Buying property is a very conscious decision and there are many factors which should be considered while doing so.
Need to buy a new property:
It is never written anywhere that you have to buy a property. Some inner voice makes you feel it is time now to get into such indulgence. So you have decided to go for a property purchase.
What kind of property:
1)Whether the property has to be commercial or residential (we assume it to be residential one)
2) Your budget
3) How much money you have with yourself and how much you have to borrow from bank
4) Which part of the country/state you prefer.
5) What kind of property- multistoried apartment or land or bungalow.
For the builder property:
Once you are decided about the budget and kind of property you are targeting the next step is to identify the ways to go about it.
1)Reputation of the builder.
2)His on time record.
3)Financial goodwill. Make sure that he is not using this money for some other venture.
4)Architect or design of property or project. You have to set priorities on what kind of design your targeted property should carry.
5)Other conveniences like school, market, clubs, hospital, parks, airport and other conveyance should be easily available.
For buying of land or bungalow
Once the land requirement has been identified, next step is to see the size of piece of land. Look at the state of development of the area. Find out if there is some completion cause of the authorities for that area. Check the papers to verify proof of ownership and its payment details. Check if the property has been mortgaged with some lending institute. Check for any litigation regarding that land.
Check the perfect price
Now that the initial precautions regarding the property have been adhered to, go out in the market and try to gauge the exact market price of that property. So all is left is to sit at the negotiating table and finalize the deal with the seller. So go ahead!!