Do you think you are a smart buyer? Don’t worry we have identified a list of 7 characteristics that smart buyer of the property should have in respect to property purchase.
Smart Buyer of the Property should have these 7 characteristics to get an upper hand in purchasing a property. They are as follows:
Pocket-Friendly:
Smart buyers of property set a budget & know how much they can afford to spend on property purchase. Everyone sets a budget before looking after the property to purchase. In reality, it seems that the actual price of the property always increases to some extent than the buyer planned budget.
The budget has to be decided best on his/her cash in hand & monthly income. Also, the bank loan will be determined by the monthly disposable income of the buyer & age of the home loan applicant. The thumb rule is not to spend more than 28 percent of monthly net income on a housing loan payment.
Location:
Location is one of the very important factors before purchasing a property. Not everyone can afford a house in a developed area. The trick is to find a location that has development potential & offers connectivity to all daily requirements like school, office & emergency health facilities in the proximity.
Not everyone owns a transport so buying a property where communication is smooth will be an added advantage. Thus the smart buyer of property preferred developing areas with proper communication will be the ideal situation as because in that case the property prices seem affordable for the buyer compared to the fully developed areas & also there won’t be any daily commute problem for them.
Research:
A smart buyer of property should always inspect the property & check for any flaws before buying it. Seek expert legal opinion regarding property & land on which the property is built up before signing any legal documents or agreement. Without checking properly the legal aspects of the property from all respects it would be very risky for the buyers.
The sellers may try to push the property with legal disputes especially in case of reselling properties. Also to safeguard from this buyers should prefer to purchase the property from reputed developers after doing research. Also, the smart buyer of property can prefer to purchase a property which has been approved by leading nationalized & private banks like SBI, HDFC, LICHF etc, as their legal cell verify them before sanctioning the projects.
Financial support:
The smart buyer of property should review & understand the loan that is offered to them & get the agreement reviewed by the legal expert. They should check & calculate their risk-taking ability before committing to a loan.
If required they should consult with their IT lawyers for financial queries. Otherwise, the smart buyer of the property may face EMI burden in future. Apart from the purchase of property from the developer, the buyer needs additional funds at the time of handover for interior designing, registration, mutation etc. Thus a smart buyer needs to calculate all the financial aspects fully & plan all the funds’ arrangement in advance.
Legal Eagle:
The smart buyer of property should familiarize themselves with HIRA (Housing Industry Regulatory Authority) stipulations in case they are planning to buy within West Bengal or RERA (Real Estate Regulatory Authority) in case they are planning to buy out of West Bengal. Both laws are almost the same. All these laws are aimed to provide relief to the buyers from the malpractices of the developers. Go to HIRA website & check the details about the project & the developer.
Go for developers who are part of the CREDAI fraternity as they are having more credibility. The HIRA/RERA approved projects must have the registration number & that shows they are under the strict supervision of the legal registered body.
Resale Value:
In India real estate is not only looked at as a medium of livelihood but also a great source of capital appreciation. Many people invest their hard-earned money in the real estate sector to gain profit. Properties are considered as the safest mode of investment in India. Therefore, the smart buyer of property must consider the resale value of the property in future before investing in a property.
If you choose the wrong property it could result in a massive depletion of your property value in the future. Thus it is better to go with a property consultant for your entire property requirement, as they check & evaluate on behalf of you.
Buy in Deflation Period:
Generally, it is presumed a smart buyer of the property is one who can purchase maximum value at minimum cost. It is preferred to deal with a developer when market rates are low. Currently, the Indian economy is going through a low phase, especially the real estate sector. It makes more sense to purchase a real estate property now at rationalized prices.
The developers will come for a bargain, offer discounts or added benefits to the buyers to lure them etc. If there is any sort of property requirement for any buyer it would be the best time to think & purchase a property through subho realty, your best property marketing consultant. The smart buyer of property is always looking for an opportunity like this in the context of timing. Also buying in this deflation period will bring immediate profit for the smart buyer of the property as the developers will increase the price as the market rises after a few months again.
Conclusion:
If a buyer is a smart then with all the above mentioned qualities they can dominate the deal in maximum cases and turns out to a gainer in many aspects in respect to property purchase.