Planning to buy your dream home? Here are key factors to consider

Real estate investment is one of the best investments in the current times provided you choose the right property A wrong property investment decision can take a toll on your financial health as a huge amount of money is involved in procuring this asset Hence it is important to be aware of all facts about a property before going in for purchaseGiven the vast presence of residential real estate a home buyer needs the power of discernment to buy the best property Additionally before taking the exciting step buyers should equip themselves with the right information and research to make an informed choice for a prosperous futureSetting a budget and affordabilityIt is important to set a realistic budget aligned with your finances as it ensures a secure future The buyerrsquos idea of a dream home is welcome but most homebuyers end up stretching their finances when they take the plunge to turn their dream into reality Most end up taking a large chunk out of their life savings to buy a home Hence buyers must assess their financial condition and calculate affordability before purchasing the propertyExploring Available PropertiesDiscover a world of possibilities in real estate listings and find your dream home Given that we are in the digital world information on a variety of available properties is at your fingertips Digital research will give you the option of choosing a home you like most ndash be it a villa or a luxury flat Technology has made a difference in real estate purchases as virtual tours enable buyers to examine several properties in detail hence enabling them to make a realistic decision to purchase a homeEvaluating the NeighbourhoodWhile buying a property there is a need to have an understanding of neighbourhood factors like charm safety convenience access to amenities and growth potential Buyers must look for access to social infrastructure like educational institutions hospitals banks hypermarkets etc This makes a neighbourhood attractive and invites buyersrsquo investment in residential real estateResearching property values and market conditionsA real estate market analysis should always be undertaken before buying a property as it will help in understanding the current residential market government guidance value and market value of properties This determines the final pricing of the property which in turn enables buyers to prepare for purchase once they have completed researchRegistration and Stamp DutyIf you think you need to gather funds only for purchasing the property here is a revelation You are required to pay the registration charges and stamp duty too which involves a substantial amount Home buyers need to find out how much they are expected to pay based on the location and property that will be purchased This point should thus form a part of your homebuying checklistGetting PreApproval for a MortgageA home seller often asks for a mortgage preapproval letter before negotiating with a buyer Preapproval requires proof of employment assets income tax returns and a qualifying credit score Mortgage preapproval letters are typically valid up to a specified time Upon preapproval the lender will provide the maximum loan amount which helps set a price range for the home buyerConducting Inspections and reviewing legalitiesAs a home buyer it is necessary to dig deep with thorough inspections Scan property papers documents history of the project reputation of the developer and quality of the property Identify issues that could have implications for the future especially about ownership of the property It is also important to review legal documents and contracts to protect the buyersrsquo interestsIn conclusion it can be said that you have to be careful about property purchases Buyers need to be aware that apart from the aboveoutlined precautions they can also avail of tax benefits on home loans which will enable the purchase of property They should also pay special attention to resale value if they are buying property for investment purposes rather than inhabiting itAnjana Sastri is the Director Marketing of Sterling DevelopersThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever