FAQ

Important FAQ for Real Estate Buyers

 

Up to you, sport! While home shoppers these days can look at hundreds of homes online, they only hoof it to check out 10 homes on average before they put in an offer. But keep in mind, “This varies tremendously for each person,” says Will Johnson, a Realtor® in Hendersonville, TN, and founder of Sell and Stage. “Some people find their home within hours of hunting. For others, it takes months.” If you want to streamline the process, it can help to really hone in on a particular neighborhood you’re keen on; that said, if you feel limited by your options, it may be time to expand to surrounding areas.

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Yes, you can—but it’s the real estate equivalent of walking a tightrope. “This is one of the trickiest questions to answer,” says Cedric Viquerat of Coldwell Banker Residential Real Estate in Bradenton, FL. On the one hand, if you buy a home before you sell the one you’re in, you’re overextended financially; if you sell before you buy, you might need to rent awhile before finding a new place. But there are ways to do both at once, and one option is to instate a “sale contingency” in your contract. This means you only agree to buy a home if you can sell the one you’re in. The only downside is if your seller doesn’t agree (which is possible if they want the timing set in stone).

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Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser to objectively evaluate your home’s worth. Second, go to the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing services or online listings provider.

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A buyer prefers a home that is in move-in condition and will pay top dollar for it.  It is important to be sure your home is in superior condition before listing it.  Make repairs prior to selling.  This will help reduce the risk of buyers trying to renegotiate the price due to repairs or problems that may arise from a private inspection done prior to closing.
Having your property in top condition will attract more buyers to your home giving you an excellent chance to sell your home faster, and at top dollar.

  • Work on your home’s curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds, sweep the sidewalk.  Plant a few annual flowers near the entrance or in pots to be placed by the door.
  • Clean the windows and make sure the paint is not chipped or flaking.  Windows should be free of ripped or bent screens. These should be replaced or removed entirely. Windows should also be clean and cobweb free. Being able to have draperies open, allowing light into the house is a plus at any showing.
  • Be sure that the doorbell works.
  • Clean and freshen up rooms, furnishings, floors, walls and ceilings. Make sure that bathrooms and kitchens are spotless.
  • Organize closets.
  • Providing a feeling of openness in a home can be accomplished quite easily and allows the house to appear larger. Open areas free of clutter are very important in showing a home.
  • Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords.
  • Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
  • Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.

Selling a home can be a lot of work, but with all your efforts, they can pay off quickly and with a larger sum of money.

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The more you know about a seller’s motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called “motivated sellers” include people going through a divorce or who have already purchased another home.
Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller’s asking price stacks up.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.

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In addition to comparing the home to your minimum requirement & wish lists, consider the following:

  • Is there enough room for both the present & the future?
  • Are there enough bedrooms and bathrooms?
  • Is the house structurally sound?
  • Do the mechanical systems and appliances work?
  • Is the yard big enough?
  • Do you like the floor plan?
  • Will your furniture fit in the space?
  • Is there enough storage space?
  • Does anything need to be repaired or replaced?
  • Imagine the home in good and bad weather and in each season.  Will you be happy with it year round?

Take your time and think carefully about each house you see.  Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.

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Your home should fit the way you live, with spaces and features that appeal to the entire family.  Before you begin looking at homes, make a list of your priorities:  location, size, a lot, amenities, etc.  Establish a set of minimum requirements and a “wish list”.  Minimum requirements are things that a house must have for you to consider it, while a “wish list” covers things that you’d like to have but aren’t essential.

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In order to determine how much you can afford, we need to understand debt to income ratios.
First, we must determine what your gross annual income is and divide that income by 12. (12 months)
Second, we must determine your long-term debt.  For example home mortgage (principal & interest), taxes & insurance (T & I), school loan, car loan, credit card debt, etc. and calculate the monthly payments.
Third, the debt to income ratio is established by dividing the monthly debt by the monthly income.  The debt to income ratio should, in most cases not exceed 35%.
Forth, if the debt to income ratio is 35% or less and your credit rating is decent, there is a good chance you will be able to get approved for a mortgage loan.

