The two main categories to look into before buying anything is; its cost and conditions. Buying a flat, plot or any other real estate property seems easier if done by an agent but it can also be done individually by you. But there is also an additional question that you need to ask yourself; do you need the property?

There are many people who face problems with selling out a house that they might have kept to raise money. If you plan to buy a house now that has rising prices to sell it later when it can profit you, then you might want to consider that this situation can have fallbacks. Sometimes unexpected occurring might happen and you might not be able to get rid of the property as fast as you wish. That is why it is important to know that it is better to buy such properties only when you know you have the necessary investment prepared for a long term.

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So returning to the main two categories, here is a list that will cover the subs in the categories:

  • Legal licenses- The first thing is to make sure that the property that you wish to buy has been legally approved and the builder has certificates to support the same. Also check if the land is free from other legal problems.
  • Total cost- Always calculate the total cost that you will end up paying. Check other options that satisfy your needs as well and then compare the same. This cost calculation will include everything that you will be paying; internal/external development fees, preferential location charges, parking/club/statutory charges, and service tax, etc. Also, look into the property taxes as they are not same in all places.
  • The neighborhood- If you buy the house to rent out to tenants or to live yourself, it is very important to check the neighborhood. Is the neighborhood silent or noisy, what kind of people live there, how are electricity and water supply conditions. Also, if you plan on renting out the house then also surroundings matter a lot. If the house is near a university or educational institute then younger tenants will be more in number and therefore the cycle of vacating and occupying the house would be erratic.
  • Security- No one want to live in a scary place. Knowing the crime rate of the area you wish to buy a property in is vital. You need to have statistics on every sort of crime, from petty bag snatching to serious thieving or murder crimes and also you need a chart to know is the crime rates have decreased or increased in the recent time.
  • Accessibility- A house is best when it is near its necessities. Markets that sell everything, grocery shopping, banks, ATMs, gift shops, cyber cafes, stationary shops and most importantly hospitals and schools. Even if all of these are not nearby, having a hospital, school, ATM’s and grocery and everyday needs shops is important.
  • Other vacancies in the area- You might not be able to find everything about the area so another way is to check the number of empty houses and vacancies in the area. If the stats show that many houses have gone vacant in recent times then that could mean that there is a growing problem in the area. It could also mean that there is a seasonal shift of tenants.
  • Natural calamities- This one is not something that can be controlled by man but you can at least prevent yourself or your tenants from experiencing hellish times. It is better to look for areas where natural disasters cannot touch the houses so easily.

Categories: Economics