Buying A HOME: WHAT ADDITIONAL COSTS ARE THERE?

Talking about the Additional Expenses for Home Purchase doesn’t have to keep you awake. Just like when you have to do something you do it, when you have to pay for something, you have no choice but to pay for it. This is how the world works!

Buying a home not only implies paying the down payment and mortgage loan obligations, because in addition to these costs there are others. So don’t forget to have extra savings to cancel authentications, certificates, notarial rights and other documents.

In order to have a comprehensive knowledge of buying a home, it is necessary to know the expenses and taxes that this entails.

If more than half of transactions are made between individuals, many households turn to a real estate agent in India to find the home of their dreams.

They should know that the intervention of this intermediary entitles him to a commission, which will be paid to him only if the sale is carried out. It is usually announced and does not come as a surprise.

The intermediary’s remuneration

Home buyers who have got their house brokered by a realtor usually have to pay a commission for it. It often evolves between 4 and 10% of the sale price.

The security deposit

As soon as the compromise or the promise to sell is signed, a security deposit or immobilization allowance (representing 5% to 10% of the purchase amount) will be requested.

The sum is then transferred to the house seller until the signing of the final deed of sale. It is then deducted from the total price of the sale.

If you no longer wish to buy and exercise your right of withdrawal within ten days of signing the compromise or the promise to sell, the security deposit will be returned to you without penalty.

Taxes

The appearance of the payment of taxes is not a new event, all citizens must make this payment in the cases that are required.

Insurance costs

The additional costs when buying a land for sale in Gurgaon also include the necessary insurance. To protect against even greater financial damage, home buyers usually take out certain types of insurance.

Renovation costs

Whoever buys a house does not always agree with the taste of the previous owner. Residents of a home in particular want to feel at home quickly and put their own stamp on the furnishings.

In addition to the change of scenery, new lamps, bathroom fittings, kitchen equipment or garden plants are often required – what they want to renew and how much of the budget is available for this should be taken into account in advance by home buyers.

Better to take into account: additional costs when buying a house

When you are about to become a homeowner, the price of housing is not the only expense. There are also many ancillary costs: agency commissions, notary fees, credit-related costs, etc.

Additional costs are not only incurred when buying, but also before and after. Many of these expenses are necessary for planning the home purchase so that the budget is not blown and there are no surprising additional costs.

Selling A Home: These Are The Biggest Mistakes

A private home sale is a complex and usually lengthy process in which you as a seller can quickly make mistakes. In this guide we will introduce you to the process of selling a house. We explain the most common mistakes when selling a home and give you important tips to avoid these mistakes.

How does a private house sale work?

A private house sale consists of four process phases, preparation, marketing, processing and handover.

Phase 1- Preparation

The first phase is the preparation phase. In this phase you should determine the value of your property and set the offer price. In addition, you should compile or apply for all important documents for the house sale.

If necessary, you should also prepare your house for sale, i.e. make cosmetic repairs and remove personal items so that they do not interfere with the photos for the exposé and during the viewing appointments.

Phase 2- Marketing

After preparation comes the marketing phase. In this phase, you should define your marketing strategy based on your target buyer group, create an exposé and advertisements, as well as make viewing appointments.

Phase 3- Processing

Once you have found a buyer, the processing phase begins with sales negotiations. Here you should check the creditworthiness of the buyer before drawing up the purchase contract with the notary.

Phase 4- Handover

In the final phase there is an appointment with the notary and the contract is signed. After the buyer has paid the purchase price for your house, the notary will make the entry in the land register. The sale of the house is complete when the keys are handed over.

1st mistake: The wrong time

Preparing for a house sale is just as important as the house sale itself. And that includes carefully considering when you want to sell your house. The time of sale can be decisive in determining what sales price you can achieve for your property.

In order to get the optimal price for your property, it is essential that you observe the property prices in your area in advance when you sell your home in order to identify possible trends in price developments.

You should also keep an eye on the development of interest rates. This is the only way to ensure that you can find a buyer for your home and sell the property at the best price.

