The COVID-19 pandemic and the ensuing aftermath have shaken all of us in some way or the other. At some point, most of us have come face to face with an especially challenging situation, such as moving homes. Buying property at any point in time, including the current pandemic situation, requires utmost vigilance on your part. If you are planning to buy a home at this point, make sure to take a look at these 7 tips for searching for an apartment:
Top 7 tips for searching for an apartment
1. Do Intensive Research
The COVID-19 pandemic has unleashed improbable changes in virtually every sphere of our life. The real estate sector has also witnessed sweeping changes, which have exerted a massive impact on homebuyers. If you are planning to buy property now when the pandemic continues, first and foremost, you need to research all the aspects that have the potential to impact you. Before you buy a property, make sure you do thorough research about prevailing property rates at the locations that suit you, possession date, offers and discounts being provided, legal validity, total costs, etc., and then make crucial decisions.
2. Current property rates
Property developers as well as homeowners facing a financial situation are opting for selling their property at reduced rates or discounts. Keeping a watch on property deals taking place through various means like the Internet, estate agents, and contacts are sure to help you a great deal in finding a suitable property at low rates. You can also let people around know you’re looking for new property and request them to inform you if they are aware of any sale taking place.
3. Location and Infrastructure
This figures as one of the most strongly recommended tips for searching for an apartment that experts give to homebuyers on all occasions. Although buyers may be experiencing limited availability of funds due to the pandemic situation, it’s advisable to avoid compromising overly on this front. You may be thinking about the long-term, so think about easy access to facilities and transportation facilities that your family needs before finalizing your new house.
Suggested Read: Why 2021 is the right year for real estate investment in India.
4. Authenticity and documentation of property
Make sure that the property you intend to purchase is legal and not embroiled in any kind of real estate snares. You need to check validities like legal documentation and permissions some of which include the following:
- Occupancy certificate
- Sale deed
- No Objection certificates
- Encumbrance certificate
- General power of attorney
- Copy of building plan
5. Credentials of Real Estate Developer
While looking for a new home, you’ll come across some residential properties that meet your requirements well. When that happens, conduct an inquiry about the real estate developer and builders who’ve constructed the property. Find out their track record in terms of:
- Quality of construction
- RERA details
- Expertise and innovativeness
- Affordability factor of apartments
- Timeliness of project completion
- Customer reviews
- Legal profile
- Deals and offers being given
6. Determine Your Budget
Make a proper estimate of your budget and availability of funds before you buy a new house. It will help you make an appropriate choice and save time and energy to focus on feasible choices. You are also unlikely to go over budget when you have the correct idea about your financial strength. Since buying property, especially in these times, is usually a long-term investment, you can take advice from a real estate consultant to find out ways and solutions to buy smart.
7. Embark on Virtual Tours
Virtual tours are video-based walkthroughs that give a 3D-like view of what a property is like. Since the pandemic-caused lockdowns have restricted our movements, virtual tours have become even more common in real estate. Make sure you avail of virtual tours of each property you consider. It will give you a good glimpse into what the apartment is like.
You must contemplate making the most of rate cuts in home loans, low property prices, discounts, and attractive schemes being offered by developers, financial institutes, and others.
Rest assured, these tips for searching for an apartment will play a key role in purchasing the best home and save big.