Properties for sale can be exciting for a person's mind but with residential properties, there is a great variety that can overwhelm the person. Flats, apartments, independent houses, villas, builder floors and residential plots are available in various cities and localities at different rates.
The challenge is to find out what one really needs and the one that fits the budget. Whether one is a first-time buyer, looking for an investment or expanding the family, having a focussed approach to property hunting can save time and money.
This article will guide one through what residential properties are available, how to compare what is on offer and what to look for in a property before buying.
What are Residential Properties?
A residential property is a piece of real estate with an intention of use for human habitation. Depending on the location and development, there are various kinds of residential properties for sale.
Some of the most common are Flats and Apartments, Independent houses, Villas, Builder floors, Duplex homes, Gated-community homes and Residential plots. One's selection of a residential property should be based on the person's requirements.
For example, a 2 BHK flat may suffice for a nuclear family but for those used to a larger space and more privacy, an independent house or villa may be a better choice. If one is considering building one's dream home, one can always select a residential plot for buying one's residential property in India.
Why are People Preferring to Hunt Online?
Thanks to online platforms, property hunting is now easier than ever. Gone are the days when people used to start their property search with a visit to a real estate agent. With online listing platforms, people can browse various properties from the comfort of their homes and select specific criteria to filter their options. These include location, budget, property type, BHK, area, furnishing, amenities and property status.
For instance, if one is looking for residential properties in Delhi, one can browse through residential properties in Delhi NCR and select localities like Noida, Greater Noida, Ghaziabad, Gurugram and Faridabad to shortlist preferred areas.
However, keep in mind that a property visit is still required to know the true condition of the house and its suitability.
What to look for in a Residential Property?
Prior to browsing properties, one should define what one is looking for in a property.
Some basic questions that one can ask oneself are:
What is my budget?
Do I prefer a particular city/locality?
How many bedrooms do I need?
Do I want an apartment or an independent house?
Do I need parking, security and other facilities?
Is it for living or an investment?
Having these requirements clear will prevent one from getting distracted by irrelevant properties. Let's take an example. One is looking for a 2 BHK house with parking in a specific budget. Instead of browsing randomly, one can search for 2 BHK houses with parking in one's desired localities within one's budget. Such a search will help one shortlist faster.
What Budget to Set Aside for Buying a Property?
Usually, the listed price is not the final amount that one will pay. In addition to the property price, there are additional charges such as stamp duty, registration, maintenance, parking, brokerage (if any), loan processing, interiors and renovations, if any. Hence, it is better to set aside one's total budget, instead of the property amount
In case one is planning to take a home loan, it is essential to ensure that the monthly instalment is affordable.
Does the Location Matter for Residential Properties?
A beautiful house may not be the best option if it is located in an area that does not support one's requirements. Before finalising a property, make sure to cross-check the location and its suitability.
Some important factors to consider are:
Proximity to one's workplace
Nearest schools/colleges
Hospitals
Public transport
Metro connectivity (if available)
Expressways
Markets
Shopping malls
Parks
Employment hubs
One's requirements may change with time and hence, the property should be able to suit one's lifestyle in the long run.
What to Compare in Similar Properties?
Not all similar properties are similar. For example, Property A may have a lower price but with a smaller carpet area, difficult parking and a longer commute in comparison to Property B, which may be slightly more expensive but have a larger carpet area, easier commute and dedicated parking. Comparing similar properties is crucial to ensure that one is making the better deal. Things to Compare while Buying Residential Properties
Price
Carpet area
Location
Type of property
Facilities
Condition of the property
Maintenance
Future requirements
What to know about Carpet Area?
While searching for flats, one must be aware of the difference between carpet area, built-up area and super built-up area, which vary significantly in terms of their price per square feet. While comparing flats, it is essential to remember that the carpet area refers to the actual area of the walls of the home.
How Important is a Property Visit?
Although online portals have made it easier to shop for residential properties, visiting the property is still a must. By visiting the property, one can have an insight into the amount of sunlight, air-flow, water availability, parking, road connectivity, noise levels, mobile network, construction quality and common area maintenance. By seeing the property at different timings, one can get an understanding of how busy or empty the roads are at different times of the day
How can ArthQuest Help You?
ArthQuest is an ideal platform for those looking for residential properties for sale. Rather than searching randomly, users can explore the website to find various residential property types according to their requirements. Whether one is looking for a flat, apartment, house, villa or residential plot, ArthQuest can be the perfect start to one's residential property search. The idea is to help one find the relevant properties on the online portal, shortlist them and move on to property visits and verifications.
5 Common Mistakes to Avoid When Buying Property Avoid these common mistakes to ensure that one does not end up purchasing a property that one will not be comfortable with:
Avoid selecting only price-based criteria as the lowest price may not always indicate the best value.
Avoid skipping the locality visit as an online portal provides only the general idea.
Avoid relying on photos as one will not be able to assess the true condition of the property.
Avoid ignoring additional expenses while calculating the final price.
Avoid making impulsive payments without ensuring that one has examined all the necessary details.
Quick Checklist Prior Buying a Residential Property Before finalising a property, it is essential to go through this quick checklist:
Does the property suit one's budget?
Is the property located at a convenient place?
Is the size of the property adequate?
Have one seen the property?
Have one viewed the surrounding area?
Are the property documents verified?
Have one considered additional expenses?
Does the property suit one's future needs?
If most of the responses are negative, take one's time before making the final decision. Frequently Asked Questions :
Where can I find residential property for sale in India?
You can find residential properties for sale in India on online listing platforms, with developers, with local agents and with owners. Online portals can help you to compare multiple options before scheduling property visits.
What is the most common residential property type?
Apartments and Flats are a popular choice in most locations, but independent houses, villas and residential plots are also available in most areas.
How to find residential property within my budget?
The best way to look for residential property within one's budget is to set aside one's total budget and shortlist properties within the specified amount. It is also a good idea to compare localities within one's budget.
Should I buy a flat or an independent house?
It depends on one's personal requirements but a flat is ideal for those looking for community and convenience, whereas an independent house is suitable for those who prefer privacy and flexibility.
Is an online property listing sufficient before buying?
While online portals can help you to identify and shortlist properties, it is essential to visit the property and verify all the documents and terms before deciding to buy.
Conclusion
Searching for a home for sale requires an organised approach rather than viewing properties randomly. Prioritise one's budget, locality and property type and compare similar properties to ensure that one does not overpay. Always visit the property and review documents before moving forward. Most importantly, never feel pressured to buy a property immediately, just because it looks good on the portal. The aim is to find a suitable property within one's budget and not the most expensive or cheapest one. With ArthQuest, one can start browsing residential property listings online and shortlist one's options to view properties in person.