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Yes, you can get the benefit on both loans. However, the total amount that you will be entitled to will not exceed Rs 1,50,000 for both the homes.

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Generally, banking finance institutions pay around 75 to 85 percent of the cost of the property bought. The remaining 20 % of the amount is paid up front, which is popularly known as the down payment.

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A real estate agent is more than just a sales person.  A real estate agent may act on your behalf, providing you with advice and guidance when buying or selling a home. Due to the constant changing of the market, the information available on listings is not always 100% accurate.  There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with a real estate agent.

If you are in the market to buy, it would be advisable to use a Buyer’s Agent.  They can make recommendations on what terms and prices to offer as well as negotiating a deal with your best interest in mind.

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This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.

Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less than older homes. Most new homes will not have any backyard landscaping and some don’t include any front landscaping either. With an older home, the landscaping is normally already completed and could have 10’s of thousands of dollars in landscaping done, which is included in the purchase price.

Taxes on some older homes may also be lower. Some people are charmed by the elegance of an older home but shy away because they”re concerned about potential maintenance costs. Consider a home warranty to get the peace of mind you deserve. A good Home Warranty plan protects you against unexpected repairs on many home systems and appliances for a full year or more after you move in.

In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones, and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident’s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.

New-home designers can use new building materials such as glazed Energy Star windows, thicker insulation and other technology that will lower future energy costs for the owner. Most states now have minimum energy-efficiency requirements for new construction. Kitchens and laundry areas in new homes are designed to house more efficient energy-saving appliances. Older homes, unless they have undergone an energy retrofit, usually cost much more per square foot to air-condition and heat.

Builders have to follow very strict guidelines in new-homes and additions, especially in the West and Northwest, where earthquake safety standards must be observed. In general, new homes are usually more fire-safe and better accommodating of new security and garage door systems.

Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.

As you can see there are advantages and disadvantages to each, but it really comes down to what fits you and what you are looking for in a home.

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Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate.  This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.

If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.

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Home insurance policies cover the house structure as well as its contents or possessions. Many insurance policies also combine various personal insurance features too.

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The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose. Power of Attorney should be executed on the stamp paper before the proper authorities in foreign countries. Power of Attorney cannot be drafted on the stamp paper bought in India.

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Yes, foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India

The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External) Accounts. Non-resident Indians who are citizens of India (India Passport holders) are eligible for housing finance for the acquisition of an immovable property or construction of a new house or a flat for their occupation or for that of their family in India. But the HDFC also considers granting of loans to non-resident Indians even if they are abroad, provided a family member of his or her in India is made a co-borrower and a power of attorney is given to his representative in India

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The property could be converted from leasehold to freehold if the local laws allow it. For example, properties under DDA can be converted to freehold by executing a Conveyance Deed but the same is not allowed if the property is owned by the Noida Authority. But in Ghaziabad Authority takes 2% duty and converted leasehold plots into freehold in Indirapuram and Vaishali.

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In Case of Society Flats:

The buyer needs to pay the following taxes:

  • TDS or tax deduction at source on the amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
  • Stamp duty
  • Service Tax – Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a `ready to move in’ property is purchased from the seller, service tax is not applicable.
  • Value Added Tax (VAT) – If applicable in the concerned state.

In Case of Builder Flats:

  • TDS or tax deduction at source on the amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
  • Stamp duty
  • Value Added Tax (VAT) – If applicable in the concerned state.

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Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property.

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Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area. Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home. Super built-up area takes into account all the area under the common spaces which are the apartment’s proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.

