Owning a home is not an investment; it’s an emotion and a dream for a whole lot of us here in India. Over the last 2+ decades, Hyderabad has emerged as a preferred destination for resident & non-resident Indians to invest in their dream home. A stable political situation, visionary planning, expansion of the city with ORR & the Strategic Road Development Plan (SRDP), and best in class infrastructure gave a further impetus to making the city an attractive investment destination!
Emotions aside, buying a property in Hyderabad will need you to invest a reasonable amount of time and energy. There are various perspectives that one must contemplate before purchasing a dream property. Wondering where to begin? Let us go through a 10-point checklist that will be helpful for you before initiating your investment decision.
Probably the most significant factor! Keep in mind your tastes and needs combined with what you can afford. Sit down with your family, discuss. Make some future calculations, including consulting your bank to arrive at a figure you are comfortable with. Depending on what you are looking at, from open plots to apartments & villas, ensure you have covered all the charges possible before finalizing your budgets. Even after that, keep a tiny percentage for last-minute surprises!
2. Location & locality
Owning real estate is a long-term plan. Take into consideration the convenience of all your family members – distance from corporate office spaces, educational institutions, entertainment arenas, hospitals, etc. Also look into details like location of the nearest police station, fire station, parks, and playgrounds. It will help to take a look at the distance from the airport and other means of transportation.
3. Construction phase & timelines
While some like ready to move in properties, others like to invest in taking advantage of the pricing right at the beginning. It will purely depend on what your requirements are and what are the timelines you set for yourself. It can also be influenced by an external element like a long-term move to a new job or your children’s education etc.
While contemplating neighbourhoods, spend some time contemplating if it will align with the lifestyle you aim to lead for yourself and your family! Would you prefer to stay near your workplace? Do you like stepping out to places of entertainment? Or are you somebody into health & fitness? Are the properties you are shortlisting meeting these requirements?
5. Loan eligibility
Another critical factor coupled with the Budget is the home loan eligibility, which will depend upon the capacity to repay your current income, existing loans or debts if any, and the loan applicant’s current age. You would be able to check this with any of the banks’ home loan calculators on their websites! The maximum loan that can be approved changes with the banks, and the qualification criteria may vary according to the bank or RBI guidance. As home loan rates rise, the loan eligibility for a borrower becomes more arduous.
6. Clear title deed of the property
It is highly advisable to get independent, legal due diligence done before finalizing a property, let alone buy it. It will help you that the property titles are free of any disputes and that there will be no complexities or surprises in the future. Go through the proposed agreement with the builder very carefully. You can also check in your network of friends and family for their experience and advice in this regard.
7. Basic infrastructure
Whether it’s an independent house, apartment, villa, or a gated community, basic infrastructure like water & power supply will play a key role. Check in the vicinity to understand their experience with the challenges of water and power shortages, if any. If yes, what is the frequency? You may also want to check the air quality.
8. Quality of construction
While looks do matter, what’s more important, is the quality of construction, the materials & the specifications used. You might get all these in a brochure or a website. We also advise getting a structural expert to verify the claims made. A scan in your network can help you understand the builder’s past track record concerning quality.
9. Good resale value
The resale sale value is another essential element to keep in mind before investing or buying a property, even if you are not planning to sell in the near future! Buy property sizes that will always be in demand. Also, consider the builders name, experience in the industry and past projects. This will help you get a good resale value later.
10. RERA registered
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India that seeks to protect home-buyers and help boost investments in the real estate industry. If you buy an open plot, a new flat, apartment, or villa, check to ensure that it is a RERA registered project. It will protect you against structural deficiencies for the next five years.
While we seem to have covered all the essential points but feel free to add to this checklist, go through each point and aspect in great detail. Check & recheck. Speak to people whose opinions and advice matter. Give due consideration to each one of them. Finally, go through the comparison chart with all pros & cons duly verified before finalizing properties and then filtering them out to zero in on your dream home. Happy home hunting!