NL Builders

6 Basic Things to Consider while Buying a Property for the First Time

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6 Basic Things to Consider while Buying a Property for the First TimeBuying your first property can be one of the most important and complex financial decisions of your life. There is a lot of paper work, location scouting, meeting the right people and several such factors to look into. This can put you in the state of predicament and you might end up taking a wrong step. So here are some of the tips that might help you come up with a better solution:

The Basics

Whether you consider buying a property for living or renting out, it is very necessary to look for the basic amenities available in that locality. Look for the nearest grocery store, hospital, school (even if you don’t have kids at the moment!), and other places which can be useful in daily life.

Proximity versus Connectivity

While buying a property, it is always advisable to look for a place which might be a little farther than your workplace but is a lot cheaper has a required connectivity. And even if you opt to live near your workplace, you can always rent a good place there and put your house for rent.

Keep it low

It is essential to be realistic when it comes to finances. Not only do you need to look into your budget, but also consider the fact that once you buy a property, you need to have enough savings to work on its little repairing work, putting the furniture, pay taxes and other things. So find a property which actually is a bit cheaper than the budget you initially had in your mind and plan your budget considering the aforementioned expenses.

Do a Survey in the Neighborhood

Your realtor is there to make a sales pitch. He/she would and could never tell about all the experiences of living in that particular locality. It is always a good option to ask the people in the neighborhood, whether there are any hassles of living in that area. They have nothing to lose so it is quite unlikely that they will misinform you. Choosing a good builder like NL builders is vital.

Inspect the Place like Sherlock

While visiting the property, look into every nook and corner, the roof, the kitchen the toilet seat, just everything you can lay your eyes on. This is especially necessary if you loved this place at first sight. If you find any glitches, you can negotiate the price on your terms or at least ask the seller to get it repaired.

Think a Decade Ahead

When purchasing a residential property, one should always consider the future of that locality. The place might not be too developed so as to say at the moment, but it should have some great future plans. So look for a place which has a chance of being developed in the next decade in such a way that the value of your place increments accordingly. For instance, the locality near which there is a probability of a multi lane road being constructed in the future might be a really promising one.

When you finally come to a point where you are ready to buy a property, do your research properly. Look for every option that can reduce your costs. Getting your documents ready for loans beforehand is one of the most important steps. Always choose the trusted builders such as NPL builders.

NL Builders Real Estate 

8 Reasons why buying a house is better than staying in a rented one

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NL-Complex-NL BuildersThere has been an endless debate on the topic as to which option is better; renting a house or buying one. No matter which one you opt for, you have to pay the price for the same. Still, buying a house is believed to be better in many cases. Here are some of the reasons which justify this statement:

Investment versus expenditure

When you rent a house, the money goes straight to the owner and you are just paying for your monthly stay in his/her house. Contrary to that, when you buy your own house, the money you spend every month paying mortgage, taxes and other expenses required, you are actually indulged in a long term investment which ultimately results in making you the owner of a valuable asset.

Evident progress every month

Paying your mortgage every month increases the percentage of equity you own. Moreover, you can also apply for a loan against this equity if ever any emergency arises.

Increment in net worth

Having your own house not only ensures that at least you will not be homeless, it also increases your net worth which is ultimately better than working towards a higher income since it provides more financial independence.

Your house, your rules

Buying a house for the first time is a very emotional step. There is no doubt that the level of comfort and freedom your home gives you, can never be achieved in a rented house. You can install a modular kitchen of your choice and pretty much do anything thing to make your house a better place to live in. These things also increase the value of your house. None of these options are available in a rented house.

Focus on the bigger picture

Today it might seem that renting is cheaper than paying a mortgage. But ten years down the line, your rent might increase up to one and a half times than what it is right now. However, if you buy a house with a fixed rate mortgage, your monthly payment remains the same throughout the tenure of the loan.

Tax Benefits

It is true that owning a house means having to pay property tax. But it also has some benefits in taxes when seen from a different vantage point. Erik Brynjolfsson, director of the MIT Initiative on the Digital Economy, explains that when you live in your own house, you need not pay taxes on the house rent because it is paid to yourself.

Look into the Future

Suppose you are in your thirties right now and you decide to buy a house. And it roughly would take two decades for you to completely own that house. So when you are in your fifties and probably planning to retire, you have a home not only for yourself but also for the future generations to come.

You become a responsible citizen

When you own a house, you tend to create a better environment around it since you are here to stay for a very long period of time. This makes you aware of what is happening in your locality so that you can make your contributions to make it better. This rarely happens when a person lives in a rented house.

Purchasing a residential property is a huge commitment and includes a lot of hidden expenses. This means having to deal with a lot of things you might not have experienced before. Hence, your decisions must be made considering your savings.

