Choosing to buy a property is one of the biggest decisions you’ll make in your life.
It’s a complex ordeal that requires a good amount of planning and the help of a knowledgeable Real Estate Professional to make the process run smoothly. To prepare you for this, here is a general overview of what to expect and prepare.
These are your things to do:
If you are planning to buy in financing terms
The first thing you’ll need to do is put money aside for a down payment for a specific property. The maximum down payment amount is (at minimum) 20% to 30% of the purchase price of the property you’re planning to buy. Second, you’ll need to meet with a Real Estate Professional with experience in financing options to determine what you can afford. Shopping around for the best rate is highly recommended.
Buying in cash
Prepare the amount for the common market rate for that specific property and also for the other unforeseen expenses.
Visualize Your Dream Property
Once you’ve established a price range, it’s time to decide what type of property will best suit your lifestyle or investment. Think about things like access to schools, and recreational facilities, what the neighborhood is like, the economic activity of the area, and so on. Why you’re choosing to buy should help answer these questions for you — so think about it carefully. You may want to put this down in writing and create a needs v/s wants list.
Meet With a Real Estate Professional
It’s important to partner with a Real Estate Professional accredited by PRC (Professional Regulatory Board) so you feel completely comfortable. A Real Estate Professional can help you find your dream home or property that meets both your needs and your budget. They will set you up with viewing appointments and also help bring clarity to the complicated process of buying a real estate property. You’ll want to go with an experienced and knowledgeable Real Estate Professional who you can be sure will represent your best interests.
The Search
Using the property search on our IDCL Corporation site and consulting with a Real Estate Professional, you will be able to find homes in your desired area. They’ll update you frequently regarding new listings and schedule your appointments with sellers or developers.
Closing
Your Real Estate Professional can help you place an offer that the seller will either accept, counter, or reject. After both parties have agreed on the terms and conditions of purchasing the property. Then you will have a Deed of Absolute Sale in a lawyer’s office.
Congratulations!
You are a new property owner. It is one of the most liberating things you’ll ever experience. There are many benefits to homeownership — pride of ownership, the ability to make home improvements, building equity, appreciation — the list goes on.