Transforming home buying experience

Home buying experience has been much simplified compared to what it used to be even a decade ago. No more do home seekers have to rely solely on brokers to locate the best properties within their budgets. Real estate websites provide a holistic solution to home seekers in netting their dream home within an affordable budget.

Real estate websites not only work as property consultants, advising you about the different profitable residential communities coming up within the city, but also accompany you for site visits and help you with the paper work. For instance, on IndiaHomes, more than 600 employees work collectively to make home buying a pleasant, fruitful and hassle free experience for home seekers.

As a buyer or investor, you should look for the parameters to choose the best property available within your preferred location(s), budget or specification(s). Consider the nearby projects, the profitability of investing in certain areas around the city and similar factors. Home buying may be a personal affair, but there is no harm in trying to find out the best value of your selected property. You can also participate in the discussions being held on several websites where people share their myriad home buying experiences. You could take a tip or two from their experiences to ensure that you get the best option.

To transform the experience of buying a property, you can register your name, mobile number and other details on the website. IndiaHomes provide a 5 minute call back facility to discuss your requirements. They will explain you the pros and cons of the residential community. Not only will they help you in selecting the right property, but also in getting your loan approved at the lowest possible interest rate with a feasible repayment plan.

Reputed real estate websites often give special offers on occasions. For instance, IndiaHomes offered to pay Rs. 1 Lac to select home buyers on completing 5 years in business. Recently, the company conducted a real estate sale for buyers to pick the best properties in India as per their budget. 

If you liked this, you may also like to read.

What’s bringing the investors to the Indian real estate market?

How & when should you start planning for buying a home?

Hidden costs in real estate purchases and how to avoid them

The common trend in housing real estate is that of gated residential communities which come with swimming pools, kids’ play areas, community halls and landscaped gardens for recreation etc. However, did you know that none of these amenities are available for free? Developers often include these costs in the cost of an apartment before offering a quotation to a buyer. There are quite a few hidden costs associated with properties in India that buyers must be aware of before going house-hunting.

Parking Space

Most builders charged between Rs 2 lakhs and Rs 5 lakhs for parking space within a residential community. This was a huge cause of ire among buyers and led to a lot of disagreements between developers and buyers. However, the Supreme Court ruled in 2012 that builders of residential communities in cities cannot charge separately for providing parking space.

To avoid paying for parking, you should opt for residential gated community properties in India as many multiplex apartments still charge a hefty amount for parking spaces.

Interior Decoration

No matter what kind of an apartment you buy, some amount has to be spent in readying it for everyday living. This amount depends entirely on your taste and sensibility and could run up to a few lakhs.

You may avoid this expense by opting for a fully furnished flat in a residential community. At every stage of construction, visit the site and instruct the developer exactly what you want in the apartment.

Maintenance Cost

Needless to say, living in an apartment complex has a few expenses entailed for its maintenance such as electricity bills incurred for common lights, salaries of caretakers etc. A lot of builders charge flat owners this amount as a lumpsum right at the time of construction. Usually developers quote that they are taking the money for maintaining the building for the coming 10 years or so. Avoid such schemes of builders because legally builders are not allowed to do this.

Registration Cost, Stamp Duty and Fees for Legal Counsel

After a property has been handed over, it needs to be registered in the name of the owner. The registration fees is usually 1-2 percent while the stamp duty comes to 5-6 percent of the total property’s worth. Other fees include those of the legal counsel, notary etc.

The fees that is payable for registration and stamp duty cannot be avoided but you can save a bit on the amount payable to the notary and legal counsel. You should research adequately into the amount that is payable for various heads, so that you can negotiate correctly with your lawyer.

Costs due to delays

Whenever you buy property, you can always be sure of delay in delivery by 6 months to 1 year. This may not be the developers fault entirely as some clearances do take time to come through. In that case, if you have taken a home loan to buy the property, you would have to continue paying the EMI. Moreover, tax rebates on home loans would not be possible unless you have possessed the property. If you have been living on rent, then you have to factor in rental costs too.

For avoiding these costs, opt for a builder which is known for timely delivery of projects so that you do not get stuck with delivery issues of properties in India.