 

 

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Knowledge Based Articles NL Builders Real Estate 

Things to remember if you are a landlord

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NL Builders -Want to rent your property? Are you aware of things which you should remember while renting your property? It’s not always easy as it seems to be. Renting your property needs to be under the supervision and if you are the landlord you should be aware of certain things. Many people do rent their property and later face many problems either by the tenant or several other issues. As a landlord, it is vital for you to know each and every detail related to the tenant and property.

Have a look at some tips which a new landlord should always remember and follow before renting their property,

  • Signed agreement

Always remember to get an agreement signed by the tenant. Agreements make your property authentic. After you choose your tenant, the first thing you should do is make an agreement and get it signed by them. Every landlord should include all important details in it to avoid any misunderstandings in the future.

  • Don’t forget to advertise your property

Don’t forget to advertise your property either on newspaper or the internet. This is the only way through which you can attract a lot of genuine buyers and they can contact you directly without any brokers in between. Real estate sites are also popular these days, where you can easily advertise your property and make it visible to all.

  • Check your tenant’s activities

Keep an eye on your tenant as well on their activities. It’s often seen that owners rent their property and that becomes a big issue later. Check your tenant’s behaviour. This doesn’t mean that you should become a detective altogether. But, it is best to stay alert.

  • Make sure that the rent is paid on time

Make it clear in the beginning only that the tenant has to pay the rent on time. Clear the rent amount, the time till which it is paid, the other bills included etc.

  • Always be in touch of your property

Keep a look at your property. Once in a week or month, as suitable but, do keep taking rounds to know the conditions of it. Be close your property and keep an eye on it.

  • Protect your property by ensuring it

Are you a new landlord and still not insured your property? The first and the foremost thing is to make it ensure in a known insurance company. Your home insurance is the safety key to your property. Tenants are always in search for those properties which are insured and where they can feel protected.

  • Your rules and regulations are musts

Keeping terms and conditions for your tenant is a must for your safety as well as theirs. Tenants would keep themselves bound to rules and regulations, the owner being tension free. Rules and regulations are must to be kept by a new landlord.

Don’t forget to do the police verifications background check of your tenant. Go through the documents provided and don’t hesitate in asking questions if any.

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Knowledge Based Articles NL Builders 

Why investing in real estate is good?

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NL Builders - NL ComplexHave you ever looked at your bank account and conceit your pride of earning so much money? Have you ever pondered that money can actually lose value? Let us give you the vision to start with. Consider yourself 15 years erstwhile. You used to buy stuff half the price you buy them at present. Now consider yourself 15 years from now. You will buy same stuff double the price you buy them today. Worried now?

What do you do to increase the amount of money you hold? Is there any safe and effortless way to amplify the amount of money you have?

The answer is yes, there is. Instead of piling your money in lockers, you simply need to invest in real estates. Why real estate and not something else?

Investing in real estate is less risky – As compared to investing in other areas. You might have heard people investing in stocks and being barren. Stocks are such investing markets that either help you sail or cause you to drown. While real estates, on the other hand, are reliable and become a life jacket to your sinking ship. It is less venturesome as the profits are less and so is the loss. You can see the loss knocking your door and to your surprise, the loss is not that hazardous.

Easier to understand – Real estate is easier to understand in comparison to other investing sectors. Take stocks as an example, there you need to work really hard since you need to have complete knowledge and you must keep track of everything.آ  Despite having the knowledge you must be clever enough to know which company you want to invest. Also, they are very uncertain. Sometimes even prediction becomes tuff and may lead you to deplore your decision. While real estate is nothing related to past records and you can be very sure of your decision once you have researched about the property.

It is not much time consuming – As you don’t need to sit whole day and bother about the property every time. For instance, let us consider you have been investing in stocks. It can consume most of your schedule as you might have to trace everything. But if you invest in real estate you just have to give some of your time initially. While buying or investing in a property you must consider all the facts about the property and see through it, if it has any chances of loss in the future.

It can be a continuous source of income – As you can get some amount of money every month. You have invested your money and time only once for this one property and you have been pocketed every month. If you have invested in authenticated property and have analyzed every small factor that may sway the properties’ value then it can serve extremely well. So, investing in real estate can be tricky but if you get to set your hands well you can actually generate a good amount of money through it. The only cost is careful analysis and proper investment at the first time.آ آ

If things go wrong then it can easily be handled – No matter how much safe it is to invest in any real estate. There are always chances of something going wrong and you end up in some sink hole. However, if things go wrong in such cases you can verily be less harmed.

No continuous investment is needed – You can call investing in real estate as one-time investments as you have to invest only once in the property and you get the profits every month. Whereas there are other investing sectors which need perpetual attention as you need to keep on investing in order to load your pocket.آ آ

It is a source of income even after retirement as you can actually lay your torso towards it. The best time to invest in real estate is after you enter your late thirty’s. Not only retirements but it can hold you upright when you have lost your job. It provides you radiance when everything has become dark and all your doors seem to be closed.

