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Buyer's Guide

"Welcome to your Buyer's Guidebook: Your Essential Companion on the Journey to Finding Your Dream Home."
"This Buyer's Guidebook is your trusted roadmap to a successful and informed homebuying journey. Packed with expert advice, valuable tips, and essential checklists, it will empower you to make confident decisions and find the perfect home that fits your dreams and your budget."

Determining your budget for buying a property is a crucial step in the home-buying process. Here are some steps to help you establish a realistic budget:

1. Assess Your Financial Situation:

    • Calculate your monthly income: Consider your salary, bonuses, rental income, and any other sources of income.
    • List your monthly expenses: This should include bills, groceries, transportation, insurance, and any other regular expenses.
    • Determine your savings and debts: Take stock of your savings, investments, and outstanding debts, such as student loans, credit card debt, and car loans.

 

2. Factor in Closing Costs:

    • Be aware that in addition to the down payment, you'll need to cover closing costs, which can include fees for Home Loan Processing, Lawyer’s fee for drafting and execution of Sale Agreement and Sale Deed, Registration & Stamp Duty Charges , Mutation Charges , Electricity Connection Application cost , Maintenance Deposits (If required) etc. . These costs typically range from 7% to 9% of the home's purchase price.

 

3. Consider Your Monthly Mortgage Payment (Home Loan EMI):

    • Use a mortgage calculator to estimate what your monthly mortgage payment would be based on the price of the property, your down payment, interest rate, and loan term.
    • Make sure your estimated monthly mortgage payment is within your budget. A general guideline is that your housing costs should not exceed 35-40% of your monthly income.

 

4. Account for Property Taxes and Home Insurance:

    • Property taxes and homeowners' insurance are ongoing expenses that can vary significantly depending on your location and the property you choose. Research these costs for properties you're interested in and add them to your budget.

 

5. Factor in Maintenance and Utility Costs:

    • Homeownership comes with maintenance and utility costs. Consider these additional expenses when setting your budget.

 

6. Get Pre-Approved for a Mortgage (Home Loan):

    • Consult with a mortgage lender to get pre-approved for a mortgage. This will give you a more accurate picture of how much you can borrow based on your financial situation.

 

7. Consider Future Expenses:

    • Think about your future financial goals and obligations, such as retirement savings, education expenses, and emergency funds. Ensure that your housing budget allows for these priorities.

 

8. Be Realistic:

    • It's important to be realistic and not stretch your budget to the maximum. Leave some room for unexpected expenses and emergencies.

 

9. Shop Within Your Budget:

    • When house hunting, stick to properties within your budget. Avoid the temptation to go over your budget, as this can lead to financial strain.

 

 

 

Home Storeys plays a vital role in assisting clients in determining client’s budget for property acquisition. With an in-depth understanding of the local real estate market and access to comprehensive data, we can provide clients with valuable insights on property values and trends. By assessing our clients' financial profiles, goals, and priorities, we offer tailored advice on a suitable budget, helping clients strike a balance between their aspirations and financial capabilities.

 

 

Additionally, we guide clients through the often-complex process of securing financing, explaining the various costs involved, such as down payments, closing expenses, and ongoing property-related expenses, to ensure a well-informed and realistic budget is established.

A home inspection is a thorough examination of a property's condition, typically conducted by experienced real estate consultants. The purpose of a home inspection is to provide the buyer with a comprehensive understanding of the property's overall state, identifying any potential issues or defects. A standard home inspection includes a visual assessment of the property's structural components, systems, and major components, such as :

 

1. Structural elements: This includes the foundation, walls, roof, and overall structural integrity of the property.

 

2. Exterior: An experienced Consultant examines the exterior features, like the windows, doors, and drainage systems.

 

3. Roof: An experienced Consultant evaluates the condition of the roof, checking for damage or leaks.

 

4. Plumbing: This involves inspecting the plumbing system, including pipes, fixtures, and drainage.

 

5. Electrical: The electrical system is assessed to ensure it meets safety standards and is in good working order.

 

6. Heating, ventilation, and air conditioning (HVAC): An experienced Consultant examines the HVAC system to verify its functionality and safety.

 

7. Interior: The interior components, such as walls, ceilings, floors, and windows, are inspected for issues.

 

8. Appliances: Some home inspections may include the evaluation of major appliances.

 

 

At Home Storeys by conducting comprehensive home inspection, we help potential buyers identify any existing or potential problems with the property, which can influence their decision-making process and negotiations with the seller. It's also an opportunity for buyers to gain insights into maintenance needs and potential repair costs.

