Food, clothes, and housing, as the most basic needs of all human beings, must never be sacrificed in terms of consistency. When it comes to shelter, moving to a permanent address will be much more beneficial and comfortable than renting a place to live. And you can bet that if you’ve come this far, you plan to invest in personal space for lodging without incurring any damages in the process. Investing in some kind of property necessitates serious consideration and a swivelling examination of the situation.
In the following article, we have laid down a well-structured and thoroughly analyzed step guide to assist you in buying a flat in Bangalore with ease.
Before you Begin
Purchasing a flat in Bangalore is indeed one of those milestones in life that has to be well-thought and investigated. Before you decide to buy a 2BHK flat in Bangalore and proceed further to make its purchase, there are a few things that have to be kept in mind to avoid unnecessary botherations in the future.
Verify the Property Documents
Land papers are the most crucial aspect of any real estate investment. They must be carefully examined to prevent any efforts by the builder to defraud the investors by fraud. It’s a sensible move to get these statements examined by a real estate lawyer. Below is a brief list of documents you are advised to browse through before making your investment blindly.
- Conversion Certificate
- Mother Deed
- Encumbrance Certificate
- Tax Receipts
- Power of Attorney
- Occupancy Certificate
- Approval Plan for the Building
Ask your property dealer to provide you with the above-mentioned list of documents to check the building’s legitimacy.
Know the Builder’s Background
Since buying a home is such a big investment, any buyer must ensure that the contractor who offers him the property has a good track record. Even when time-consuming, this job will save you money and help you escape any property-related complications in the coming years.
While a short online search may yield some information, it is always a wise idea to check around and speak with a few people before making a decision. If the contractor is a member of a trade union such as BAI (Builders Association of India) or CREDAI (Construction and Real Estate Developers Association of India), he may be reliable.
Has the project been approved by RERA?
Many developers have been liable and accountable for their decisions as a result of the government’s introduction of RERA. They’ve been providing complete project descriptions and completing work on schedule. If a project that an investor is involved in is funded under RERA, it will be completed on schedule. If not, the builder would be required to pay the customer a penalty.
Does your property comply with the Government’s set of rules and regulations?
If a contractor wishes to create and market designs commercially, he would have to follow those laws and regulations. Many issues will be avoided in the future if people follow the rules. Before purchasing a home from a builder, it is the responsibility of any investor to check such compliance.
After having done browsing and investigating the above-suggested precautions before heading forth to buy a flat in Bangalore, you are all set to get guided with the next steps. Hop in!
The 5-steps Guide
Step 1: Check Affordability
The first step in purchasing a home in India is determining your budget. Home mortgages are very common and widely accessible, so you should include the loan value when determining how much you can afford to spend on a home. When making this decision, it’s also necessary to consider your finances.
Step 2: Assure a Comfy Location
When it comes to choosing a place to live, location is crucial. It is often preferable to purchase a gated community apartment in Bangalore as these flats are closest to facilities such as schools, malls, pharmacies, banks, and ATMs. These essential outlets for day-to-day life are supposed to be relied on.
You would choose to buy a flat in Bangalore with a remote location with the foresight that the region will be transformed in the way you see it in major cities in 10 years. However, here’s a dose of truth. You won’t be staying in that flat in ten years; rather, you’ll begin living there after you buy it and renovate it. If you are planning to purchase then definitely check out flats for sale in Whitefield, Bangalore.
Step 3: Get an idea of its Estimated Resale Value
The importance of determining the flat’s resale value cannot be overstated. This is dependent on several factors, including the builder’s credibility, location, and so on. On various property websites, resale prices are easily found. This is particularly useful if you want to relocate in a few years or are saving solely for the sake of investment.
Step 4: Are you eligible for a Loan?
In India, real estate is highly costly, and few people can afford to purchase it entirely with their deposits. This is where a mortgage works great. On most creditors’ websites, you can review your loan eligibility using a housing loan eligibility calculator. The final loan amount is determined by the asset itself, but loan eligibility has no bearing on the final loan amount. Keeping a prior calculation and checking on eligibility for issuing a loan can ease out things for you in the process of raising or accumulating funds to spend.
Step 5: What’s the rental value of the property?
If you want to rent out the house, you’ll need to figure out how much comparable flats in the city are charging for rent. This will assist you with calculating your net expenditure. It is preferable to purchase a flat in a suitable location because those areas will still be in the growing market for renting. An active eye on the prices and rental value can help you make a wise decision that you would never find the need to regret.
Keeping the above-mentioned considerations in mind when deciding on buying a flat in Bangalore, will assist you in making the best decision while ensuring a hassle-free, seamless living experience.