Looking beyond location and amenities: The other important checklists before making a residential investment
Buying a home is among the biggest financial decisions in one’s life. Before starting with the process of house-hunt, it is necessary to take everything into consideration and in this regard, the top priority on the list would undoubtedly be the location and amenities. But, what next?
Since most of the homebuyers are looking to invest in homes for a secure future, they look for more spacious and bigger homes. Industry experts at Modi Builders suggest calculating the numbers before even looking for homes to get a gist of the price range that you should be shooting for and how eligible you are for a home loan.
Here are some of the key criteria banks usually take into consideration before lending a home loan.
- Employment stability
- Credit Rating
- Income Bracket
If you feel like you meet all the above-mentioned requirement, you can start applying for a loan as per the standard procedure. However, the talk of numbers doesn’t end here! If you’ve never been through the process of house hunting, you might have thought that investing in one is simple, though that is a common misconception. Even when you have successfully processed your home loan, there are extra costs you will have to take into account: utilities, maintenance, taxes and insurance. “Therefore you will have to be prepared to cover the extra bills for the home whenever needed,” says an expert at Modi Builders.
Last but not the least, finding a property that is free from all sorts of legal issues is a must. Though the real estate laws have made the terms and conditions more favourable for the homebuyers, there are a few things you need to ensure from your side to see if the property you are considering is worth investing in or not.
Industry experts at Modi Builders review that checking on the credibility of developers by considering if their projects have a clear title and no litigation of any nature is imperative for any homebuyer.
For instance, the flats and luxury villas in Hyderabad by Modi Builders are put on sale only after getting sanctioned and obtaining clear permissions from all the important authoritative bodies. Their projects are sanctioned by HMDA/GHMC and have fire and airport clearances.
Thus, looking for homes that are registered with the RERA authorities and adhere strictly to the government policies can help you avoid any hassle in the future. There are a lot more things one has to do before buying a property. However, since property investment is a major decision, you have to take each and every point into consideration and think wisely before settling on anything.