7 Things You Must Check Off On Your Checklist Before Investing In A Home
Investing in a home is likely to be one of the biggest financial decisions that you will make in a long time, which is why it is important to proceed with caution.
Here are 7 things you should check off your list before choosing a home you would like to invest in.
1. Is the apartment located well?
When looking to invest in an apartment, always make sure that you pick a good location (well-connected) in a city with good commercial prospects and ideal living conditions.
2. What are the amenities and conveniences being offered?
Always look out for the amenities (swimming pool, sports facilities, clubhouse, parking, etc.) and conveniences being offered at the project you have chosen.
3. What is the scope for returns on investment?
Evaluate the likely returns on investment based on the infrastructural development in the area. The location and the amenities will, of course, contribute in that direction.
4. Is the builder a reputed one?
It is important to ensure that you invest your money with a real estate developer who is reputed, trustworthy and has been in the business for a considerable period of time.
5. Does the property comply with the mandatory regulations?
It is now mandatory for real estate projects in India to be registered under the RERA Act. Always look out for the RERA number before investing.
6. Do you have a steady source of income?
A steady source of income for paying off the home loan as well as for the upkeep and maintenance of the apartment is an important requirement.
7. Are banks ready to approve the loan?
Banks will only approve home loans for reputed and trustworthy projects. Therefore, if a bank is willing to give you a home loan, you are in safe hands.
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