The 7 Key Steps Involved In Buying A Residential Property

Buying a property is definitely a complex action for those doing it the first time or sometimes even those who have done it a few times already. But if you break down the whole thing it can become fairly simple, and as you go on, keep on writing it down on a paper. Things are much clearer and easier when written down and in front of you, not in your head. As you keep writing you will be building what could be called an IDEAL SCENE, meaning the exact things you want,the money you will pay, and the service you will get that you would want ideally.

  1. Workout first, WHY you want to buy a home? WHY move from your current home? WHY NOT just stay where you are?How important it is for you to move? Once you figure out these few things, it will keep your search and other factors very straight. For example, maybe you want to move because your office is too far from where you live. Or maybe you want to move because this place has one less bedroom, and you may want to stick to the same area but with one more bedroom. Believe me, when a client doesn’t have this straight he ends up spending countless hours looking at beautiful properties in the wrong areas, or with wrong features, and much later realises that “Oops I cannot buy anywhere else than …… colony because the kid’s school bus doesn’t go any far”. Write down the WHYs!
  2. Now that you are clear about the necessity, let us clarify what additional things are important to you. Would you want a new property only, or will a few years old property be okay? Is there any particular consideration of Vastu in your family? Maybe since you are moving anyways, you might as well go for something with an extra car parking, or a terrace to throw parties, or maybe something else that’s important to you and your family. Write this down.
  3. Now, you want this great property. And what are you wanting to spend? Do you have an idea of the prevailing prices? Do such properties even exist in the area you are looking? If not, give a few calls and find out. Maybe you find out that what you want is in your range easily or maybe you will have to take a loan or it could be that the ideal property cannot be bought by you because it is just too expensive. In either case, just write this down.
  4. Now you may have a change in ideas after doing this last step. You may realise that you want a terrace and even if it is 3 bedrooms it would be workable, but it must have a terrace. Write this down, and make changes as needed. Remember, we are preparing the IDEAL SCENE.
  5. Alright so now you have a realistic IDEAL PROPERTY in mind and a realistic IDEAL BUDGET and now all you need to do is find a property. Now write down what kind of an agent would you want. And what kind of a builder/ seller you would like to deal with. Maybe you are not going to do anything in black money and if that is prevalent in the market, you are going to really have a hard time finding the IDEAL PROPERTY. Start talking to agents and find out from friends and family about their experiences with their agents and maybe get a few referrals. You could also look online but it is always better to know who has been competent in the past. Although Past performance is no guarantee of future results it does help in the basic trust factor.
  6. Explain your IDEAL SCENE to the agent and start looking at the properties with the agent you have and observe if he really understands your IDEAL SCENE and if he is competent and showing you what meets the requirements really. If you think he just wants to sell you something to make a quick buck, get rid of him and look for another. If you can’t trust the agent you will not be able to make a decision later. And also there’s always a chance of shady things happening without your knowledge.
  7. Look at a lot of properties and see as many as you feel you want to. But once you find the one that meets the IDEAL SCENE, make an offer. Even if you feel the seller will never give at that price, make an offer. Of course, the seller expects you to pay more than you made the offer of, but make an offer. And go and meet him with money in hand. No seller, especially builders, give their absolute last price until you put money on the table. Your agent will help you negotiate and also guide you towards the right price (money makes us all too upset or anxious at times) and help you get the deal done.

Each point above can have a blog or even a book written on it. But I think you get the basic idea. In the whole exercise, make sure you don’t do anything that doesn’t make sense to you personally. The last thing about having to pay the money may make you uncomfortable and that is okay, but anything that seems weird or just wrong, your broker/agent will help you in clarifying. If in doubt about any legal point, consult a competent lawyer.

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