Are you planning to buy a home ? Do your HOMEwork first !!

You may be aware that many times there are various offers and discounts from developers to encourage you for buying their property. However you should invest more time to understand the offer carefully before taking the plunge.

You might also have been approached by many banks who offer attractive discounts for home loans the same way developers also advertise stating no stamp duty & registration, guaranteed gifts, no parking charges, free club membership etc to increase the number of sales.

There is now almost a fixed marketing formula to boost residential property sales in most of the cities in India. A 20:80 scheme, a stamp duty waiver, a brand new car, a trip to Hollywood and so on and so forth.

It is easy to get tempted and bite the bait. However since it is the question of investing your hard earned money into an asset which demands a big chunk of investment, a more prudent approach is required. You have to do your own due diligence and a bit of research to make sure that the property you are buying is the right one for you.

You need to know everything with the help of a real estate professional -starting from the location, pricing, legal clearances, title checks, permissions with regards to construction, quality of construction, credibility of the promoters, property demand in that area, infrastructure developments, options for exit, etc. After research if it stands clear then consider the property for its genuine value and do not take a decision based on the freebies or on added perks.

Around 20 Months back this was not the situation. It was nothing special for a builder to sell his entire project before completing the same. This happens mainly due to the buyers who invest from the time the project is pre launched or at the time of project launch, this helped them to sell after few months significantly on a higher rate. This is no more continued in a major scale as the builders are now targeting for a genuine buyers who can pay ex amount of percentage of the property price.

They have also started focusing more on small time properties as luxury properties are mostly purchase by rich investors which also includes some corporate companies who buy this for serving their senior executives. Due to the sudden recession they sold those properties. For those likely buyers the resale flats came in trend again. Some studies has found people investing beyond the city limits to meet their requirements of electricity, ample water, greenery surroundings for their children to enjoy and at the same time parents can save their money.

Its pointless to say that there are many numerous real estate agents who deal across the city, but the best thing is to seek for an agent who is specialized for a particular area where you want to buy as they will be able to guide you with complete knowledge and process. If you read magazines or newspaper you should be able to find many advertisements containing direct information of Owner or Agent this will give you easy way to contact them and gain the details of property you want. As per the advanced technology people try to search all this on internet and yes there are many websites listed with all the possible options available in the market for you.

Currently there are lots of good options in suburbs as the interior of city are priced high whereas the outer reaches are lower in price. The western suburbs are the most preferred destinations for buying a flat, plot, bungalow etc. As most of the properties now comes with a Modular Kitchen, Highly branded bathroom fittings, lavish designs resulting in a good amount of sales. However study well before investing in property. Here are some tips:

Find out the property rates of the area, number of upcoming projects, connectivity to main locations, facilities like schools, colleges, malls, public transport etc. Take a ride in surrounding area to get clear picture of cleanliness, number of people staying there, number of shops and facilities available. If you find it very less then consider the area to be on a lower demanding area.  Normally a good area should consist of all the above mentioned points which will help reduce your tension and the property appreciation will be on a higher side if you decide to sell it in future. This applies to both investors and serious buyers.

Looking at the financial problems, keep all those emotions aside and think if you can really afford it as per your current situation. Yes the rates are going sky high in real estate market, so take all the careful steps now to avoid tension in future. Make sure the property which you will buy is clear with no unpleasant history or any pending cases. Seek legal advice from your advocate and check if all your requirements are met as per the given price.

If you follow these simple yet efficient instructions then buying a property will no more be a worry.