 

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Knowledge Based Articles NL Builders 

8 Ways of Appreciating Your Employees!

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Appreciate Your Employees
Employee appreciates by the team.

Workplace can be a tiring battlefield. The environment one is made to work in can be both physical and other human factors. Not only can the office temperature be regulated by the air conditioning system, but also the temperament of your co-workers can be an aspect.
One should always maintain healthy relationships with the people he is dealing with. Time, management, decisions and appreciations should be a part of their everyday job chores. You should always learn to enhance your rapport that not only makes you a better co-worker but also keeps your mood lit in such a hasty surrounding.

Some of the basic ways in which you can appreciate your employees are as follows:

  1. Verbal Thank You- You can always appreciate your co-worker without any spend of money. A small amount of energy can always be used up for saying a “thank you”. Sometimes, small phrases as such, “good job”,”amazing effort” or “you’re improving” is enough to make someone’s day.
  2. Pointing out the best in them- Everyone consists of positives and negatives. Presenting out the positive in one, can be difficult. You, as a co-worker, can always help to bring out the finest in them. Welcoming them, tipping their recent paperwork with heart warming gestures will always make you a fine person to hang out with.
  3. Lunch Time Gossips- We all need chitchat once in a while. Working throughout the day is always tiring. Chatting about politics, sports or other such recreational topics are refreshing. Going to get some coffee or getting those papers Xeroxed? Why not ask your next cabin employee to tag along with you with his paperwork too?
  4. A bendable work schedule- Adjusting the calendar according to the work pressure or a flexible schedule that can both finish the job within the timeframe and coordinate with his personal life is highly valued.
  5. Gifts and Gestures- Personalized gifts during birthdays or colleague’s marriage ceremony is a symbol for both appreciation of his work in his career and personal life.
  6. Munching- Food is something welcomed by all. If you’re leaving your seat to grab a doughnut from the bakery, why not get some more for your partners at work? I’m sure they won’t return the delicacies.
  7. Traditional gatherings every year, once at least- Going out on picnics and gatherings in a pleasant weather is both euphoric from the daily chores and also refreshing.
  8. Provision of Opportunities- Once in a while, we all need to stand above the rest. Giving someone the platform to do so is a huge task in itself. Leaving a particular project to someone else, who you think is viable enough to impose a proper respect for the job, is highly thankful.  

Letting your colleagues know how much they mean to you not only in the workspace but also personally in any day of the year can be a huge boost throughout the whole job experience. Small tokens of appreciation and surprises, makes them feel loved and valued.

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Finance & Economy Knowledge Based Articles NL Builders 

How does the CIBIL Score Affects Your Credibility?

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Thinking of buying a house or a car? The mere thought of applying for the loan is enough to induce stress as in spite of having all the required documents; there’s always a chance of your loan application getting rejected.

It’s true that we can’t provide any guarantee for your loan application acceptance but we can certainly offer you an insight on one of the fundamental component that defines your credibility- CBIL score.

What is a CIBIL Score?

CIBIL (Credit Bureau India Limited) score is a three digit score that plays a pivotal role in determining your credibility. Derived from CIR (Credit Information Report), your CBIL score is determined by taking your entire credit history in consideration. In simple terms, CIBIL score helps the lender to know whether you are capable enough to repay the loan.

How will the CIBIL score influence my loan application?

As the CIBIL score forms the authentic source to reflect your credibility, whenever a lender receives your loan application he refers to your credit score. A score of less than 300 can increase the chances of loan rejection whereas a score between 300-600 or above 900 can process your application to the next level.

Post your credit score check, a review of your recent credit purchases, payment history, outstanding payments, earlier loan repayment durations, etc., is undertaken. Although sanctioning of loan is subjective in nature, the component of CIBIL score certainly influences the decision of concerned money lending institutions.

How do you manage your CIBIL score?

If your CIBIL score is less than 300, here’s how you can improve your CIBIL score:

  • Avoid overuse of credit: Use your credit facility only when you actually need it, as over exploitation of credit simply creates a false impression on your lender.
  • Clear your dues: Ensure that you act responsibly and clear all your outstanding EMIs and bills on time as the timely clearance of your bill will reflect a healthy loan repaying capacity.
  • Periodic check: Through a periodic review of your CIR (Credit Information Report), you can always rectify your errors in case of any.
  • Manage your accounts: It is advisable to have only one or at the most two accounts, as the presence of multiple accounts often makes it difficult for efficient management.
  • Seek help: If you are finding it difficult to manage your CIBIL score than always seek professional help as that would simplify your credit management.

