6 Helpful Things to Know Before Buying a Home in Gurgaon

Jan 11, 2016

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Looking to buy a home? Don’t dive into this without knowing what you’re getting into. Here are a few tips to ensure you make the most out of the buying experience:

Stick to your budget. Set a budget and stick to it, says Indian Real Estate for Dummies. It can be tremendously exciting to look over properties, trying to decide which one is best for you. And finding a gorgeous home might make you think going above your budget is worth it. It’s not, not if it puts you in debt that’ll take you years to get out of. Tying yourself to that kind of financial commitment isn’t smart and practical. In case you get retrenched or someone in the family falls ill, you might not have enough to spend on medical emergencies or a safety buffer while you try to find a new job. So go for properties that well within your budget only. If you’re really set on buying a certain property in a particular city, then look into ways to increase your income or try to come up with plans to help you save more.
Include all associated costs in your budget. Don’t forget to add all the other costs of buying property into your projected budget. That way, you won’t go beyond your budget. Make sure you set aside enough to cover the following costs: registration, duties, brokerage, utilities, property taxes and maintenance expenses. These all still add up to a certain amount so you need to get the calculations just right. This will give you a more accurate estimate of how much money you have and what kind of properties you can afford.
Know if you’re buying it for you or a rental. MSN makes a fine point distinguishing the difference between an investment property and one you want for personal use. The point is, buy property that works both ways. This way, you won’t have a problem using it in case you later change your mind and decide to move into the property yourself. And if you do go ahead with your plans to rent it out, then that’s not going to be a problem too, so long as the property has everything your tenant needs.
Check out the company. While it can be exciting to browse over a lot of properties, it’s always in your best interests to do business with major developers. Companies that have been in the business for a long time are sure to be credible. With so many horror stories about housing scams and woes out there, going for major development projects seem the wisest course of action to take. If you’re set on buying a prime property, looking over Gurgaon residential projects is a sound move. Major property developers like Unitech make buying property in Gurgaon easier, offering plenty of choices in terms of ready for occupancy homes or pre-sale units. Just take a long, considering look at whichever one fits into your needs the best. Knowing as much as you can about all the properties on your list of potential dream homes will help when you finally have to make a final choice.
Ask for legal assistance. Don’t try to take on everything all on your own. Ask for help when you need it and that includes getting yourself some legal assistance. Buying a home will involve a lot of legalities and to make sure you stay on top of these, having a lawyer at hand is key, says the Business Standard. That way, you’ll be able to catch and contest any loopholes in the contract, if there are any. Also, it’s likely that you’ll encounter passages that might leave you confused. With a lawyer, you’ll be able to read, understand, and review every contract that requires your signature, chapter and verse. This helps you know what you’re entitled to, what you signed up for, and what you didn’t. By looking over your contract, you’ll also know if the company fails to deliver on something, that you’re well within your rights to lodge a complaint, and that you have the law on your side when you do so.
Watch your spending. Moving into a new home can get you into the mood to buy a whole lot of new things: from gadgets, furniture sets, and even a car. Resist the temptation to deck out your dining hall with a brand new table or to buy a shiny brand new entertainment system to go with your shiny brand new living room. Don’t fall into the trap, thinking that spot in your new living room corner is just dying out for a new sofa set. Factor in the future into your budget. If you lose your job today, would you still be able to make the payments? Do you have enough savings to last you for six months, enough to cover the household expenses and the monthly home payments while you look for a new job? Instead of spending on luxuries, try to set your money aside for an emergency fund instead.