Property transactions take time. But there are times when people don’t take care of the process that is followed behind buying a property & rush into the process. However it is crucial to assess the situation because there have been many cases where buyers have had to let go of the property as it was either an agricultural land or the title was disputed or there were pending dues.
Shockingly, even in the urban cities, people fall prey to sellers leading to a risky deal where the buyer ends up losing his money and peace of mind. It is important to not get attracted to offers by property brokers such as new launches. Thus, buyers must look at every factor related to a property deal before taking a final call.
Let’s understand what all needs to be checked when buying a property:
Approval & Licenses
It’s is imperative to check the builder’s paperwork so that you don’t face any problems in the future. Paperwork like commencement certificate for work, environmental clearance, and approved building plans needs to be seen by you as a buyer. Also, documents like title deed, release certificate, verify land use, approvals by the local body, property tax receipts are important when buying a property. Moreover, ask for the status of the land title and look if the builder has bought the land or has just development rights for it.
Calculate the Cost
There are many cases where brokers just tell you the basic cost and not other aspects. Don’t just trust everything that your buyers tell. Factors such as internal/external development fees, preferential location charges, parking/club/statutory charges, and service tax, also add up which raise the total cost. Keep in mind all these factors and then ask for a final price.
Verify the Builder
You never know if the property you are buying is under litigation. Therefore, it is advised that buyers must do a comprehensive verification of the builder. You could ascertain its past or current projects, post questions on the various online real estate portals, ask somebody who knows the field & know about the builder. To conclude, go with a trusted & well-known builder. For example, Indian City Properties, a chain of KCT group.
Buy vs Rent
People purchase property thinking they will use the rent to pay EMIs but this is a wrong approach. Don’t keep your hopes high that rental income will pay for the EMI. You must keep in mind that the property may remain vacant for months before you can find a tenant.
The Right Plan
It’s recommended that a buyer must choose the right payment option as mostly there is a cost for every convenience. Payment choices such as down-payment plan, flexible-payment plan, construction-linked plan, and possession-linked plan are available in the market. Choose the right plan.
Check the Infrastructure Plans
Factors like metro connectivity or any other big construction project in the future nearby the location of the property you plan to buy can increase the return on investment. Another important point to note is confirming beforehand that the property you are buying is not close to any polluting industry.
Check the Site
A picture tells the story but not the exact details. Therefore it is advised that don’t just stick to the layout in the brochure. Do a detailed site visit before you close the deal. Get to know the people around, talk with them as they call to fill you up with all sort of information related to the property.
TheEntrepreneur 