2nd mistake: The real estate market value is unknown

When you sell your property, it is relevant to know the current market value of your house or apartment. As an owner, you may still remember the price you once paid for your home.

You are also likely to have the costs for any repairs, renovations and improvements. But if you have owned a property for a long time, it is not unlikely that the current market value will deviate significantly from the purchase price originally paid.

Generally speaking, property prices are determined by supply and demand. The value of a property also depends on other factors such as the location, equipment and condition. In the property valuation, it is important the correct valuation method to use for your type of property.

To ensure that the valuation is carried out correctly, you should hire an expert to assess your home. Thanks to the valuation, the real estate expert can determine an appropriate sales price for your property.

Determine The Value Yourself Before Buying A House

For you as a home buyer, it is worthwhile to have the value determined before buying a home. You may save money because you can negotiate the purchase price, or you can even prevent a bad purchase.

Ideally, an objective property valuation forms the basis for the purchase negotiations. In fact, not every owner has the value determined before buying a house.

It is often private individuals who sell their property and carry out the valuation themselves. This often leads to an unrealistic price because the assessment is biased. The personal workload, memories and emotions are associated with the property.

Many property owners at some point come into a situation in which it is important to know exactly the value of a property, for example when selling or buying, in the event of inheritance or divorce.

But as an investor, you should also be able to determine the value of a property in order to make decisions. This article introduces you to how to know the true worth of a property.

Which factors are decisive for the property valuation?

Numerous properties and characteristics of a property can influence its value. The most important factors include:

  • The condition: is it an old or new building? Are there any costs incurred for the renovation? How much do you have to invest as a potential buyer?
  • The equipment: how should the floors, windows and possible built-in components (e.g. Kitchen) be classified? Is it an upscale equipment?
  • The location: in which region is the property located? In a more rural area or in a metropolis? And within this city in which residential area?

If you have the feeling that the price of a property is too high or you suspect construction defects, then have the value determined before buying the house. In the best case scenario, you should hire a building surveyor for the house purchase who will issue an independent judgment.

An expert is recommended, especially if there is any suspicion of hidden damage or construction defects. He checks the condition of the house, from which he determines a value before buying the house.

At the same time, the experts such as real estate agents in Noida provides information about the expected costs for urgent renovations. You can then either withdraw from the purchase or include this in your financing planning. In any case, you are on the safe side with an expert opinion.

A professional valuation by real estate agents in Delhi is of course also an advantage for owners, as this ensures a realistic purchase price. This has several advantages:

If your property is worth a high selling price, you have a solid basis with the appraisal to justify it. The evaluation includes individual features that have a positive effect on the purchase price.

Under certain circumstances, you would not have taken these into account or had incorrectly assessed them.

A purchase price that is too high can reduce the chances of selling and (unnecessarily) drag out the sales process. This is particularly a hindrance if you want to sell as soon as possible.

At the same time, a price that is too low is undesirable. Under certain circumstances, however, you would have overestimated the purchase price because you did not take into account the special features of your property or did not know its value.

So, if you sell your home, have it appraised. The same applies, of course, if you want to sell a vacant lot. Land prices should also be determined professionally.

What Precautions Should I Take If I Rent My House?

If you have decided to rent your house, in good time: you are about to enter one of the most profitable businesses that exists. Your service is one that is always on the rise, with a guaranteed return.

By renting your house you receive benefits, but at the cost of not a few risks. Without a doubt it is something that cannot be avoided in any investment, but it does not hurt to be aware of each of them to neutralize it as much as possible.

The risks of renting your house

New responsibilities

By renting your house, you acquire more responsibilities related to the property than you already had. For this reason, it is important that you draw up a contract that stipulates each of these responsibilities, and who takes charge of them: payment of services, repairs in the property, voice and vote before the community of neighbors.

New taxes

The rent of an apartment means you a fixed income, but also put the eyes of the treasury on you. You must pay taxes on the profits that a property generates. Failure to do so expose yourself to fines and surcharges.

