It has always been a dream to own a house or land for any average person across the country. The charm of owning a property in a community that is both affordable and convenient is second to none. But then, it is also not an easy decision to make. The rigours are plenty, and it requires careful planning and plenty to consider. Let us assist you in making the right choice.

The locality you would want to live in is of utmost importance as this helps you in deciding the community that you want to be part of. So, there are a few pertinent questions that you would want to ask yourself:

• How close is it to basic facilities?

It effectively means how close the house that you want to buy or build for yourself is to schools, hospitals, and grocery stores. If you are someone who prefers public transport for travelling, how easy is it to access?

• How fast is the area developing?

Newfound areas are tentatively much more economical than the already established localities. These new neighbourhoods offer better value for money and would certainly appreciate in terms of value and for future growth opportunities.

• How is the neighbourhood?

One should also consider if the locality that you would like to choose is peaceful, safe, and has no traffic snarls. It is better to make a tour of the neighbourhood at different times to visit the area at different times of the day to gauge safety, noise levels, and traffic.

This is one area that can be pretty time-consuming and difficult to navigate, especially if one is unaware of the terms or processes involved. That is why this has to be very carefully handled. Let us do an item check for the same:

• Clear Title:
The owner of the property that you wish to buy should have full rights over the property he claims to own, and he should have the rights to sell the same.

• Empty Land/Plots:
If you are buying land or plots, confirm if the same can be used for residential purposes. Some lands, like agricultural lands, need to be converted before they can be used for commercial or residential use. Each state has its own policy for the same, and one should check before the purchase of such property.

• Approvals and NOCs:
Properties in Tier 3 cities and towns need to have approvals from panchayats or municipalities for buying or construction purposes, so it is good to see if the property has the relevant permissions and approvals from the local administration.

• Action Plan:
It is always better to consult an experienced advocate to check and review agreements and documents. This, in the beginning, might look expensive, but it would help you avoid legal cases and give you peace of mind that the title deed you would be owning is legal and devoid of hassles.

This is a decision you have to make. It depends on your priorities and also on affordability:

• Ready-to-Move Homes:
If you do not want to go through the grind and want immediate possession, not wanting inordinate delays, then this is the better option. But remember, they usually cost much more than the yet-to-be-constructed ones.

• Under-Construction Properties:
These are the cheaper ones, and you can customize them according to your needs and wants. But then, you should be prepared for the delays that are usually associated with such projects.

One can get swayed easily by the prospects of a large house or a prime locality, but you cannot overlook the budget that you have allocated for the house. Your budget should match the budget of the property that you have taken a liking to. Let us prepare a checklist for the same:

• Registration and stamp duty fees
• Maintenance charges for housing societies
• Loan EMIs (Equated Monthly Installments) and interest rates

It is very important to understand the loan amount that you are eligible for. This helps in deciding the property that you want to buy. Let us see how you can prepare for it:

• Credit Score:
A score of 750 means that the chances of your loan application getting approved are high.

• Documentation:
Very crucial, and ensure all the documents are error-proof.

• Down Payment:
This usually ranges from 10 to 20% of the value of the property that you would be buying. So, it is imperative that you save that money as this payment is to be made to avail of the loan that the banks would credit to you.

Looks can deceive. So, do not be impressed with the property for its aesthetics, locality, or price. Be it land or a house, make sure you inspect everything about it thoroughly:

• Land:
Check the soil quality, flood risks, and accessibility.

• Houses:
Look beyond the paint—check for plumbing issues, structural damage, and ventilation.

One always buys a house with the objective of living in it forever, but you cannot discount the possibility of selling it in the future. Hence, it is wise to be sure about the resale value of the property. Choose properties that have good road and rail connectivity and that are in a decent locality.

The type of community or the kind of people that you would want to be part of becomes important too. These things matter, especially in a Tier 2 city or towns. So, now check these:

• Check the availability of basic amenities like water supply, electricity, and waste management.
• Talk to potential neighbours to understand the vibe of the community.
• If in a gated society, ensure facilities like security, parking, and common areas meet your expectations.

If you are going to buy a property from a developer/builder, you need to check their credentials before investing in your property with them. Check these:

• Check their reviews online and the feedback from those who bought property from them.
• It would be better to visit their old projects to check the quality of their work and talk to the owners who live in them.
• They should also be part of various associations like CREDAI (Confederation of Real Estate Developers Association of India) or RERA (Real Estate Regulation and Development Act). This helps in verifying the quality and delivery of their projects.

Impulsive buying is a strict no. Buying a property isn’t a gamble, nor is it a race. It is a long-term investment plan. So, take your time, talk to peers, people who have bought their house, and take the help of experts at every step before deciding to invest in a property.