What are the factors to keep in mind before buying a residential property - Buying Home Tips

Are you relocating to Lucknow for your job? If yes, then your first priority will be to find out a house where you can live in. Since the last decade till date, that Lucknow, once the place of Nawabs, has enriched itself as the hub of IT sector appreciably. Companies are opening almost every day increasing opportunities for job seekers. Thus, job seekers and experienced people are relocating to the capital city of U.P. Consequently, rents are getting expensive here. If you are looking to purchase a property rather than renting an expensive home then it is a wise decision. 

Here are some tips that will help you buy a property that suits your needs. 

Consider your earnings 

The first thing to consider is your income. This will be the factor, which will give you an idea about how much you are ready to spend. All types of properties from spacious homes to apartments are available here. Depending on your income you can decide the size and type of the property you want to buy. 

Research the market 

Before buying a property it is important to perform a market analysis. This will help you get an idea of the type of properties available in an area, their costs, the services or facilities available in them or nearby. For example, buyers should make sure to choose properties that are having a good transport and communication system, a market, educational institutions (if you have kids), hospitals, 24-hour power and water supply etc. Additional facilities like having a lift, community hall, swimming pools are optional. 

Take references 

If you are new in the place then it is likely that you would not know anyone locally. You may ask your colleagues or friends to help you out in the matter. If they are a local of the place or residing there for a long time they will have a fair idea of the place. Thus, they can help you choose a residential property in Lucknow. If not, they can at least provide you with a reference they know well. 

Visit the property yourself 

Experts opine that homebuyers should take a short trip to the properties they like when they are free. Looking for more options in the market helps to make a better choice. If you are visiting the property find out personally what are the benefits of living in the area and the probable cons. Every area will have some or the other cons. Make sure they do not count overhead. Also, take into account the cost of the property. If possible, you may ask a person who has a better understanding of the matter to visit with you. They will help you determine if the area is suitable for you or not. 

Consider financing options 

Apartments are now available on financing options. This means that buyers can pay the price in installments to a financing house that will pay the amount in advance to the seller on your behalf. If you have lesser funds in the store you may take the help of financing options. Several builders, developing residential property in Lucknow offer attractive financing offers. Make sure to understand their terms and conditions before choosing. 

Following all these tips, you can surely find a suitable property within your budget in Lucknow. Home is where one can rest at peace with their family. When you have your own home to live in a new place, you will have a peace of mind. This will enhance your performance at work and you will surely achieve your professional goals soon. 

If you are looking for an affordable residential property in Lucknow, it is best you turn to PAARTH Infrabuild Pvt. Ltd. They have the best set of properties in Lucknow with all sorts of facilities one generally wants. They will thus let you meet with your dream homes.

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8 Tips to Buy Residential Property in Lucknow

Property investors who are looking for a worthwhile city to invest in real estate sector in India, then the city of Lucknow will definitely prove to be the best option for such investors. Due to its exponential growth in many areas, Lucknow is poised to become a flourished city in the coming years. This terrific growth is compelling buyers opting for flats in Lucknow which are in great demand with the presence of famous builders who offer homes and flats at reasonable prices.

Sources: Paarth InfraBuild

Here are the vital tips for the buyers while buying residential properties in Lucknow:

1. Know the purpose: Most of us would buy a residential home or flat for a living, purchase for investment and few look for regular rental income. Hence a buyer should determine his or her purpose that gives clear guidance while taking a decision. Since other factors are linked with the real purpose of buying like commuting, ROI etc a buyer should accordingly take a final decision.
2. Usage of own money and less home loan: One a buyer has decided to buy a home or flat he or she has to quickly check their own source of money before shopping around for the best home loan rates in reputed financial institutions. In a long run, a shorter home loan will offer a great benefit in the later part of life such as retirement, children higher education, wedding etc.
3. Verify the legal documents: This being a general practice a buyer has to spend more time on this important activity and it should be done by hiring a reputed legal expert. Though this process may take few days, this is a mandatory exercise for every buyer of a home or flat.
4. Choose a reputed builder: Buying a home or flat through a reputed property promoter looks to be a daunting task as there are innumerable of builders are in the market. Hence a buyer needs to verify the past and current projects, the reputation of the builders before choosing the right expert. One can also post queries on the real estate forums on the World Wide Web.
5. Verifying the approvals and licenses: After zeroing down on the property, a buyer needs to check all the paperwork related to the property such as, legal documents, building plans, environmental clearance etc which are mandatory for every buyer in order to secure the property from any litigations. Reputed builders always produce these papers, before making the final decision of the intended buyers.
6. Area of the property: This is to be checked with great care as this is the vital measurement on which the building or flat is built. Based on this area other factors are involved such as carpet area, car parking etc. Also one has to decide the floor as there is some price variance can be offered by the builders.
7. Check the prevailing market rate: Every buyer needs to check the real estate market rate as it varies from location to location. This can be easily checked through the online search or from the local registrar office. Such a check will help the buyer while bargaining the price with the builder.
8. Registration: Though this is the final activity of the buying process, a buyer should hire the right legal expert in making all the legal agreement between the buyer and the property promoters. As this process involves government agencies there should not be any slip while making the agreements, sale deeds etc. A perfect completion of this process always makes a ‘feel-good’ factor to the buyers.

The above tips for buying a residential property at Lucknow may not be exhaustive. However, considering these tips would surely make a buyer with a basic checklist before proceeding to buy a home or flat in the great city of Lucknow. Hence it is the right time for the investors to start investing their resources in flats in Lucknow well before the prices start escalating to skyrocketing prices. 

Since Lucknow is all set to become as one of the largest cities in India, it is wise to invest your hard earned money in the right direction by calling a reputed property promoter.

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