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When you are a newbie to a city, there’s a lot of groundwork for you to do. While you are just settling into your new office and your new neighborhood, you have quite a task on hand.
Then when you decide it’s time for you to invest in property because the market is good for one, you have a larger responsibility towards making the right decision. And while it’s not easy, it’s not difficult either. All you got to have is a clear, well-thought-out plan. We tell you how to go about it.
Build a network
Whether it is friends, family, or acquaintances, it helps if you learn to gradually build a strong network in the new city. These local citizens can give you the best advice when it comes to choosing a school or college for your kids, learning how to navigate the roads, or even emergency help when needed.
When it comes to buying property, this network can assist you in connecting with credible real estate companies or even residents of a particular residential enclave to glean more information about the project. They can be your guides to the prevailing real estate climate in your new city.
Time it right
Buying property is not an instant decision. Unless, of course, you have fallen in love instantly with a house and you have the finance ready for it! It takes months – sometimes years – to choose you forever home. And then there’s the aspect of the money to pay for an ideal home.
If you love the new city you are living in presently and want to buy property, first decide on the timeline. This means, if you are presently a tenant and paying rent, and if you plan to take a housing loan, you need to factor in the expenses of both, the monthly rental amount and the EMI amount.
If the rentals in the city are low compared to other cities, and you can afford to pay both, you can opt for a house without further delay.
Type of property you are keen to purchase
Narrow down your choice in ready home, one under construction, a villa, apartment, or even a plot of land.
Another aspect to consider is, whether the property/house you are buying is for your own use or as an investment. If you are purchasing a home for your own use, the city is new and so is your job, and you are likely to be transferred to another city during your employment, you can decide to rent it out or keep it locked. It’s your home and your choice, after all.
If it’s purely for investment, you have a choice among a ready home, one under construction or a plot of land.
Compare city-wise measurement rates
Once you’ve decided to buy property in a new city, it helps to know how property is measure in that specific State.
Indian States have different land measurement units. Most States follow the per square foot measurement unit. A few like in Haryana, for example, the land rates in urban areas are fixed on a rupee per square yard basis. States like Goa follow the per square metre unit. Some places like Belagavi use gunthas while Mangaluru follows cents though both towns are in Karnataka. So, before you decide to buy property, it is wise to understand the land measurement units and the corresponding rates. This will give you the exact idea about how much your home purchase budget can be pinned down.
Understand the governing bodies
Deciding on which locality you want to live should not be difficult because you have access to all the information about each area at your finger tips.
Read up about your new city and how it is divided according to the city administration. This is because it helps to know what civic infrastructure in terms of power, water supply and property fee you can enjoy or are liable for. It also helps prevent you from being cheated!
Once you know that the property you’re ready to purchase has been approved by the governing bodies like the Brihat Bengaluru Mahanagara Palike (BBMP) in Bengaluru, for example, which is the Municipal Corporation, the Bengaluru Development Authority (BDA) which gives approval to construct buildings in urban areas, or the Bengaluru Metropolitan Region Development Authority (BMRDA) in rural areas around the city, you know you are on safe turf.
Track credible and established developers
Read up the local news and advertisements on the latest properties. This can give you an idea about each builder/developer and their projects. Access the websites of these companies to see their track record and list of previous successful projects. If possible, visit the older projects to chat up the residents on their experience of buying their home in that project.
Research the projects
This is easy because most established developers have their own websites which offer a virtual tour of the projects. Once you’ve narrowed down your options, you can fix a project visit. Most of these real estate companies offer a pick-up and drop facility to make it easier for someone like you who is new to the city and wants help getting to the location.
Ask about special schemes and tie-ups with well-known banks and housing finance companies in case you need a home loan. Remember, financial institutions only associate with credible developers, so that should be your cue to ascertain the real estate firm’s standing in the city.
As you look forward to making your forever home in the new city you have fallen in love with, remember to look up this ready reckoner to help make that crucial home purchase.
HM Constructions https://hmconstructions.com/, has a vast supply of beautiful ready-to-move-in homes that welcome you into their warm embrace.
HM Indigo https://hmconstructions.com/index.php/projects/details/hm-indigo
HM Grandeur https://hmconstructions.com/index.php/projects/details/hm-grandeur
HM Tropical Tree, https://hmconstructions.com/index.php/projects/details/hm-tropical-tree
HM Symphony and others offer its proud homeowners a lifetime of perfect living amidst secure environs.
Call us on 8880225555 and we will help you find a home that suits your lifestyle.