You must clearly define / prepare your budget as per the needs in order to determine the oarea / space requirement. This can be done with the existing funds or by selling assets or by taking loan from housing financial institutions.

Things to consider in your budget : 

• Cost of property (Area and Rate)
• Registration charges
• Stamp duty
• Society transfer charges
• Legal charges
• Brokerage / Service charges

The property rates are available from various sources like real estate agents, newspapers, internet, relatives, friends etc..
One can avail of the benefits that real estate portals provide regarding price, rate comparison, availability  and other details on properties. This will give you an estimate of the budget which is necessary for organizing funds before buying.
 

IDENTIFYING THE AREA / SPACE REQUIREMENT
 
After ensuring the budget you can spend on purchasing the property, you need to check the property details. Here one needs to clearly define his / her need from the available funds. You have to identify the carpet area of the property required (i.e. the actual space available for usage ). Usually area is quoted in terms of:

• Carpet area
• Built-up area
• Super built up.

Built up and super built up area are arrived at by adding a certain percentage (called loading) to carpet area. This factor varies from builder to builder and from property to property. You should clearly identify your carpet area requirement and determine what you are paying for.

Here are some questions you need ask yourself :

• Do you require a bungalow / apartment / penthouse ?
• What is the number of bedrooms you need ?
• Do you require an extra room for your future requirement or guests ?
• Would you like to have a large balcony or a garden ?
• Would you require a servant room ?
• Would you require a large or small kitchen according to the storage space ?
• Is the area sufficient to meet all your needs ?

 
 TIME FRAME / PERIOD OF REQUIREMENT
 
When would you like to purchase a house, immediately or after a certain period of time. If your  requirement is not immediate you can go for an under construction property and book it in an advance. This gives you a  time frame  to arrange for  funds and also offers flexibility in payments. Further it is comparatively easier to raise housing loans on new construction as compared to resale properties. Do check the price you are paying for this new construction with resale property.

Rates often fluctuate in property markets and hence it is always advisable to consult your professional property service provider before buying.
 

 MARKET TIMING
 
Determine whether one is buying a property when the real estate market is rising or in dip / decline. The crucial point here is the demand and supply situation in the area of your interest. 
 

 IDENTIFYING THE LOCATION
 
You have to identify or shortlist a location within the city.

•  How far it is from your office ?
• Is it close to the school or park ?
• Is it at a walk-able distance distance from the railway station or bus stop ?
• Is it in a self contained  complex ?
• Is the surrounding area safe ?
• Are various services available within a short distance ?
•  What future does this location holds ? 

 
 
AVAILABILITY OF AMENITIES
 
Depending on ones lifestyle the following amenities and facilities should be checked

•  Is Parking space or a garage available ?
• Number of lifts available ?
• What are the society charges for regular maintenance?
• Does it have enough playing space for children ?
• Does it have health clubs, swimming pool, terrace, garden etc ..
• Is Public transportation available easily ?
• Does it have a shopping complex or market or grocery store in the vicinity ?
• Is it near for worship ?
• Is it near to a laundry or drycleaner ?
• Availability of water and power supply ?

 
 CONDITION OF  THE  PROPERTY
 
This depends if you want to move in a ready house or under construction.

• Whether the building or premises is old or new ?
• Age of the Building ?
• Quality of construction (RCC, etc.) ?
• Is it well maintained and in a good condition ?
• Are there any leakages or cracks ?
• Condition of the wiring, roof, walls, appliances ?
• Expenditure required to bring it in good shape / condition ?

 
 AVAIL  SERVICES OF  PROFESSIONALS
 
You could avail services of professional property services providers to help you buy a home and reduce the time cost and inconvenience. Email: This email address is being protected from spam bots, you need Javascript enabled to view it
 

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