of buying the house. It may not be feasible for every person to take multiple loans for paying these unseen costs.

Bank Loans:

Always compare the rate of interest, EMI, loan tenure etc. of various banks before you take loan. There are different loan schemes available in the market. Also look out for schemes in which you get corporate discounts etc. Always confirm the banks which have approved home loans for the projects.

Total estimate:

It is advisable to make a rough estimate of the total cost involved in the purchase, i.e., price, registration amount, stamp duty, monthly expenditure, maintenance charges and costs for other amenities. Additionally the next foremost thing which should be checked before you buy any property is that the property should be legally sound.