Buyer/Investor Guide
Buying a property is not only buying a dream property but also your investment in life. It is obvious that you don’t want to invest on property which causes problem or risk in future. You may be searching for assistance or checklist to guide you for buying your dream property. Here are some checklists for smooth and easy buying of property.
Clear Title
Do not buy a property if the title of property is not clear. If title is not clear or marketable it will cause problem in future and financial institutes refuse to finance on such properties. You can either seek assistance of your lawyer or approach financial institutes to know whether the title of the property is clear. Your property title confers the owner of the property.
Documents
Ensure that seller of property has all documents relating to property. If possible ask for copies of original documents and get them verified by your legal ad visor or lawyer.
Expense for buying
Consider cost for property and other expense incurred for owing the property. Cost of property is not rate of property but also includes other costs. Some of the important costs incurred for buying a property are fee for lawyer, Registration and notary cost, realtor’s commission etc.
Approved layout
Get copy of approved layout for the building from your builder or seller of property. Ensure that building plan and construction is approved by the authorities and property is listed in government register.
Ensure property is free from debt and liabilities
Ensure you are buying a property which is free from debts and all taxes are paid in time. If seller of property has taken any loan or advance on the property, ensure they are paid off and ask them for documents or copies to show that property is debt free.
Water and power supply
Ensure that property you are buying has adequate water supply and there is no problem of power such as voltage fluctuation, power shortage etc. Voltage fluctuation can damage your home appliances. Ensure the availability of water and power supply.
When buying a property ensure that there is no claim on the property by authorities or government and check whether land is designated for the residential purpose. Before buying the property ensure you have good neighbors and check the reason for selling the property. Make good market research and seek expert’s service for making your decision.
Select the right builder
After identifying the location, the first step towards buying a home is selecting the right builder. Home buyers/Investors need to find answers to all the questions like for how long the developer has been in business, how many projects he has delivered till now, were they finished on time, was there any delay (if yes, then what were the reasons), how many projects are pending and the like. Doing a background checks and finding about the financial health of the builder is a must. Home buyers/Investors should also look at the quality of the projects of the builders. Generally, national level developers with their vast exposure bring in more quality, credibility, and transparency. So, if possible, prefer projects of the experienced developers as the chances of risk or delay is less with them.
Get the title clearance
It is necessary because if the title of the property is not clear, then it may cause a problem at the time of getting a bank loan. This problem may not arise while choosing the projects of the national level developers as they start with their projects only when everything is in place legally.
Read the timely possession clause
In the present times, when many projects are being delayed, it is very necessary for the Home buyers/Investors to check this clause. Also, they should ask the builders about what will happen if the possession is not given on time. Here, it should be noted that good and quality developers will always try to adhere to the time lines as this might affect their credibility in other markets.
Check the construction and quality
It is necessary for the Home buyers/Investors to look into the construction quality of the project. For that, Home buyers/Investors should ask the builders about their last few projects and check whether there are problems pertaining to leakage, cracks, paint or lift in those projects. Home buyers/Investors should also study the sample flat carefully as that can be a good indicator of general quality, space usage, flooring material, etc. In case of national level developers, Home buyers/Investors can relax about the quality and technique as these developers are known for their quality work only and can ask good vendors from all over the country to deliver the best of raw materials at the job site.
Check the facilities offered
At the time of buying the house, Home buyers/Investors should also check on the facilities and amenities offered, advertised or promised. Home buyers/Investors need to ask the builders about how much time will they take to provide such facilities as many builders get busy selling the flats and leave the development of the facilities for much later, which in most cases is forgotten only. Here, comes the benefit of choosing national level developers. Since they are operating nationally, they have all the required funds and expertise to keep up with their promises. Further, due to their vast exposure, they are expected to bring in more quality, better amenities and new facilities which might be unheard of in that region.
Maintenance matters
Last but not the least, it is also important for the buyers/Investors to enquire about the maintenance aspect of the project. In fact, this real estate company has a dedicated care department for maintenance of its projects. This department looks after cleanliness and hygiene, water management, electrical management, security and safety, civil/general upkeep and various other needs and queries of the residents. This department of the company also helps the residents in resale and giving the flats on rent. Hence, buyers/Investors can opt for such builders and their projects.
