Buying a new home is one of the most crucial decisions one makes in their life. You could be planning for the purchase for years, and now it’s time to buy one. Investing in a property is never an easy task. However, if you don’t correctly understand the implications of not looking for the red flags during the purchase, you may have many complications in the future.
There are many things you must check before buying/investing in a new property in Arizona. As per Arizona Regional Multiple Listing Service, the average home price in the Phoenix region is around $399,900. The housing market in Phoenix, Arizona, is showing an increase in prices. It is a central part of the state; all you have to do is find an Arizona real estate agency to cater for your needs.
If you want to make an easy and uncomplicated property purchase, this article will help you understand the nine things that you must consider while purchasing a property.
The first step in purchasing/selecting a property is to finalise your budget. No matter how much you love a house or how beneficial the purchase of a property is, you must always consider the proper funding. Fixing a budget helps you cancel out many houses from your list and save time finalising the shortlisted ones. If you start without any plans, the searching will take a lot of time and energy.
The Carpet Area
Your flat’s carpet area is one of the parameters to calculate the price of the home. The pricing of an apartment is done using many factors, including the elevator space, the thickness of walls, stairs, and the height of the ceiling, and these are just the things inside the house.
Sometimes when multiple owners share the house, the price of the common carpet area is divided among the owners, so it becomes a necessary part of the deal.
The place/land where your house is built is crucial. Thorough and intense research has to be done about the area/plot before you buy the property. The ground should be clear of all dues and taxes and should be registered. You must thoroughly check your deal with the owner and transfer rights, ownership, and obligations towards the property.
Ensure that the house is legally authorised to be built on the land it stands on. The developer must have NOCs and approvals from Area Development authorities, sewage boards, water supply, Municipal Corporation, and electricity boards. If you are taking home loans, the concerned institution will have to validate property documents before sanctioning the loan.
Delayed possession of the property is becoming a trend, but the delays are because of many reasons. Usually, the owner or developer asks for at least a six months grace period, but they must give you a valid reason for it.
The banks are cautious about the properties they give loans to, and if they find any irregularities, they will deny the loans. Therefore, if you are always worried about the future of your property or are planning to resell or renovate, you must check with the banks about your property and the papers of the property.
The selection of houses is a tricky process, and the process of acquiring is more challenging. But, if you make a list of all the documents and agreements to be signed and validated, you will not have to be concerned about the property transfer process. The Arizona real estate agency or the agency you selected for the deal must specify the agreement beforehand or soon after choosing your property.
Location Of The Property
Never ignore the importance of the location of your property. The location of your property will always affect the value during resale and purchase, and the amenities, physical infrastructure and distance from all essential public transportation are crucial.
Make sure you always read all the clauses of the documents in detail and the penalty to be understood. The builder should pay you a monthly penalty if you don’t receive possession of the flat/house within grace time. In addition, additional expenses like tax stamp duty, loan processing fee, registration charges, etc., should be considered.
If you follow these instructions, you will not have any issues with purchasing and reselling it afterwards.