There are factors to consider before buying independent house in Bangalore and these include:
Budget: Many people risk buying an independent house without proper budgeting. If you are looking for a villa know how much you will be spending on mortgage and if the remaining income will be enough to meet your household expenses. While drawing out the budget, remember that the first property is not the last property. Always take care of long term interest while budgeting. Involve your family while taking the decision.
Location: Always look for a locality that is ideal for your family. The location should be close to your work and school/college. If your budget is restricted look for properties in the suburbs. Remember that the value of the property depends on the location. Choose wisely to earn good return on investment.
Rental: If you are looking for rental returns then ensure your property is located at the ideal location, close to IT hub, commercial establishments, hospitals, shopping malls, road connectivity.
Resale value: The biggest mistake property owner make, is not considering resale value. Choosing a wrong location or property type can affect the resale value. The value of your property will be lesser than neighboring properties in the locality.
Eligibility for loan: The loan eligibility various from individual to individual. Depending upon the repayment capacity the loan has to be availed. Other factors to consider include age of the loan applicant, existing debts, repayment potential and income of the applicant.
Registration expenses: The stamp duty and registration rates applicable in your locality have to be checked before investing in a property.
Property insurance: Keeping the future of your property, it is important to get the insurance in place. There are various home insurance policies that come with different covers, choose the right one suitable to your property type and location and benefit.
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