Thursday, 25 July 2013

Essential Things to Know Before Buying a Indian Real Estate Property

Property laws vary from state to state but there are exact guidelines real estate buyers should know before investing in Indian Real Estate Property. It isn't just a matter of having enough money to purchase real estate: you want to make sure it doesn't turn out to cost more in the long run.

The worth of property appreciates if it's structurally sound, has important amenities such as plumbing, electricity, water supply and is located in a neighborhood with simple access to hospitals, schools, colleges, transportation hubs, offices etc. Location is so essential that it's often the single factor that influences resale value.

buy indian real estate property

Can you construct a house on land?

You may have originated a nice plot of land to build a house on. But can you? Some states have zoning limitations on building houses and finding out what the laws are will get rid of expensive problems.

Know that buying land and building a house will cost a small fortune. Construction isn't cheap particularly when building house for a family. The cost of materials is high and you'll have to discover a trusted contractor to advise you all along the way.

Visit a house/land numerous times a day

When house-hunting, it's wise to visit properties numerous times in a day. Evening and night visits mask problems with the home, noise levels of the neighborhood and amount of traffic. Some buyers may be looking for a quiet street but won't be able to tell the difference at night.

If land is being purchased, find out how close it is to amenities and whether there is any upcoming strategy for commercial real estate building. Some buyers unintentionally find themselves stuck in the middle of a commercial hub they didn't expect would be built. Noise, traffic and crowds can mark the peacefulness of any location.

Do home check up

This is a very important part of the house-hunting process and the services of an inspector are necessary. Obvious problems like chipped or broken stairs, faulty doors, windows and peeling paint are cheaper to repair than those you can't see. Inspectors may use tools like thermal imaging and draw on their skill to pinpoint problems with insulation, plumbing and unsound foundations. The cost of an inspection isn't very cheap but is a lot less expensive than being saddled with big repair works later on.

Check taxes

Some areas reappraise housing tax so it's significant to find out what the recent taxes are on a house. If you purchase property at a good deal only to be bogged down by rising taxes every year, you'll take longer to pay the credit and the cost of maintenance will rise.

Check past renovations
The seller you move toward may have made renovations to the house in the past. If this is the case, find out what it cost and what improvements were made. The cost will tell you if quality materials were used. Find out the date of the renovations as well to give an idea of whether you'll need to make additional improvements in the near future.

Don't buy for short-term stay

Buying a home cost much more than renting one, at least for short stays. Don't make the mistake of purchasing property if you don't mean to live in it for at least several years. Paying off a mortgage takes time and a year or two isn't sufficient for most people.

When buying or selling your property you require having the best independent settlement advice. Lorraine Williams Settlement Service has over 100 years of combined industry experience to help you buy or sell property in India. Click on their website for additional details.


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