Negotiating the price of a property with the help of an experienced consultants will be a beneficial and professional approach. Here are some steps on how you can effectively negotiate with the seller using our expertise:

 

1. Choose a Qualified Real Estate Consultant :

    • By selecting a qualified and experienced real estate consultant Home Storeys to represent your interests. Look for a consultant with local market knowledge and a track record of successful negotiations.

 

2. Market Analysis :

    • Your Home Storeys consultants are equipped with comprehensive market analysis to determine the fair market value of the property. This analysis will be based on recent sales, local market trends, and the property's unique features and hence we can guide and help to structure an effective offer.

 

3. Negotiation Strategy :

    • Develop a negotiation strategy with your Home Storeys consultant. They can advise you on the initial offer, response to counteroffers, and when to make concessions.

 

4. Leverage the Consultant's Expertise :

    • Rely on your consultant's expertise and knowledge of the local market to negotiate effectively with the seller or the seller's agent.

 

5. Request Seller Concessions:

    • Your consultant can help you craft a request for seller concessions, such as covering closing costs or addressing specific repairs based on the inspection report.

 

6. Be Patient and Flexible:

    • Listen to your consultant's advice and be open to flexibility during the negotiation process. They can provide guidance on how to adjust your terms as needed.

 

7. Maintain Professional Communication :

    • Your Home Storeys consultant can handle communication with the seller or their agent professionally. They can maintain a respectful and courteous tone during negotiations.

 

8. Determine Your Walk-Away Point:

    • Work with your consultant to establish your walk-away point – the highest price you're willing to pay. They can help you adhere to this limit.

 

9. Finalize the Deal :

    • Once an agreement is reached, your consultant can assist with all the necessary paperwork and steps to finalize the transaction.

 

 

Home Storeys is from the house of NK REALTORS Private Limited Which has been Kolkata’s Leading & Most Trusted Real Estate Consultant for More than 3 decades.

 

 

Home Storeys experienced consultants have the knowledge, negotiation skills, and local market insights to help you secure the best deal on a property. Their guidance and support can lead to a successful and favorable outcome in your property purchase negotiations.

1. Sale Agreement and Sale Deed (in case of resale):

    • Keep copies of the sale agreement and sale deed, both of which are crucial legal documents.

 

2. Mutation Certificate & Property Tax Payments:

    • Mutation Certificate records the transfer of a property title from one person to another. This document is essential for updating the land revenue records.
    • It’s necessary to check that all taxes are paid as per demand and no dues are reflected in records otherwise the BUYER might have to bear its cost with penalties (due to delayed payment). Hence checking this with concerned departments is important and mandatory.

 

3. Building Plan Approval:

    • Ensure that the building plans have been approved by the local municipal authority.

 

4. Occupancy Certificate:

    • This certificate is issued by the local municipal authority, confirming that the building complies with the approved plan and is fit for occupation.

 

5. Completion Certificate:

    • It is issued by the local municipal authority after the completion of construction, certifying that the building complies with the approved plan.

 

6. Power of Attorney (if applicable):

    • If the property is being sold through a power of attorney, ensure that the document is valid and legally enforceable.

 

7. Possession Certificate:

    • This Certificate is issued by the builder/developer and sometimes Association of Owners, to ensure that there is no encumbrance issue, municipal dues, maintenance dues or any other issues and the owner/seller is in rightful possession of the property.

 

8. No Objection Certificates (NOCs):

    • Obtain NOCs from relevant authorities, such as the society or the municipal corporation or the developer, to ensure that there are no objections to the property transfer.

 

 

Now these are tedious jobs and perfect due diligence as well as regular follow-ups with concerned authorities like Municipal Corporation, Builder, Association of owners etc. is time consuming and can impact your daily revenue activities.

 

 

It's highly recommended to engage the services of a qualified legal professional or property advisor to guide you through the documentation process and ensure that all legal requirements are met. Additionally, verify the authenticity of the documents with the local authorities to avoid any potential issues in the future. Moreover, any discrepancies in above mentioned documents will lead to rejection of Home Loan for the property you might be “willing to own.’

 

 

Hence, it’s beneficial to have a qualified sales Professional from HOME STOREYS to perform above tasks for you and help the transaction proceed smoothly, efficiently & with Transparency.

 

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