7 Tips for the First Buyers of Property in Gurgaon

Owning a home in Gurgaon is more like a dream come true considering the soaring property prices. It is inevitable that a lot of planning and thought goes into the decision of buying a home in such an expensive city. However, no matter how much you have planned, there is always scope to learn more. Here are some tips for the beginners to get an idea of how to go about buying a property.

What is your budget?

The budget is the most important factor to consider while buying a house for obvious reasons. Do not overestimate your budget because that might cause you a lot of difficulties in the near future. Calculate your expenses carefully and figure out how much you can spare every month for your dream home. That gives you an idea of how much EMI you can afford. Always remember to keep some funds apart for any contingency situations.

Which type of location you look forward to?

If you are planning to move with your family, location is a very important factor. Location does not only matter for a safe environment for your family. It also matters for the resale value of your property. If you are moving with kids, see how far would be the school. A hospital nearby is very important if you are investing huge amount in the property. Parks and amusement facilities are another factors to consider. All said, the most important factor of location is the transportation.

Resale Value of your Property:

Buying property in Gurgaon from reputed builders like Unitech is sure to offer you great resale value. Doing thorough research on the cityscape planning will help you figure out the probability of a good resale value of the property you are investing in. Keep in consideration the developments taking place around the property and also the plans that are approved for development. A metro station or a highway multiplies the value of a property manifolds.

Understanding of the Stamp Duty & Registration Fee:

Understanding stamp duty and the registration fees applicable in Gurgaon is important when you decide to buy property in Gurgaon. The registration fees and Stamp duty differ from State to State and from location to location.

Are you or the property eligible for a loan?

Loan eligibility is an elaborate phenomenon. It depends on a lot of factors. Your repayment capacity, income, existing loans or debts and your age define whether you are eligible for a loan or not. Not just that, the property you are buying must adhere to the laws to allow you to get a loan on that property. Before applying for a loan, understand the nuances well so that you do not end up being frustrated and hopeless. Home loans come with a lot of clauses and it is important for your understand then before you jump into it.

The Reputation of the Builder:

With the rise of urbanization, there has been a rise of fraudulent practices as well. Research about the builder you are investing with. It is always recommended to invest with builders who are well known and have an established reputation in the market. Reputed builders hand over the possession on time whereas small builders tend to delay the process of transferring the possession because the construction tends to get delayed.

Do you understand the legal nuances?

Investing in real estate is as risky as it is rewarding. It is important that you understand all the legal nuances of buying a property. You must know the documents you must check before buying a property. Make sure you know the laws governing Gurgaon in terms of property. In case you don’t understand the legal factors, you can always take help of an advocate to guide you through the process.