7 Things to consider before buying real estate in India

Real Estate has always been attraction for investors, but it takes a good insight to make money out of it. A home is a dream come true for most of us, and when it comes to buy a property we always think from our hearts than from our wallets. House is a major purchase and our biggest investment. So always keep these checks in mind when you make the purchase.

• Awareness about RERA: With RERA act, real estate developers and builders have to be more transparent with the buyers. RERA's objective is to protect the interest of home buyers and ensure timely delivery of projects. One must be aware of the norms under RERA before buying a property to ensure fair deal.

• Verify the Builder:- Check the builder's past projects on the his company website see if has been delivering projects as promised. Use all social media websites to check the reputation of the builder. It is recommended that you do extensive verification of the builder

• Location:- Location is critical while buying a house. Buyer should prefer the location which has facilities all around. Always visit the location and check the infrastructure of the property.

• Carpet Area:- Carpet area is the actual surface area of the flat. It includes the area covered by walls and storage places. The carpet area of the flat could be around 30% less than the super built-up area. Make sure you know the carpet area of the property before buying.

• Legal aspects of the Property:- One must do the little investigation of the property before buying. Check the title of the property and if all the papers are in place. You should always make your own independent investigation into the property legality. When builders tie-ups with banks they go through examination, which means it's a safe investment for you.

• Loan Eligibility:- Buying property is a big investment. Before you finalise deal with builder, you must evaluate your eligibility for loan. Talk to the bank or financial services to find out loan raising capacity. Understanding your repayment capacity is equally important.

• Additional Cost Associated: Do not forget to ask about any additional cost attached such as registration, stamp duty, brokerage etc.. they together can easily escalate by 10%. Ask for the final cost of the property and find out how much is the maintenance charges.

At the end, make sure you are getting the absolute best for your investment, create comparison parameters provided above for the properties you have shortlisted and is in the process of evaluation. This resource should go a long way in helping you find your dream home practically and conveniently.

Happy Searching and Good Luck for your Dream House!

This guest post has been written by Gunjan Johar, Real Estate Blogger.