Guide to Home Buyers

Before buying property one must consider the following points for peace of mind and satisfaction.

The property you are going to choose must be in a place which has adequate basic amenities like water, power, sewerage, etc. Infrastructure in the area, connectivity, and cost of the property, these key components are to be taken into consideration beforehand. Do carefully check the builderu2019s goodwill, experience, number of projects successfully completed. Also, consider about available buy options that suit you. It is always recommended to do a field survey before choosing property as per your preferred location and budget.

Though the appreciation is usually low the initial investment is less in small cities compared to the big ones. Many small cities are seeing growth in prices and returns because of major infrastructure developments. Cities with good economic drivers like IT or manufacturing hubs etc are best options. In this case, better resale value and rental returns after good leverage are sure.

Always go for a reputed developer or agent, especially in case of under construction property because risk factor is always there. In case of built-up property, a bigger area in reasonably good complex with a good clear title would definitely be a good buy. Timely delivery would be assured with a builder having market standing. It is worth paying slightly higher to have peace of mind.

If a property is near your workplace or connectivity is easy from there and conforms with the above-mentioned points then buy it. The most important point to be noted is that the amount of equated monthly installments should not exceed over 40% of your monthly average income for a comfortable paying off. 10 to 15 percent of the cost to be managed by you as banks donu2019t lend full cost.

The gain on sale of a property after 3 years is called Long Term Capital Gain (LTCG), on it, Capital Gain Tax can be saved by investing that amount in a residential property.

And tax cannot be saved on benefit gained on selling the property within 36 months called Short Term Capital Gain (STCG). Short Term Capital Gain (STCG) is added to the income of a person and tax is calculated according to the slab rates of the income tax.



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