Buying A Far-Off Property? These 6 Tips Will Help You
Sumit Sarkar, a 35-year-old advertising professional, planned to shift his base permanently to Mumbai from Delhi. While he was living in a rented accommodation in Delhi, he wanted to buy a home of his own before he made a shift to the Maximum City. Sarkar wanted to begin his property search before he made the move. With time in his hand, he was keen to do complete the process beforehand.
Also read: 5 Tips For Homebuyers In A Sellers' Market
Sarkar, who still has six months to move to Mumbai, now owns a 2BHK apartment in Andheri East. So, if you are also someone looking for a property far away from where you are staying now, here are some of tips that could help you find the right home:
Research is the first step towards buying a home of your own. The prerequisites of location, price, amenities, developer brand, among others, hold true even when looking for property at a distance. In case of an unfamiliar city, you need to be more cautious. Begin with gathering information about the city you are moving to. This would include transportation services, traffic scenario, cost of living, best neighbourhoods and general information about the property market in the city. Shortlist certain neighbourhoods based on this research and then look for property in these localities within the budget you have set for yourself. You don't want to end up buying a well-constructed property that is far away from your workplace, or buy a substandard construction in one of the upmarket locations.
Hire the right agent
A responsible and credible real estate agent can work the magic for you. Hire a property agent who belongs to the city where you plan to buy. Their knowledge about the market and localities can go a long way in helping you take a decision. He should be trustworthy because he is the one who will be making property visits on your behalf. Moreover, the agent needs to be quick in understanding how the market works and how good properties go off the radar quickly.
Make a visit
Though you will be depending on your agent to make the property visit to multiple locations, there will come a time when you have to pick from two or three properties. This is when you must make a visit to the city to make a right decision. A property visit will help you gain confidence in the property of your choice and also, you can show your credibility to the seller. While you are there make sure you double check on the research you and your agent did about the locality, connectivity, among others.
Technology is your saviour
Photos of the property available online cannot be the only source of knowing the property well. The photos uploaded by the seller are well-staged and edited. Hence, you might not get what you see. In such a scenario, technology can be your saviour. Use technology like video call and ask your agent to take you on a virtual tour of the property and even the neighbourhood. Moreover, with online real estate advisories like PropTiger.com, you could also take virtual tours online.
Be careful about paperwork
Before you finalise the property, make sure you do the due diligence of both the developer and the project. Make sure the project you are investing in is compliant with the Real Estate Law and is registered with the Real Estate Regulatory Authority. Also, make sure you have all your papers ready for a speedy documentation and closing of the deal.