Mastering Property Acquisition: A Comprehensive Guide and Checklist While Buying Property

By LODHA

Purchasing a property is a dream come true and a milestone worth celebrating. Whether you're a first-time home buyer or an experienced investor, property can improve your personal life and add value to your portfolio. Buying a house can help you diversify your portfolio and enable you to generate wealth. It can also allow you to create a dream home, perfectly aligned to your sensibilities. 

Regardless of your financial standing, home buying can be a capital-intensive endeavour. It is best to undertake extensive real estate research before taking a final call in any negotiations. Participating in the home-buying process in India without doing any research can expose you to considerable risk. From money-grabbing scams to fraudulent projects, investing without adequate research comes with plenty of pitfalls. To help you buy property without any encumbrances, here is a handy guide on how to do real estate market research. 

Survey the Market

Just like most commodities, property prices are significantly impacted by market conditions. If you're planning on investing in property, evaluating the market would be a wise first step. Property prices are inversely proportional to the number of houses available in the market. If there are plenty of ready-to-move homes to choose from, property prices are likely to drop. Keeping track of real estate demand and supply dynamics can help you get a good deal on an otherwise expensive real property. 

Scout a Location

No new home-buying checklist is complete without a mention of carefully selecting a location. Before finalising a purchase, make sure to scout the neighbourhood thoroughly. Ideally, it is best to select a home in a location that is conducive to your lifestyle. If you work from home, a calm and tranquil environment is most suitable. As a working professional, you might want a home close to various modes of public transport and the road network. Is the property close to markets, grocery stores, parks, schools, and so on? Posing and answering such questions will help you narrow down the right locality to live in. 

Property Condition

Regardless of whether you're planning to move into a brand-new home or purchase a resold real estate property, the condition matters. While you're researching for the right property, make sure to evaluate the internal and external conditions of the space. Does the property seem to exhibit structural integrity? How old is the property? Is the façade presentable and does it feature a fresh coat of paint? Similarly, make sure to assess the property from the inside. From design and layout to size and amenities, take stock of it all before making any decision.  

Financial Evaluation

As mentioned, real estate buying is an expensive affair and must be undertaken responsibly. Before deciding on any property, it is crucial to understand how its purchase will impact your finances. Firstly, it is important to confirm whether the property and all it comes with, is worth the asking price. Will maintaining the property take too much out of your pocket? How much will you have to shell out for GST on home purchases, insurance, management fees, utilities, etc.? It is also best to estimate the value of the property shortly. Will the property appreciate? Or do you stand to earn little to no profit if you were to resell it later? Answering such pertinent questions can help you select the right property to invest in. 

Legal Compliance

You might've heard of cases where property constructions are halted mid-way due to non-compliance. To avoid such hassles, it is best to conduct a thorough check regarding legal and regulatory compliance. Usually, a developer must ensure that their real estate projects meet all legislative requirements set by the state. Make sure the property doesn't have any complications or things that might cause problems. Check that there are no debts, legal claims or restrictions on the property, so you won't face unexpected issues later. Once a property passes such checks, you can invest in it without any worries whatsoever. 

Purchasing a property is a highly rewarding process, but it can also be a tedious one. This comprehensive guide ensures a well-informed decision, minimising risks and turning the real estate investment into a rewarding endeavour for a prosperous future. An integral step in this process is also choosing a property developed by a Grade A Developer like Lodha for a seamless and trustworthy real estate investment. Renowned for our commitment to quality, we, at Lodha bring a track record of excellence, ensuring that your property is built with superior craftsmanship and meets high standards in construction and design. This choice adds an extra layer of assurance to your investment, promising not just a home but a valuable asset crafted by industry-leading professionals.