5 Things to do When Planning to Buy a Property

A lot of young generation is now buying property in massive numbers as they think that the real estate sector is experiencing a boom like never before and within a short period the rates of the existing properties will go up as much as 4 times from now.

Properties in Lucknow are also getting sold at a shocking rate as there are several schemes, offers and payment plans being offered by the real estate companies in Lucknow.

Families are growing and so are their requirements! Modern times during this COVID phase have also brought in the new culture of working from home and this has made people go crazy for work from setup. The continuous need for properties in Lucknow is seen like never before and here are 5 major things we suggest you do when planning to buy a property in Lucknow.

1. Understand your requirements: Buying a property is a lifetime decision and done once only in a lifetime so we suggest if you are looking for a good area to settle, go for properties on Faizabad Road, Lucknow as it is one of the best areas currently to reside with several good projects set up in that area.

Before making the big purchase, do sit down with your family and understand what are you exactly looking for. Know their requirements and how are you planning to go ahead with the property buying. It’s important that you know the expectations of all your family members and sees if it is fitting to your budget.

2. Budget: The tough times of the pandemic have hit everyone so hard that budget is surely one of the prime factors to consider while looking for properties in Lucknow. 

At a time like this, assessing your affordability is one of the most important things. Going even a little over our budget can become an issue if you lose your job or suffer a pay cut short due to the pandemic. If you buy a house which you can not afford to rely on incentive, festive bonus or promotion, it might not be a wise choice as many are not receiving their performance bonus, festive bonus or even promotions. Consider this carefully as going even slightly over budget can put you in a tight financial situation. 

3. Location: Certain properties in the outskirts might be at a much lower price compared to the properties on Faizabad road, Lucknow. The major difference is the location. If you are planning to buy a property, after accessing your family requirements, do take notes on which areas to explore and which one suits the best to your family. In modern times, connectivity is the key. A neighbourhood that has access to 24X7 transport and has all the necessities at the heart skip distance are like dream turned into reality.

At BBD Green City, the key factors luring the customers are location, connectivity, healthcare and educational services along with entertainment centres located just next to the residential hub.

4. Check out the developers: Many real estate developers in Lucknow lure their customers with mind-crazy schemes and offers. The heed to get the property at a lower price makes the customer take the wrong decision. The developers who offer rates much steeper than the market are often frauds.

They take huge sums of money from the people and then they just disappear. We understand how emotional and important a decision is home buying and therefore we suggest you go ahead with names that are reputed in the market and the ones who have been in business for a long time.

5. Check your Credit Rating : In almost all the cases today, one looks to take a housing loan. It helps you to buy a bigger property in Faizabad road, Lucknow than what you can pay for purely from internal accruals. There are also attractive tax breaks and the rate of interest, in general, is the lowest on a housing loan. It is important to understand that the rate at which you will get a housing loan depends upon your credit rating. So, go ahead, and check this and work to improve it if needed.

Buying a home isn’t an easy job, but delaying the plan to buy property in Lucknow isn’t profitable either. Yes, COVID has made times harder but we all know that this will pass and your income will increase in future, but so will your expenses owing to more financial commitments. So, be informed, and learn to manage your money well. You might have to make certain sacrifices too, but then it will all pay off when you get those coveted keys!

 

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