Buying a home, for most people, is once in a lifetime investment. Hence, it should be done carefully. Following are some of the most important factors to consider before making a residential investment:
- Location: It is of utmost importance because it not only decides on the kind of returns that property can generate in the long run but also impacts the rental income you can earn out of it.
- Paperwork: Be careful about checking the entire paperwork to be sure that the property is clear of all dues and seller/builder has complete ownership documents and authority to sell it off.
- Finances: Check your finances in detail so as to plan the residential investment. Keep in mind the rising cost of living, your income growth potential and future costs of maintaining the property along with money required to pay the EMIs and interest.
- Builder’s Reputation: Prefer to buy your home from a builder of credible reputation and a tested track record of delivering projects on time and as promised.
- Amenities: Check for the amenities that come with your home. These can include facilities of a club, swimming pool, basic security etc.
- Size: Do a diligent study of the area being offered by the builder. Understand the difference between built-up area and super built-up area and then make a decision.
Thorough planning before making a residential investment goes a long way in giving you a peace of mind in your dream home!