Having said that always remember that CIBIL score affects your credibility but it’s not the only factor to affect your credibility. Often there have been instances wherein in spite of having a good CIBIL score, the loan applications have been rejected by banks. Also, this does not mean you neglect your CIBIL score, especially when you are applying for a loan.

Besides, having a healthy CIBIL score can also bring in an advantage of low interest rate from your lender, so next time before you apply for a loan always check your CIBIL score to avoid any unforeseen surprises.

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Knowledge Based Articles NL Builders 

Things to Consider While Giving Your Flat on Rent

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When we successfully buy more than one property a lot of us try to rent it out. Renting your place brings, in extra money and additionally, it also brings the place to use. Even though this looks like a simple ride, there are ample of things that you must take care of when renting a house to others.

Here is the checklist –

  1. Preparing the Agreement – Agreements shields you against unwelcomed disputes. You can even take the help of your legal advisor when it comes to preparation of the agreement. Without agreement do not even try to rent out your house. Also, ensure that you are inculcating every vital point in the agreement with the terms clarified and well defined.
  1. Background Check – Background check of the person whom you are going to keep as a tenant is significant. Go for the police verification. You should collect the photocopy of all the necessary documents of the tenant. Do not overlook this matter at all. For your own safety, it is vital that you take the troubles of getting the background checked.
  1. Necessary Details – It is your responsibility to disclose the charges that you would include in the rent. In case you wish to divide the electricity bill into halves rather than including it in the rent then make sure that you disclose it to the tenant. Transparency holds a greater importance between both the parties.
  1. Rent and Deposit – As the market is getting competitive, it is best that you do your research well in time. Decide upon the rent at the same time the deposit. Some renters take 5 months deposit amount while some take 1-year deposit. The choice is, however, yours.
  1. Notice Period – Deciding upon the notice period in advance is also important. In order to avoid any inconvenience in later stages, it is best that you decide it in advance. It is best to keep the notice period of 30-60 days. This notice period is the period that you would give to your tenant to search for another place before vacating this house.
  1. Tenure – Post the decision of rent and deposit amount, you got to decide the tenure. Some owners choose the period of one year while some agree for 5 years. It is however suggested that you must decide the tenure of one year and keep renewing the agreement annually.

It is best that you do a thorough background check of your tenants. A lot of owners do not prefer keeping unmarried couples as their tenants however if their character certificate and police verification are in place then there is no harm in renting the house to them. Make sure that even if the tenant looks good you do go through all the required documents.

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Knowledge Based Articles NL Builders Real Estate 

Buying a New Home? – Here is What You Must Consider

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Buying New Home - NL BuildersWhether it is either your curiosity that has brought you here or perhaps you are looking for a house, this one is worth your attention. Buying a house is one of the several milestones we wish to achieve in life. Who wouldn’t like to curl up in a cosy corner of the home which you would call “Yours” by every possible means?

While we understand the excitement and glory in buying a brand new house. It is also a matter of complete caution. Here are a few things you must consider before buying a house.

  1. Sale, Resale – Ready to move or Under Construction – You need to decide whether you wish to buy a brand new home or a resale one. Resale houses are relatively cheaper and a lot of families prefer resale ones. Additionally, also decide if you are ready to move immediately or you have another 2-3 years. If you choose and under construction, house makes sure you talk about the date of completion with the builders.
  2. Research and Read – when the internet welcomes you with heaps of information you must research well. Figure out various ways of cost cutting and make sure you find loops to negotiate. Also, be extra cautious while reading the agreement or any document related to a home purchase.
  3. Consider your Affordability – It is essential to beforehand calculate how you can really afford. Don’t merely look at the cost of the home without considering other expenses. Carefully analyzing the budget and sticking to it would let take decisions from the head instead of the heart.
  4. Check Legalities – As a citizen, you must be well versed with the legalities. Do not involve yourself in any land/house that is legally disputed. Also, make sure that you go to a trusted and registered builder. There are a number of times when the people get trapped between a disputed lands and realize it only after signing the contract. Subsequently, ensure that the builder you have chosen is reliable.
  5. Infrastructure Plans – Apart from going through the connectivity of the house with rest of the cities also check the infrastructure plans. If there is an upcoming development coming in the vicinity, there are chances that your future returns on the house would increase.
  6. Draw your Pace – Do not hassle unnecessarily and it is not advisable to work on the deadlines while choosing a home. This process would take longer than you think. Hence, be patience and give yourself ample of time. Getting it done at your pace give you time to think rationally.
  7. Verify the Builder – Track record of the builder, better to pay a premium to a builder with a good track record and brand image then deal with a fly by night operator.

Buying a home is indeed a tedious task but we are sure that you are prepared for it. We wish you all the best. We wish you a very happy home finding!

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Knowledge Based Articles NL Builders Real Estate