A Young Buyers’ Guide to Buying Property in India
The young generation is fierce and the dreams they visualize stays in their mind till the time they turn into reality. The young individuals do every possible task required like savings, right investments, policies and much more. Men and women between the ages of 25-25 are moving towards realty investment as they tend to take it as an excellent option to certify their “settled” tag. Whatever be the reason but investments in the property arena has become a much-needed wish in their list. However, buying a new property can be challenging and the process can be daunting; since the real estate market is extremely sensitive is dependent upon the reigning policies and updates.
To help the young buyers decipher the process and get the most out of the purchase, there are some points that should be taken care of. Here are the important pointers:
- A Suitable Property
The buyer should be able to demystify the type of property he/she wants; residential, commercial or retail. Then there are factors like price, preferred location and city that come into consideration. There are young buyers who will want their property to be lavish, colorful and all funky and then there will be buyers who are interested in more serene choices. Thus, the buyer should be clear about the property that he wants to nail down so that the money doesn’t go in waste.
- Be on Toes and Know the Real Estate Market
The newbie who is interested in buying a property at this very moment should know the current scenario prevailing in the realty market of their country. This can be done in several different ways like contacting acquaintances that might be living in that particular area, enquiring about the property prices, searching online and tapping the figures or contacting property dealers/brokers who trade in this very business.
- The Worth of Brokers & Agents
It is true that internet is vast and encapsulates information of the world but there has to be a source who can take a person in the real-time scenario. This can be easily done with the help of a broker or a real estate agent. This is due to the fact that these agents have been inside a number of properties, have relationships with different other agents and have nailed down many deals. They know exactly what to do when a keen buyer approaches with all his demands and requirements in mind. Purchasing a property relates to one’s emotions to a great deal but getting carried away in this feeling can lead to a regrettable decision.
Refrain From Getting Overwhelmed by Data
Data is important and is required to understand the potential market and the properties worth investing but too much of anything is bad. The greying generation bought a property in absence of information and advanced technology. However, the running era is dominated by technology and internet that is loaded with data. Focusing too much on data can leave a person in a confused state and may stall a buyer over whether or not invest in a particular project. It is better to be simple and less complex. If there is down payment in hand and right people by your side, then a go ahead is a nice idea.
- Take Time & Decide
The young generation is fast but buying property is a serious case that demands attentiveness and practical approach. Now that the person has data, capital and required support, it is advisable to take time and analyze all the options one by one. After all buying a property is not buying a smart phone or a video game; this is a long term investment and that too big in numbers. Even though the flow of information is quick today with Internet on board, still a property purchase should be given some time, a research and due diligence.
- Take Note of Important Procedures
There are a number of procedures that are to be followed when buying a property in any part of India. Moreover, these procedures differ with city and thus, it is important for the young buyer to have knowledge of each of these given property buying protocol. For instance, if the buyer is interested in buying a land in Lucknow or is eyeing upon an apartment for sale in Chennai, Bangalore or Delhi/NCR region then procedures will have to be taken seriously. Property registration, stamp duty tasks and court proceedings vary with city.
Before We Go!!
This guide will not be a deal breaker but can definitely pave a path for all the newbies who are ready to be the moguls of the property market of their respective countries. Apart from these pointers, a young investor should also consider the word from the elder. After all experience speaks!