Ten Golden Rules to Keep In Mind When Buying a Residential Property in gurgaon

 In general, first-time home buyers face a lot of problems and spend a lot of time and effort. Ten Golden Rules to Keep In Mind When Buying a Residential Property in gurgaon: 

Step 1: Start your investigation early

When you can start researching real estate websites, real estate columns in newspapers and magazines contain good information. Highlight specific housing projects in Gurgaon that suit your needs like Shapoorji Pallonji Joyville Gurgaon & Conscient Elevate etc and see how long they last in the market. Also pay attention to any changes in the bid price. This will give you an idea of ​​real estate trends in a particular location.

 

Step 2: Determine how many houses you can afford

Lenders generally recommend that people look for properties that are worth no more than 3-5 times their annual household income when the home seeker plans to make a 20% down payment and has other moderate financial commitments.

But different people have their priorities, so you should make this decision based on your financial situation.

Also see: https://gurgaonpropertyjunction.com/residential-project-smart-world-orchard

 

Step 3: Get pre-qualified and pre-approved for a home loan

 As mentioned in the paragraph above, you need to determine how much you can afford to spend. The only way to do this is to pre-qualify and verify your eligibility for a home loan. To do this, you must honestly provide some financial information to the bank such as your income, savings and investments. The bank will then review and verify this information and tell you how much home loan they can give you. This will make it clear how much of a home loan you will receive and how much you will need to arrange from other sources.

 Later you can have a pre-approved loan which involves providing your financial documents such as:-

 For employees:

form 16

Certificate from employer

Salary slip for the last 2 months

Promotional letter or promotion

IT is back for the last 3 years

 

Self-insured:

 Income Tax Return (SPT) for the last 3 years

Company/Company Balance Sheet and Income Statement (certified by C.A.)

Business License Details (or other equivalent document)

License to practice (for doctors, consultants, etc.)

Certificate of Incorporation (for shops, factories and other businesses)

Proof of business address

Step 4: Find a reliable real estate agent

 

Many first-time buyers believe they can buy a home without credit, but it's not worth it. A real estate agent or consultant is your guide to buying your home. They can provide you with very important information about real estate developers in Gurgaon and beyond that you cannot obtain on your own. Your familiarity with the home buying process, negotiation skills, and knowledge of the community you plan to live in can be invaluable.

Also see: https://gurgaonpropertyjunction.com/residential-project-puri-emerald-bay

 

Step 5: Buy your house and make an offer

 Start visiting sites from communities that fit your budget. This is a very important step to remember for every home you visit. You will be visiting many places of residence and it will be very difficult to remember them, so you can take photos or videos to remember important features.

 Be sure to check every detail of every house. As an example:

 Test the pipe by running the shower to check the water pressure

Check the condition of the switches and wiring in the apartment

Check the condition of the doors and windows (whether they work properly when opening and closing)

It is also important to evaluate the environment and examine characteristics such as:

 Are the other houses on the block well maintained?

Do you check traffic conditions during peak hours?

Does the community have sufficient parking space for families and visitors?

Is it strategically located close to important places such as schools, shopping centers, restaurants, subway and bus stations?

Take the time to find the perfect home for your family. Then enlist the help of an experienced and reliable real estate agent to negotiate with the seller.

 

Step 6: Do a home inspection

 In most cases, the purchase offer relies on a home inspection of the unit to check for signs of damage or things that may need service. In this case, your real estate agent will usually help you arrange this inspection within a few days of the current owner accepting your offer. This option protects you by giving you the option to renegotiate your offer or withdraw it without penalty if an inspection reveals severe property damage.

Both parties receive a home inspection report and then you can decide if you want to ask the owner to fix the problem in a particular property before closing the deal, or negotiate further.

Also see: https://gurgaonpropertyjunction.com/residential-project-bestech-park-view-altura

 

Step 7: Work with bankers to choose your loan

Everyone has their own priorities when it comes to finding their dream home and choosing a home loan. Many are attracted to keeping their EMI as low as possible with a long tenure, and others are attracted to a short tenure with a high monthly EMI and so many priorities. To do this, you need to enlist the help of a banker to get a suitable loan.

 

Step 8: Get the house appraised

 The seller can hire an appraiser to provide an unbiased estimate of the value of the home you are buying. The appraiser is an employee of a third party company and is not directly affiliated with the seller. The appraiser informs both parties involved that the buyer pays and the seller gets the fair price of the property.

 

Step 9: Coordinate documents

 As you know, buying a house involves a lot of paperwork. Here you need to make sure that the seller is the rightful owner of the device you purchased.

Also see: https://gurgaonpropertyjunction.com/residential-project-sobha-city

 

Step 10: Complete the sale

Finally, you sign all the documents needed to complete the purchase, including loan documents. It usually takes 2 – 4 days to get your loan funds after important documents are returned to the lender. As soon as the payment is transferred to the seller, you can move into your new home!