Periods without income

When you start renting your home as if you change tenants, your property will be empty for several months (especially if your requirements for tenant are very demanding). This is going to mean that you will run out of rental income during that period. You should consider that maintenance, electricity and other services will have to be paid, and that you will have to do it.

Tenants with past

It will never be too stressed that at the time of taking over a tenant you are sure of their solvency (an income that does not exceed 30% of their income guarantees that they will not default on their obligations) and their background (ask for some roots in their work and personal references never hurts).

Do it by yourself

The most important of the recommendations when renting your home is that you do not resort to verbal agreements or standard contracts, let alone you who collect the rent and this is why you should consult real estate agents in Noida.

Seven reasons why you need to hire a real estate agent

  • Experience in the real estate industry
  • Provide legal and financial advice
  • Avoid exposing yourself/safety issues
  • Guarantees a safe purchase
  • You will save time
  • Will be a better negotiator
  • Different perspective

The most important reason why you will need the services that a real estate agent does is their experience in the sector and their skills in that business.

Their strategies, contacts and recommendations will be crucial at the time of selling a property or making the purchase or rental of the home that best suits your needs.

Another great advantage of hiring a real estate agent will be their invaluable help when carrying out paperwork and financial movements.

As an expert in real estate, the real estate agents in Delhi know perfectly the documents and procedures to be carried out as part of the purchase-sale process, he can guide you to hire the services of a lawyer and/or notary, in addition, he will advise you on financial matters that first-time buyers are often unaware of and will have up-to-date information.

Do You Know If The House Of Your Dreams Is Legally Habitable?

After much searching, you have found the ideal home, and you just need to take the last step: the purchase. But do you know if what will be your new home is legally habitable? The truth is that in the market, there are properties that do not have the necessary documentation to be considered legal housing.

Certificate of occupancy or occupancy license

The certificate of occupancy or occupancy license is the document that certifies that the dwelling meets the minimum habitability conditions, taking into account its hygiene, health, and soundness. The real estate agents in Delhi must give you this card in the sale to verify the habitability and legality of the house.

On the contrary, the first occupation license will be requested, which will not need to be renewed unless a substantial reform has been carried out. In the Valencian Community, Extremadura, and the Balearic Islands, the renovation will be necessary, obtaining; as a result, the second occupation license.Real estate inventment

If you have doubts and want to be sure about the state of habitability of the house, or you are willing to buy a house without a certificate to legalize it later, you will have to contact an architect. There are websites where you can search for certified technicians in the area and know their prices and valuations.

real estate agents in Delhi

Check the registry

Before buying the house, it is also advisable to check the registry of the plot or land to know how many square meters are declared.

It may happen that reforms have been made to the property, expanding space, rooms, or floors and that it has been done without the relevant authorization or license. That is, although one part of the house may have a certificate of occupancy, another part is illegal. Make sure that the square meters for sale correspond to those registered in Cadastre.

Simple Registration Note

Often, before making a sale, the seller is asked for a simple registration note. It is an informative document that offers legal information about the land for sale in Gurgaon.

For example, indicate the type of farm that is (house, plot, meadow, etc.), the location and description of it, if it has any type of load, or who is the owner. This last data can be especially useful to make sure who is selling you the house is really its owner and thus avoid fraud.

Other documents for the sale

In addition to the certificate of occupancy, there are other necessary procedures for sale, such as the Energy Efficiency Certificate, electricity bills already cleared, or the property being mortgaged against a bank loan. The seller must give you the certificate and include it in the contract of sale. In addition, the energy rating that emerges from this certificate must appear in the advertisements of the property, which will indicate from the first moment that the house has gone through this procedure.

In any case, to deal with a sale and do it without difficulties, it is advisable to consult with a specialized professional, agency, or real estate that can guide you during the process.

Reasons To Hire A Real Estate Agent

Today, a great amount of data is available on the Internet and customers sometimes ask: “Why do we require to hire a real estate agent?”

