Are you planning to buy a property of your own for the first time? Then you must be aware of some insider’s tips. These tips usually remain at the fingertips of experienced property investors. But a beginner might not be aware of these. Hence, let us help you make the best out of the deal by sharing with you some of these tips.
So, start reading ahead.
After asking your agent Show me the best property dealer in greater Noida, compare two properties in the same locality with the same square feet area coverage.
Be prepared; you may find that two apartments in the same residential project have two different selling prices.
If this amazes you, let us tell you that the fixtures inside a property are a powerful determiner of its face value. When an apartment comes with false ceilings, closed wooden cabinets, inbuilt cooktops, and modular kitchen, its selling price will automatically increase. Basically, you are moving inside a furnished flat, and have to bear the cost for that.
If your property agent has told you that you do not have to make any down payment for a property you plan to buy, be sceptical. The situation might be demanding that you read in between the lines.
Take this as a written note that you have to pay some amount as a down payment when you think of buying a property on the instalment scheme.
Usually, the amount of this down payment is 20% to 25% of the total value of the property. However, for some properties, this down payment may be more as well as less than this amount.
You might not have to pay any down payment for some properties too. But the hidden condition is that the amount will be adjusted with your instalments.
When you have considerable savings, you might be confused whether you would pay the full amount of your property in cash or go for instalment schemes. While different people around you will give you different bits of advice, the final decision entirely depends upon your investment goals.
If you do not want to disturb your monthly cash flow or your cash flow is not smooth and consistent, it is always better to make the full and final settlement.
But if your savings are not adequate or you do not want to empty your hand by blowing off your entire savings, then the instalment option is always better for you. So, decide accordingly.
