The real estate sector of Hyderabad has been displaying extensive activity for the past few years. Several big multinational companies have increased their presence in Hyderabad. This job creation has further boosted the realty market of the city especially for gated communities.
The state government has supported the development of the realty sector with various measures. Some of the local real estate companies have grown by leaps and bounds in the last few years. So overall, there is a lot of new construction across Hyderabad.
Real estate purchase is a high value purchase and needs to be done carefully. Over times, buyers have learn from each other and follow a process to ensure the outcome is positive. Neglecting the process or guidelines is not a good idea since you run the risk of ending up with a property that does not fulfill your requirements or worse that wastes your savings.
- Know the area: Firstly, it’s best that you carry out a research regarding the area where you wish to buy the property. That will give you a clear idea about various key aspects related to the neighborhood. Few of these aspects are: Connectivity to different parts of the city, employment opportunities in the adjoining zones and infrastructure. It is only proper research that can provide you with all these details. It would be ideal if you can buy a property that is in the vicinity of business parks or IT hubs. This is because there will be a consistent development in these areas and thus; even the value of your property will keep increasing.
- Inspect the property parcel for major defects: Before buying, make it a point to visit the property and carefully inspect the place. You need to be fully sure that this piece of property will not have major issues over long periods like during heavy rains or lack of water facility.
- Verify reputation of the builder: Check the reputation of the builder with respect to quality of work and timely execution. One key challenge with builder is they over extend themselves and go for many projects at same time.
- Understand specifications clearly: Check the specification of the construction clearly. Make sure you understand the meaning of the specification. Also, during construction don’t depend on the builder – visit the premises to who interest in the quality of construction.
- Ensure locality is comfortable: You are advised to ensure well beforehand that the locality has minimal pollution. When you return home after a hard day’s work, you should be able to unwind amidst fresh air free of pollutants. The city of Hyderabad has numerous green zones, parks and lakes. Buyers would be better off if they choose houses located close to such locations.
In addition to the above, there are other things also to look for other addition items to consider.
- Decide how soon you want to own: You are necessitated to be completely clear about when actually you intend to relocate to the new home. It’s only based on this point that you can decide whether or not to buy properties that are still under construction. Properties in early stage of construction and with weak builders have a big risk.
- Calculate total cost of owning property: In the same way, the buyers need to have clarity about the total budget for acquiring the property. There are several add-on costs that can stretch your ownership cost beyond your budget. So be aware of the full cost of ownership.
- Legal clearance: A lay man does not understand legal issues. Make sure that the property fulfils all related legal requirements. Taking a loan from a good bank also helps to get the property legally validated.
- Distance not issue anymore: Commuting is no longer such a big problem in Hyderabad. With the Metro Rail and ORR (Outer Ring Road), you can travel to any place in and around the city, in a fairly short span. Hence, even when the residential property of your preference is situated a bit far from the work area, you don’t have to hesitate. You can just go ahead and buy the house of your choice!
The article attempts to briefly elaborate on the most important of these home buying tips.