They rightly ask this question if they really can buy or sell an apartment through the Internet or through ordinary marketing and advertising channels without a real estate agent.

Yes, some succeed, many do not. So, if you have the same question, here are some reasons why you might think about hiring a professional real estate agent.

  1. Education and experience

You do not need to know everything about buying and selling real estate if you hire real estate agents in Delhi. Henry Ford said that when you hire people who are smarter than you, it proves that you are smarter as compared to them. The technique is to find the right person. So why not hire someone with more knowledge and experience in real estate issues than you? We are all finding a way to save our precious time, and turning to a professional allows you to do this.

  1. Agent is a buffer

Agents assume all the annoying worries associated with the purchase or sale of real estate. If you buy an apartment, your agent will take on the responsibility of communicating with the agents of the sellers, not allowing them to pull your nerves. If you are a seller, your agent will filter all empty phone calls and weed out those persons who only go on a tour of the apartments, portraying buyers.

  1. Knowledge of the area

The agents have a deeper knowledge, and they know all the features of not only real estate, but also the area itself, where this property is located. They can competently emphasize the merits of a particular location of the building when selling real estate, and at the same time draw the client’s attention to possible problems in selecting an apartment. They can determine comparable sales prices, as well as suggest you where to find the nearest school, clinic, kindergarten, store or public transport stop.

  1. Knowledge of prices

Contrary to popular belief, agents do not set prices for sellers or buyers. However, the agent can guide customers in the right direction. Agents of the seller will ask buyers to weigh all the arguments that they, the agents, lead and draw conclusions about the price.

  1. Market information

Real estate agents in India know what market conditions will affect the sale or purchase of an apartment. Data such as the average cost per square meter in apartments like yours, the average sales prices, the duration of the exposure, and the ratios of the offer and sale prices, among other criteria, will have a huge impact on what you ultimately decide to do.

  1. Negotiation and confidentiality skills

The best agents negotiate well, because, unlike most buyers and sellers, they can avoid the emotional aspects of the deal. They are trained in this. This is part of their job responsibilities. They are professionals who best represent the interests of the client during negotiations, and at the same time, they carefully keep confidential information.

Real Estate Agent: Is The Luxury Real Estate Market For You?

The luxury real estate is a real market that has little to do with the traditional real estate market. Often mythologized and full of clichés luxury, even in real estate, does not know the crises of conventional markets.

What approach should the real estate agent take that decides to take this opportunity?

It’s a question of values

Logical or affective constancy in thought and actions, in other words, COHERENCE. Yes, coherence is the first value that is required of the real estate agent working in the luxury sector: consistency in communication, the positioning of the brand, and presentation of the property.

Correspondence to the truth, not falsified, or AUTHENTICITY. You are a luxury professional, not someone who would like to be one. In the relationship with the customer, therefore, you will take care of every single detail that expresses quality at the highest levels and detailed knowledge of the situation. The luxury customer realizes if you are up to the task or if you are playing a role that is not yours.

Put yourself in an immediate state of mind or the situation of another person. The client wants the consulted real estate agent in Delhi to understand his luxurious and uncommon lifestyle by showing a sincere interest in helping him realize his dream, very often linked to the concept of reward for the hard work done and the critical goal achieved.

The consideration of others conventionally felt as a right measure of morality. We are talking about REPUTATION. Rest assured that when a “high level” customer decides to rely on you it will be because, just like in the business that follows, he will have subjected you to “due diligence.” If you are a respected professional in the community or some professional organization or club, you will have excellent opportunities to work in luxury real estate.

Full ability to orientate in a particular field. COMPETENCE comes into play. Whatever the purpose of your professional commitment (the purchase, sale and even the lease), know that the luxury customer is looking for someone to make the path of selection and closing the business, in other words, the experience, less stressful as possible. You will need to be efficient, informed and foresighted, a professional who knows how to handle the unexpected without panicking, bringing solutions to problems that may arise.

In the high-end real estate services market, people respond to value, not price. If the goal is worth it, the customer will be willing to pay for it.

