News That Matters

What should we keep in mind before buying a property?

Buying a new Property is one of the most important decisions in life. It really is like a dream come true of yours. Young people start trying to buy their dream home from the very beginning of the job. After years of saving and planning, it should be your endeavour that you take the right decision, so that you do not have any regrets later. We are telling you some important things here, by taking care of which you can take the right decision. Along with your savings in buying a home, a lot of money is also invested in the form of a home loan, so you need to be extra careful.

While buying a new house or flat, you must keep some things in mind like the location of the area, the date of possession of the flat or house and the carpet and covered area. Here we are telling you what things you should keep an eye on before buying a flat / house.

1. Land Records

The land on which your house is built is very important. You should know about the soil of that land. Along with this, the reason land should be free from all kinds of government dues and should be registered.
Before buying a house, you must see and verify the title deed. This deed contains detailed information about the ownership of land etc.

2. Property Price

First of all you should prepare a budget for buying a house. Choosing a home becomes easy if you know the amount you can spend on buying a home. Then compare your property with properties in the nearby area. This will let you know whether the builder has told you the right price or not. Now there are many tools by which you can compare property prices. Online property sites, property dealers in the area and newspaper advertisements can give you an idea of ​​the value of a property in that area.

3. Carpet area of ​​the flat

Usually, when you see an advertisement for a property, it is written as super built up area. It also includes things like shaft, elevator space, stairs, wall thickness. If you estimate accordingly, then you will be disappointed to see the flat, because in reality your carpet area will come out less. The carpet area is less by 30 percent as compared to the built up area. Generally, when there are two flats on one floor, the common space space is also divided equally between the two.
Before buying a house, you must see and verify the title deed. This deed contains detailed information about the ownership of land etc.

4. Date of Possession

While buying a property in Delhi-NCR or major cities of the country, you also need to keep in mind the date of possession. Now builders are generally taking a long time in possession. As a buyer, you should pay attention to the clause in the agreement regarding the amount of compensation for delay in giving possession.
Normally the builder can ask you for a grace period of six months, but there should be a valid reason for that too.

5. Property Legal Information

 Before buying a property, you should ensure that the land on which it is built is free from legal hassles. You check whether the developer has got all the approvals? This includes the Registrar, Development Authority of the area, Water Supply, Electricity Board and Municipal Corporation etc.
If you are buying this property by taking a home loan, then the bank giving this information checks itself from its level.

6. Extra and Hidden Charges

You carefully check everything related to buying a property. Keep in mind how much penalty is imposed on your late payment and how much penalty is there for giving late possession of builder. If you do not get the flat on time, the builder pays you a fixed amount every month as penalty.
Apart from this, you should take information about the other expenses including stamp duty, processing fee of home loan, registration cost, in advance.

7. Location of the Flat

Since buying a property is a long-term investment, you should take special care of the location of the property. The facilities, infrastructure and access to essential services in the area is something that needs to be taken care of.
If you pay attention to all these things, then you will get relief accordingly. Your flat should also be in a safe area so that you and your family are safe.

8. Lending Banks

You should keep in mind which banks are giving loans for that builder’s project. If the image of a builder is bad, then generally the big banks do not give loan to buy property in his project. You should know about this properly before buying a property.

9. Builder-buyer agreement

When you go to buy a flat from a builder and you book the flat by paying a token amount, you get an allotment letter. After that, if you apply for a loan from the bank, then there is a tripartite agreement.
You should understand by reading it. If you do not understand something, then you should clear it from the bank or builder.

Leave a Reply

Your email address will not be published.