An important aspect to remember – The home loan EMIs, maintenance charges, property taxes and related sundry expenses on housing or property investment should be within 30-35% of your household income.
Buying a property which you cannot afford, will force you to skimp on other important financial goals such as children’s education and saving for your retirement. So it is a necessity to know some factors which must be taken into consideration before buying any property or houses in Lucknow.The property can be in the form of land, houses or flats in Lucknow. After a sufficient search, you can check out properties or Flats in Gomtinagar, Villas in Lucknow area which come under affordable housing.
An important aspect to remember – The home loan EMIs, maintenance charges, property taxes and related sundry expenses on housing or property investment should be within 30-35% of your household income.
Buying a property which you cannot afford, will force you to skimp on other important financial goals such as children’s education and saving for your retirement. So it is a necessity to know some factors which must be taken into consideration before buying any property or houses in Lucknow.
The property can be in the form of land, houses or flats in Lucknow. After a sufficient search, you can check out properties or Flats in Gomtinagar, Villas in Lucknow area which come under affordable housing.
What must be your take?
If you want to buy a property of your own, survey the present market condition. This does not mean that you should relax and wait for the perfect opportunity to come to you. It is seen that proactive purchasers are more likely to make successful property investments.
Below are some factors which must be kept in mind before buying a property –
Always opt for pre-qualification:
There is a competition going on for specific properties which can increase at any time, basically within popular neighborhoods and price scale. A good property will often attract various competing offers, for a fair price. Here the pre-qualification process helps in defining a realistic price range for your property search. It is also mentioned that – Don’t waste time looking at homes which you cannot afford. It will be visible if all the regarded search energy is put into finding a property within your price range. This will support your future.
Know your Local Real Estate Agents:
You want to buy a property. Right? So you must have done your bit of online research. It is also true that the internet has vast information for property buyers. Be it Lucknow, or any other place, the knowledge of your local real estate agent cannot be replaced. It is a huge commitment, both emotionally and financially. You can discuss your specific requirements with your real estate agent openly.
Is the property approved/or legal?
Before buying a property, always assure that the property is legal and approved. To be on the safer side, it must LDA approved, to avoid any future tensions. You will get a loan easily if everything is fine, otherwise, the loan may be rejected.
Explore the market for final decision:
For any prospective buyer – knowing the market is very essential. It is fine to get information online, but you will know the real value of a property only when you see one!!
So it is necessary to do the rounds on Sundays or any holidays to get to know your desired property. You will get a clear idea regarding the price range, what more you like, dislike, etc. Online guidelines are fine but seeing visually the property, will help you in taking the final decision.
An article by Nidhi Rastogi