Relations, savoir-faire and collaboration!

To position itself in the luxury market, cultivating the right relationships with real estate agents in Gurgaon is crucial to creating a profitable ecosystem. People need to know that you are mediating luxury properties. It’s not enough to shout it on social media; you have to develop your influence off the web. The watchwords are: get out and meet!

If you decide to interact with a certain group of people, you must attend the same environments. Your marketing, for example, could include sponsoring an art show, or a cocktail in a literary club.

A second aspect concerns the attention you give to people. Stay in touch with them all year through a personalized greeting on the occasion of your birthday, a sincere compliment for a career advancement or another professional success, a surprise communication where you learn how things are progressing.

10 Important Questions About Rented Properties in Delhi ?

Before renting a property, whether, for private or professional use, some doubts arise in the tenant that must be clarified to maintain a good relationship between the parties during the term of the contract.

1- How and where is the monthly rental of the property paid?

In the rented property in Delhicontract, the landlord and the tenant must establish the place and way to pay the amount of rent, being more convenient to manage the real estate itself to avoid any inconvenience

2- When is the guarantee deposit refunded?

The guarantee deposit serves to cover the possible damages that the property or the objects inventoried in the contract may suffer during the rental period, as well as the invoices for services that arrive after the delivery of the dwelling. For these reasons, this deposit is made before receiving the property and is returned after delivering property.

3- What is the amount of the guarantee deposit?

A clause indicating the value of the deposit must be established in the rental contract, which can be up to the amount of one month’s rent multiplied by each contract year. Also, the conditions for their return must be layered in the same document.

4- Is it possible to rescind the rental agreement?

Yes, the tenant can rescind the contract after the first six months of rent. Although the system of laws does not define a minimum notice period, it is advisable to agree on one to give notice of the early termination of the same. It must be taken into account that if the rescission occurs within the first year, the tenant must pay the equivalent of a month and a half of rent, while if it is done within the second year, the compensation will be reduced to one month’s rent.

5- Who to turn to if there are inconveniences with housing?

Depending on the conditions of the contract you can resort to the real estate agents in Delhi that manages the rent for help and concerns or with the same owner if necessary or possible.

6- What happens if the rent is not paid on time?

In general, the contract determines a range of days within which the rent must be paid and where a penalty for delay is agreed.

7- Who handles the procedures with the service companies?

Procedures involving service companies, whether to contract, unsubscribe or change the ownership of them, must be done by the same tenant before and after the move.

8- Are guarantees needed to rent a property?

Generally, the owners require the future tenant a guarantee, such as a property with the corresponding papers or a guarantor, to prove solvency and good faith.

9- Can the contract be renewed?

Yes, in most cases the contracts can be renewed. However, this depends on the availability of the property and the owner’s wishes regarding its use. Also, it is advisable to define a term in the contract to notify the intention to renew the lease.

10- To who the keys delivered at the end of the deal are?

Once the contractual relationship between landlord and tenant has been completed, the tenant must immediately deliver the property and its keys to the real estate agency that manages the rent or to the same owner, as previously agreed.

How Real Estate Agents Can Help You Buy Property in Delhi?

Delhi is a dream place for many Indians to invest in properties. It continues to be the top real estate investment choice for many investors in India. Every person wants to settle in Delhi since it’s having a huge number of opportunities for quality life. Nowadays, Delhi seems to be a walloping real estate market because of its growth as a prominent metropolis of India.

Jain1Top constructions firms and builders from across the nation have built their series of residential apartments, and IT office space in Delhi to provide luxurious accommodations and healthy working atmosphere to people. Real estate agents and people in and around Delhi are using real estate market trends as a money-making alternative. Many individuals and families living in nearby regions are always planning to settle down in Delhi. Depending on special locality and depending on the effortless accessibility of different commutation the prices of space differ in different localities. There is an availability of fully furnished office space in Delhi in different localities which are a bit costly. In rental commercial office space, you just have to monthly pay the charge for using their property. So, you are not buying the space but only utilizing the corporate space and paying money for it. This will save a good amount of money which is utterly required if you are setting a startup.

