5 things to keep in mind before buying a house in India

Buying a home in India can be a daunting task. Right from the house searching process for finalising the house to finance and registering it, home purchasers might end up feeling exhausted.

At times, a couple of properties grab your attention in the first look and you feel: Yes, this is home.

You may get emotionally involved with the property and every different perspective looks fine to you. By getting into the whole procedure, which goes from booking, initial instalment, to settling home credit, one can take a hang on the property. To make the process easy while decision making and buying, here are five essential factors you can't afford to overlook:

They are:

1. Legal aspects of purchasing property

When a buyer has his heart set on a property that is an ideal choice as per their needs and spending plan, there are a few legitimate intricacies that must be managed to complete the buying process. It is exceedingly suggested that the buyer should get in touch with a legal counsellor while acquiring property. Once the buyer has settled upon a cost to the property seller, whatever remains of the procedure ought to be taken care by his legal advisors.

Purchasing property in India entails lots of paperwork and perseverance, and the legal advisors ought to be well-prepared to handle the whole process.

2. Look for a location

Finding a perfect location is one of the key components for buyers before actually going in for the purchase. This procedure is time-consuming and needs an all-round research, as the movement happens once in a while to the investors.

Key things to keep in mind while hunting for a house can be road connectivity, hospitals and educational institutions should be close by; the property should be free from possession issues, safety, etc.

3. Register your plot

After choosing out the property, you need to enlist it with the license or the concerned authority so that you can assume its proprietorship legally. Through enrolment of a sale deed, the buyer can secure one's property privileges from the date of the execution of the agreement.

Lastly, some research about the engineers' record such as aggregate square feet developed, market feedback and project delays will only make the buyer feel safer about his decision. Make sure to look for any possibilities which may thwart the improvement of the property.

4. Resale potential in the future

When we purchase a property, we develop an emotional attachment with it over time. But, who knows when one may have to move to another location. And if at that point, one realises that they made the wrong decision of buying that property, it would be a kick in the gut. Plus, one must also need to reflect on the resale value of the house.

Will the property that you are buying now draw potential purchasers in the next four-six years? Think thrice and think about resale prospective while acquiring the property.

5. Variable in acquiring costs

The financing costs on home credits are currently in double digits. A blend of factors, including high costs of condo, high home credit rates, and moderate development in pay rates in urban areas attributable to the monetary log jam, has made it troublesome for individuals to purchase a house.

Those purchasing properties as an asset should know that while they will need to pay 10-12 per cent interest on the loan, the present slowdown in the realty market implies that the estimation of their property may not acknowledge by any means, or may see a single-digit rise. So, their net addition might be negative in the short to medium term.

Happy house hunting.