Purchasing a home can be a big step for an individual. You will be investing considerable money into an asset which you have dreamt of owning since a young age. It is only natural that you would want to ensure that your purchase is fulfilling not only for the first few days but the next several years too. If you are looking to buy houses in Kolkata for sale, without a broker or an agent chances are you have faced a few concerning questions or doubts from your friends and colleagues.
Even if you haven’t, there might be a small part of you wondering if there are properties beyond your reach or documents which you might miss out on. While the doubts are valid, the correct steps can help you ward off any fears and doubts you might have as you proceed to buy houses in Kolkata
While a real estate agent does come with some assurances, she or he also comes at a price that could be hard on your purse strings.
So if you don’t wish to part with more money and want to undertake this task, read on as we break down the steps you will need to take in order to buy houses in Kolkata.
However, first, let’s take a quick look at the structure of real estate in Kolkata
Real estate in Kolkata- a quick look
Up north, houses for sale in Salt Lake, Kolkata are priced at around Rs 5000 per square feet, while in EM bypass, East Kolkata, it is a little lower at 4800 per square feet.
Amongst the houses for sale in Kolkata, south, flats in Ballygunge, are priced at an average of 4875 per square feet, while New Alipore, is slightly higher at an average of 4900 per square feet. Ballygunge offers excellent connectivity to the neighbouring regions and also has a booming commercial infrastructure to boast of.
Houses for sale in South Kolkata such as Behala and Joka are slowly gaining prominence and are priced much lower at Rs 3000-4000 per square foot. Due to the lower rates and ample space, a home buyer looking to buy duplex houses in Kolkata is more likely to find several interesting properties in Joka
Steps to buy houses in Kolkata for sale without a broker/an Agent
In this article, we will break down the steps and deep-dive into the finer aspects of purchasing a home. Here are a few things to consider that could make your journey hassle-free as you prepare to buy houses in Kolkata for sale by yourself:
Finances play a huge role in the purchase of an asset like a home. Hence, before you plan to buy houses in Kolkata for sale, it is important that you set a budget according to the finances at your disposal. While it is important to look for the right services it is also important to ensure that the purchase doesn’t become a prolonged strain on your finances. Here are some cost-centers you should be wary of before shortlisting a home:
- Applying for a home loan pre-purchase
Before you apply for a home loan you could do some homework to check that your finances can ensure a smooth repayment of the EMIs over the course of the tenure. It is also important to note that banks have a policy such that the loan amount does not exceed 60-70% of the entire value of the property. Hence it is prudent to plan and organize funds from sources other than banks. Further, considering the sizable nature of the EMI it would be best to consider the stability of your future income before committing to a long period of repayment towards buying houses in Kolkata for sale.
- Recurring charges post-purchase
Say you are looking for an independent house, for sale, in Kolkata-There are some aspects that differ from an apartment, such as the differing maintenance charges or the up-keep in general in case it is not taken care of by the builder. In this particular case, it would be wise to factor in the extra costs and consider accordingly. Pro tip- Consider hiring the services of research analysts who could guide you through the cost-effectiveness of your investments and help mitigate your risks through efficient data-driven analysis.
Shortlisting the location
Where would you rather live? Near the city or away from it? How important is it for you to live near your workplace? Are restaurants accessible from your home? These are some of the questions you might consider asking before looking for houses in Kolkata for sale.
While some places offer better connectivity others are rather removed. Some localities, like Salt lake or Newtown have a bustling social infrastructure in the form of restaurants and bars which might be an important factor for some house buyers.
Consider the important aspects you wish for in your immediate surroundings and decide on the locality you would like to live in depending on your needs and lifestyle
Short-listing your home
Once you’ve decided the locality you would want to purchase a house in, you can finally begin searching for your next home. Today, there are several tools to help you aid your research for the perfect home in Kolkata. You could research online or offline by getting in touch with the sales teams of the builders and physically inspecting the houses.
Physically visiting the site
Once you’ve narrowed down on a few properties, it would be a good idea to get in touch with the builders and visit the homes. It is important that you spend some time within the property you plan on living in. While you’re there you could take a look at amenities you probably read about and actually inspect if it’s up to your standards.
Once you have finalized your home you might want to hire a home inspector to inspect the home and help you identify any defects which might be hidden in the property.
Although a fairly new concept in India, home-inspectors are slowly gaining precedence. While a broker might be able to give you a fair idea of the sustainability of the home, an inspector could give you a more refined report which could help you in the long run.
The inspectors would check the foundation, insulation, windows, and even the plumbing of the apartment, thereby helping you understand the sustainability of these appliances. It is best to understand any hidden defects which the home might have and which lay hidden behind the crisp coat of paint rather than incurring huge expenses in the future.
If you’re looking for houses for sale in Kolkata, it might be a good idea to simultaneously look for home-inspectors who could accompany you on your visits.
Once you’ve finalized a home, there are a couple of documents that need to be presented and accounted for. It is important for the buyer to ensure that the seller has the correct documents which prove the legality of the transaction.
While there are some documents you will have to prepare for, there are some crucial documents which the seller needs to present. Before you finalize the deal, make sure to check the following documents-
–Document of title, which specifies the seller as the owner of the property
–No objection certificate, which legitimizes the property
–Encumbrance certificate, which signifies that the property is free of any outstanding loans
–Occupancy certificate, which legalises your occupation
–RERA certificate- The property should be approved or registered under RERA.
(RERA is an act set up by the government to ensure consumer protection, and it is compulsory for all builders to have their properties registered under this act.)
Buying of homes has always been a process accompanied by a broker or an agent. However, there is a way to buy a home without them, if you do a little bit of homework and follow a few guidelines.
In today’s age of technology, there are several resources you could access, as a home-buyer to fill in the knowledge deficit which a broker’s absence might cause. From websites to blogs everyone is ready to assist you to search amongst the houses in Kolkata for sale. So get yourself a notebook and a pen, and let’s start finding the next perfect home for you.