Purchasing a house is probably one of the most important investments of your lifetime. Hence, it is essential that you evaluate all aspects of the investment even before you start looking for a house. For individuals looking to purchase an apartment in an urban centre in India, the major concerns would be the expenses involved in making the investment and choosing a suitable location, which ensures that the investment is a lucrative one. In other words, you need to evaluate your budget and ensure that the house meets your expectations. For individuals looking to purchase upscale apartments, another added concern would be acquiring a home loan. All homeowners, whether first time or otherwise, opine that it is essential to do a market study first before purchasing an apartment. Some of the essential points to consider before you begin your search for a suitable house or apartment have been discussed below.
1. Fixing a Budget If you are looking for a residential apartment in Noida, the first step would be to evaluate the size of the apartment. Based on that, you will have to decide the investment that you make. Say, for instance, you want to purchase a flat with three bedrooms, a hall and a kitchen (3BHK apartment), then you must be prepared to pay more than a 2BHK flat. The primary reason behind it is that the square foot area of a 2BHK is less than that of a 3BHK. Hence, it is essential to first fix a budget or the amount you are prepared to invest before you begin house hunting. Otherwise, you may not be able to find a suitable apartment within your budget. 2. Checking the Existing Market Rates Most homeowners prefer to apply for a home loan while purchasing an apartment. The primary reason behind this is to ensure that the deal is a legitimate one and additionally, you do not have to deplete your expenses significantly. Most banks or financial institutions offer home loans at varieties of interest rates. Hence, it would be a good idea to discuss with the executives of a few banks or financial institutions about the existing home loan rates before you begin searching for a house. You will then be able to evaluate the amount of home loan that you need to take in order to procure the house. You must also evaluate whether you need to take a home loan at fixed or floating rate before you begin looking for a suitable house. 3. Check the Location you Wish to Purchase a Flat in
While looking for a flat, it is a good idea to canvass a few locations. It is essential to ensure that the apartment complex is located in a secure region that has low crime rate. It might be difficult to find a place that has no history of crime but it is advisable to select a region wherein the occurrence of untoward incidents is negligible. Additionally, a good location will also ensure that the investment that you make is a lucrative one. Furthermore, ensure that the complex is located in proximity to schools, colleges, pharmacies, hospitals and department stores. It is essential to evaluate the demographics of the region before you consider purchasing a flat there. 4. Hire a Recognized Real Estate Agent It is also advisable that you hire a real estate agent, who will help you choose a suitable apartment. The real estate agent will be able to provide you with better insights into different properties and help you choose one that meets your requirements. He or she will personally accompany you to suitable properties and provide you with specific details so that you can gain first-hand knowledge of the house before you purchase it.