Factors You Can't Miss to Consider Before Buying a property

It's undoubtedly a good sign for your financial status if you consider buying a property, be it a house or anything else. But, a lot of your investment may go wasted if you don't check on the necessary factors regarding purchasing a property. There are certain important things you must consider before buying a house.

To explain, there are two types of considerations you must go through. Those are: -

● Economic
● Physical

Economic factors

● Requirements

Asking yourself why you need the property is crucial. This will answer many other relevant questions like how urgently you need it, how much spacious it should be, etc. You can modify your search based on those details to find a suitable property easily.

● Budget

budget is the first thing you must consider while buying a property. Maybe you like all the other features and facilities of a house and almost decided to buy it. But then you have to leave the deal because of the higher costs. So, fix your budget first and know the property's price before moving ahead.

● Payment plans

Monthly payment plans or EMIs would also be a vital factor as you have to bear it for a long. Plus, you have to make downpayments which will go from your savings. See that the payment plans don't affect your livelihood negatively.

● Prospects

A house is a long-term investment which takes a lot from your savings or monthly income. You have to ensure the property you are buying has a great rental and resale value so that you can make a profit out of it if you don't stay there.

● Insurance

There is hardly any need to explain the necessity of insurance for a  property. No property is safe until it's insured.

● Builder's reputation

People don't buy houses frequently. For many, that is a one-time  investment, and for others, it would be a part of their investment plan or fulfilling a dream. So, you must check the builder's reputation and goodwill before you give them the responsibility to shape your dream.

Apart from these factors, you should always check the fine lines like the clauses, penalties, GST, registration fees and all other necessary details thoroughly.

Physical factors

You have to check the amenities and facilities provided by the property builders properly too, and it's also linked to economic factors. You can't afford to compromise the essential features and facilities of your new home.

● Features

Check what the builder is providing as a part of the package and also whether you can decorate the house as per your own

● Location and Environment

The property's location is critical, either for you and your family to reside there or for its resale and rental value. Check its connectivity with the city's central locations, like bus stops, markets, your office, or schools or colleges of your children.

A house may be extravagant with its luxury amenities, but the surrounding environment also plays a vital role in your beautiful living.

● Size, Style and layout

Check these factors before finalizing the deal, as you can't change certain things once you buy the property.

The property's age is a matter of consideration if you buy a second-hand property.