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Valuation of property simply means arriving at the actual prevailing cost of the property. It could depend upon a number of parameters, the location of the property being the most important one. One needs to consider other parameters such as the age of the property, projects available, facilities offered and the sizes available in that project. The latest transaction price of a similar property needs to be considered to arrive at the closest value of the given property. Source: Openhouse (MB Expert)

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The Registration Act, 1908 came in the year 1908 and made compulsory registration of the deed. You have a property of the year 1978. Therefore, it should be registered. Since the agreement is unregistered, it is not valid and does not transfer the ownership to you. Before you make a gift deed, you need to register the sale deed in your favor as you are not the legal owner yet. Source: S Jalan (Openhouse)

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Depending on the chosen budget, one can decide the type of property. If you are an end-user, the size of your family, along with the budget can be a determining factor while choosing the type of house you need. There is a wide range to choose from today as the market abounds in various housing formats from 1, 2, 3 and 4BHK apartments, to studios, villas, and row houses, to builder floors and independent houses. Multi-storey projects and township with all amenities in one project clubhouse, swimming pool, meditation center, health clubs, departmental stores, schools, cinemas, sports facilities and banquet/party halls are what most end-users are looking at today.

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A single floor apartment is one where the builder buys a piece of land, often old plots which are up for redevelopment, constructs flats on each floor according to the permissible Floor Area Ratio (FAR) and building byelaws and sells them as independent units within the same building. The land belongs proportionately to all the buyers of single floors. Since there are smaller numbers of units than in a multi-story apartment, these lack economies of scale and so have fewer common facilities such as maintenance and back-ups compared to larger multi-storey apartments. But these are newer apartment units in downtown or preferred areas and come at a price lower than multi-storey units.

A multi-storey remains the most preferred housing units in metros and large cities today. It is a cluster of apartments in a high-rise building developed in a plot with all amenities available within a gated community. These units can be aggregated and constructed by developers or in the cooperative mode as Cooperative Group Housing Societies (CGHS).These need good common facilities management to take care of aggregating services and providing them to individual units for a fee. This fee is levied as monthly maintenance charges. They cover water and power supply, including back-ups, lift and common area maintenance and landscaping. Many developments also provide plumbing and electrical services for a fee. Source: E-book

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There is no harm in renting a property till you are ready with enough finances to buy. If you find a place where you want to stay and can manage to get enough formal finance, look at buying as your monthly outflow will lead to creating an asset. But make sure your EMI is not more than 35-40 percent of your monthly salary.

Source: E-book

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– Check for the proper conveyance of Title in favor of the builder.
– Check the license/development right/approvals of the builder.
– Check the clear and marketable title of the project.
– Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
– Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
– Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
– Ask for Occupation/Completion Certificate. Property Documents
– Ensure the Conveyance Deed is registered after the entire payment has been made.
– For buying a property you need to check Deed of Conveyance, Mutation Certificate (for the complete property), Land Registration Status, Sanction Plan, Search Report, and Payment Schedule (for under construction). It is a must that you go through all the documents relating to the origin of the property, Chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety, and Completion Certificate.
– For re-sale property, check demand notice relating to renovation, tax dues and latest receipts of payments made towards various outgoings such as water, electricity and ground rent. Property Documents

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Indirapuram in Ghaziabad has witnessed an increase of over 50% in the prices of residential apartments in the last five years. From Rs. 2970/sq ft in the beginning of 2008, the prices here have risen to Rs 4490/sq ft by the end of 2012. However, from 2009 to 2012, there has been an average growth of 5% on a yearly basis. The current prices are around Rs 5000/ sq ft. The maximum growth the locality witnessed during the last five years was after the third quarter of 2011, owing to the start of Vaishali metro station, which is just 5.2 km’s from Indirapuram, in June 2011. After that, the prices remained stable and the locality hasn’t witnessed a boom as far as the price of residential space is concerned.

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Investors House Estate will try to answer every question about real estate under this section about Ghaziabad Properties. In case if you want to ask any specific query Write us at admin@investorshouseestate.com

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