Whether you are thinking of buying a house in Kathmandu or anywhere else in Nepal, it is always stressful to find the one you like. With heaps of construction going on ever since the last big earthquake in Nepal, we have an abundant choice of individual homes, long-standing apartments and colonies to choose from. But before you dive into your preferred neighbourhood looking for the perfect home, here are a few tips that may help you tackle this process.
Assess your needs and purpose
Before getting on to purchase, you firstly need to define your needs. Either you are looking for investment in a commercial property or an investment in a personal home, you have to think this ahead as both the ROIs are different. Once the need is determined, you can go ahead with the purpose. If you are into generating revenue from commercial property, there are factors specific to the commercial area that you need to adhere to. Similarly, if you are into personal homes, you have to look after the factors that may affect your decision.
There are a number of properties that are up for sale in different places of Nepal. Before you decide on buying a house that someone you know has shown you, you need to research. Find out about other available properties that are up for sale at that area, find out their rates, if possible, find out professionals that can help you assess the property or the area.
Every location has a different neighbourhood and facilities. What one location may have, the other location might not have the same. You should also not forget that each location has different rates. If you have chosen a high profile neighbourhood, then the rate of that area is higher than the location with new settlement.
Services or Amenities
When looking for a property, you shouldn’t miss the services that are available in the locality of your choice. From basic necessity such as electricity, drinking water and sewage system availability to department stores, schools and hospitals and even parks, you must consider these before buying a house in Kathmandu.
Cross Check Proposed Property Plans
It is inevitable that you will be proposed with different properties. Always cross check the properties that you have been shown. List out the pros and cons of each property. This will help you in determining the one you want.
Make the Deal Transparent
Remember, when buying a house, there are several parties involved! This definitely means miscommunication. You will get deals that may not be clear to you at all. So always communicate with those involved and bring transparency to the table.
Seek Professional Help
If you are every unsure about the valuation and verification of the property, you can always get help from a professional architecture or an individual. If you don’t have immediate contact to these personnels, then you can always rely on companies related to real estate that provide all these services. Also if your decision highly depends on vaastu, then you can also get help from a vaastu professional.
Make Negotiation Your Weapon
Always negotiate with the price that is first proposed to you. Every seller always puts a margin to sell their house. So take advantage of this situation and try to negotiate in moderation with the key points of the location and the valuation done by your professional. Always remember, a little bargaining goes a long way.
Keep Tabs on Rental Rates and Age of the Property
Before buying a property, do remember to check out the current rental rates around the area. You can always rent your whole property or some storeys of it for revenue purpose. This is also affected by the age of the property. The year it was built and the type of pillars it has also highly affects the sellability or rentability.
So these are the top nine things you need to know before buying a house in Kathmandu, Nepal or anywhere else. If you know any other things we should know, then leave them in the comments below. If you find this article informative, do share among family and friends.