How to select the best residential property for yourself?
residential_property
With appropriate budget and clarity on location, you can easily select the best residential property for yourself. At some point of time in our life, we all dream to have perfect home, but it’s not an easy task to find the perfect residential properties which synergize your all requirements and needs. If you are planning to buy residential property, so it may take to plugging into lifetime savings with countless and long iteration of property search as well as discussions and negotiations after identifying the correct property. But there are few factors which can simplify your over all property search as well as it can help the end users to identify the best residential property.
While selecting any property, budget plays an important role as it is social and economic identity of humans in society. However; basic and most fundamental step towards property selection exercise is budget and location and no one can underestimate the importance of them. Its helps in the management of one’s financial resources and effective utilization of them. However; it also helps in the filtration of right kind of property from wide range of property options to selected properties. While deciding the budget you should be careful, because if you are running with lower budget, so you might end with the selection of poor property which can cause inconvenience and dissatisfaction in future. Since each and every property needs high amount of investment, so sometimes you find it difficult to revise the decision after compromising with quality, location and budget of the property. In the same way fixing an overall budget which falls off the threshold limit of one’s financial capacity will result into the waste of time with unwanted property search exercises. International quality, beautiful landscaping, wide range of state of the art facilities with correct combination of amenities can dazzle the buyer, but high property prices will not take these things anywhere. Whereas; if you are looking for lavish homes and you already have certain expectation which is very high, so in later stages of property selection it will be tough for you to pull down the expectations.
Location of property:
Location is the vital element in any kind of property search and selection. It serves many objectives, as we all have to fix the set of needs and requirements like; distance from office, schools, market and availability of malls and other social amenities such as; hospitals, banks, and more in the nearby vicinity. So it’s recommended for the end users to do a proper calculation with these parameters before making the final decision about property selection at key locations. In the same way you should keep in mind that significance of residential property purchase in respect to the property investment objectives should matters a lot because it help to decide the ROI. It is advisable to select the appropriate location to robust social infrastructure in the form of colleges, schools, hospitals and restaurant. Locations connectivity is key in commercial markets that are crucial to get the high ROI through higher demand.
Facilities and amenities:
As per the need and requirements, the configuration of facilities and amenities can alter, based on the personal and family needs, you can select the right number of bedrooms and home size. However; its recommended to analyze the exact size of the home in respect to that family size. While choosing the size of home make sure that you are analyzing the property size with carpet area because it defines the exact area within the walls of a house however; other specifications such as; most of the time floor area and built up area can give the misleading results. However; the buyers should understand that available range of amenities and significance f property matters a lot. These days apartments are coming up with large range of amenities such as; swimming pools, gymnasium, 24*7 electronic surveillance, Health zones, Yoga center, food joint and more.
Credibility of real estate developers:
Before buying property its your responsibility to confirm the credibility of real estate developers in the form of past construction work, experience, financial strength and ability to manage the multiple projects as well as track record of past projects. Because of economic uncertainties in past, as smart buyer you should emphasis on purchasing a property from top quality real estate builders. It will ensure you that you will get better ROI in future.
Time for final decision:
If you are doe with property selection at right location and within your budget range, so the next step is to estimate the desired time to move in the property. Every time you will find different property at different levels such as; pre launch, under construction, ready to move and more. So its recommended for you to know the correct status of project and consult with the real estate developers to know the desired time to move in property.
Property selection and financial angle:
In present, more than 80 per cent of the property price can be found by home loans, and its great alternative to finance someone’s dream home. But you should choose the home loan option carefully as it comes with certain limitations so you should try to minimize the cost and the risk of home loan. Before applying for home loan, as buyer you should check your credit score if you are loan defaulter and according to that you should apply for home loan. Most of the time banks and financial institutions provide hassle free borrowing and for that all you need to showcase your stable employment track record to make sure that you are able to pay the monthly installments.
As a buyer it’s your responsibility to select the type of interest such as; fixed or floating interest. The rate of interest plays an important role in the calculation of EMI and it also important for the financial planning of the buyer. In 90 per cent cases, latter is preferred as it is perceived to be cheaper.
