Top 7 FAQs For First-Time Residential Property Buyers
A home is often the largest investment you’ll ever make, and you’ll most likely spend a significant amount of time and energy looking for the ideal location. But by the time you’re ready to purchase your new home, you’ll already know a lot about the property.
The best thing is that with the economy changing for the good and for everyone’s benefit, property prices can rise over time, and by the next 5-10 years you can resell your flat at a very deserving price.
With that saying we should also mention how several new properties are finding their ground in different parts of Kolkata. Especially, you can see the rising demand for flats in North Kolkata.
A discussion with the seller, the seller’s agent, and a check of public records can fill in the details that will allow you to make a more informed decision.
7 Questions To Ask As A First-Time Residential Property Buyer
Before venturing into the real estate sector, every first-time property buyer should arm themselves with fundamental knowledge and ask the following questions:
1. What Is The First Step To Buying Flats For Sale In North Kolkata?
The first step is to know your budget thoroughly and be pre-approved for a home loan. This enables you to determine how much you can spend and makes you a more appealing buyer to vendors. Look for the newest flats for sale in Kolkata that comes at a low price initially. This will help you get the best place to live at a really affordable price.
2. How Much Down Payment Is Required?
The down payment amount varies, but it is normally around 20% of the buying price of the home. Although certain loans may require less, a bigger down payment frequently results in better loan terms.
3. How To Differentiate Between Fixed-Rate And Adjustable-Rate Mortgages?
Fixed-rate mortgages have a fixed rate throughout their term, while adjustable-rate mortgages (ARMs) have rates that change after the first fixed period. The benefits of fixed-rate mortgages include predictable rates, whereas those of adjustable-rate mortgages may be lower initially, but they can become unpredictable over time.
4. Do I Need A Real Estate Agent?
Having an agent can be highly beneficial even if you don’t need one to purchase a home. An agent can assist you with navigating the process, negotiating with sellers, and providing valuable insight for finding the Best Apartment Complex In Kolkata.
5. What Are Property Taxes And How Are They Calculated?
Local governments levy property taxes on the assessed value of your home. Each location has a different rate. A property’s assessed value can be multiplied by the local tax rate to estimate property taxes.
6. What Are Closing Costs How Much Is Expected To Pay?
Closing costs are fees incurred when a real estate transaction is completed. Lender costs, title insurance, appraisal fees, and other expenses may be included. They typically vary between 2% and 5% of the home’s buying price.
7. What Are The Documentations Required?
There are several that you may require. However, here are the most common ones that you need:
There could be others, but these are the most common:
The Conveyance/Title Deed
NOC from the bank/builder or the Sale Deed
Tax receipts from the previous five years of the seller
General Power of Attorney
Every payment receipt
Khata Certificate (registration of property in local records)
Certificate of Encumbrance (evidence that the property is free of loans)
Building Plan Purchase Agreement (between buyer and seller)
To ensure you fully understand the real estate process in your area, it is essential that you consult with local professionals, such as real estate agents and attorneys. Also, if you’re still in search of new flats in North Kolkata, you can try to do research on the Oswal Group. With the most luxurious Ganga-facing flats, you get the best of an elegant lifestyle at an affordable price.