There are many residential formats to choose from – Residential plot, apartments, the single floors, independent houses, and multi-story flats. If you have the required finances, ready-to-move-in is the ideal option for an end-user. This property would be significantly more expensive than at the launch stage but the buyer is protected against time and cost over-runs and also the EMI payment during the period when the house is under construction. For an investor who wants regular rental returns from his property investment, a ready to move in property brings immediate rental income which helps pay back the loan to buy the property at propertycentral.
Table of Contents
Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems. Property rights give a title of ownership to the land, improvements, and natural resources such as minerals, plants, animals, water, etc. There are several types of real estate, each with a unique purpose and utility. The main categories are:
For anyone looking to understand how the industry works and what each of the major categories represents, the explanations below will be a helpful guide. Residential real estate consists of housing for individuals, families, or groups of people. This is the most common type of estate and is the asset class that most people are familiar with. Within residential, there are single-family homes, apartments, condominiums, townhouses, and other types of living arrangements at propertycentral.
Things to remember before buying a property
It may be ideal to engage a good real estate agent to locate a resale property/flat. He would be in a position to locate sellers as well as guide you regarding the price of such properties in different localities. They would also be in a position to tell you about the seller of the property.
Check Title of a Resale Flat/ Property
Engaging with experts like real estate agents and lawyers will help you, but it is always better to be well-informed yourself when entering into deals and procedures for buying resale flat/property. The first step in buying a resale flat/property would be to establish the title of the seller; whether he is the real owner of the property/flat or has been given the power of attorney to transact the deal.
Buying resale property may seem great, but it could become a big problem if the documents regarding the original purchase and subsequent transfer of title are not properly stamped. Firstly, it could pose great problems especially if you want to apply for a loan for the purchase of the resale property.
Check the Value of a Resale Flat/ Property
Next, it is imperative to note that the loan amount is highly dependent on the cost of the property. Technical experts would evaluate the property/flat. However, it would be useful to yourself avail the services of a property valuator at a small fee before approaching the banks. The bank’s property valuator may valuate the property at a much lower rate.