The rent and cost of commercial properties in Delhi are growing at a stable rate. The owners of such properties are making mammoth profits from properties which they would have bought at the very low costs.

Folks who are searching for corporate properties should opt for property in those regions where transportation facilities are outstanding and everything is handy. This is a correct time to put your money in buying office space in Delhi as prices will surely rise in the time to come. The preference of space relies on numerous factors. One important aspect is the style of living of people. The more lavish their lifestyle the more expensive commercial properties they will pick. People having average earnings will look out for reasonably priced homes. Other crucial factors are location of offices and availability of electricity, and water. There are many real estate agents in Delhi who are always prepared to help the buyers to get the exact deal. But, before you choose an expert from the online investigations, you should consult with your colleagues and friends. You can also go to the review sites to find the right professional. Reading testimonials on various websites is also a nice way to approach reliable agent or firm.

It is wise to first consult with agents, who can assist with the sale or purchase of property in the city. In Delhi, property investment can generate cash flow through net operating income, equity build-up, tax shelter, and capital admiration. Delhi is always known for its high capital appreciation and the ease of resale, both of which make it a most wanted location to carry out investments.

jain2When you are looking to invest in real estate in a city that is new to you, it is always better to depend on the experience of a property dealer. In cities like Delhi you can choose such dealers effortlessly. Finding good property dealers in Delhi is very easy due to the popularity of mediums like internet.

Some people invests in plots, some buy plots for living purposes and some buy them for business purposes. In large cities there will be areas which are appropriate for all sorts of purposes. Generally residential plots are located away from commercial regions. Both areas will have all the facilities nearby and also the atmosphere will be suitable to the nature of the locality. The outskirts are considered as main residential plots and will be very expensive. The real estate agents in Delhi can avail you great properties at various price options.

All About Real Estate Agents In Delhi

What are real estate agents? How do they help us? The answer to these questions is simple.  Real estate agents are experts who help in linking the buyer with the seller/ owners of property.  Apart from buying and selling of property a lot of real estate agents in Delhi also deal in rentals service that is they help the tenants to connect with the landlords and they even maintain the property on the behalf of the landlords. To make it really short and simple the real estate agents work by connecting together the two interested parties for buying or selling of renting and for it they charge a commission.

Talking about the commission of these real estate agents in Delhi they generally calculate their fee as a percentage of the selling price of the property or as part of the rent in case of rental service. People, who want to sell/lease their home, land or office space in sector 44 Gurgaon, Delhi and Noida can leave the details of their property with these real estate agents in Delhi. One of such leading real estate agency is Jain Oncor that deals in all sort of property from residential to commercial.  A lot of home seekers and property investors use the services of real estate agents for not just cracking a good deal with other party but also getting them quick. Since real estate agents are very well aware about the market situation of their region of operation and thus help you to settle for nothing but the best.

It completely makes sense to approach these agents as in to get an idea of the going rate for properties in that region and also know the future returns from investment point of view. These agents would generally know the prices of various properties of different types and at various locations in the region. For example the experts on Jain Oncor real estate agency are very well aware about the price and possible returns in the future for office space in Noida, Delhi and Gurgaon and thus suggest the customers accordingly.

Moreover if you are selling your property than you can possibly get a few thousands more by using the advice received from a good real estate agent like than of Jain Oncor. The expert’s agent of Jain analyse the needs of the customer and provide suggestions on the bases it that perfectly suits their budget. If the experts to be believed they suggest that you should try and invest in office space in sector 44 Gurgaon or office space in Noida as these two places are the hot pick for foreign MNCs. Investing in these kind of commercial property will give you high returns in the coming future.

You can consult the leading real estate agents in Delhi if you are looking for a property for investment as well as for buying purpose.  Beware of the fraud real estate agency that insists you to buy a particular property as they might fraud you with a land that is not at all valuable.