Important Points For Buying A Property

Since buying a property is a decision that is taken after many years of saving and planning, it is important to keep in mind all the below mentioned points before making an investment.

1. Price of the Property

You need to fix a budget for the property you want to buy. You can shortlist properties once you have a budget in mind. You can also compare prices of similar properties in the area so that you get an idea whether the builder has given you a genuine quotation. From various sources you can also get an average price of a property in a particular area. Do find out any additional information whether there will be any additional costs for amenities such as swimming pool and whether the cost will rise if the project is not completed on time. Be aware of any transfer charges, stamp charges and broker fees in case of buying an existing property.

2. Title Deed

The title deed has complete information on the rights, ownership and obligations towards the property. Make sure that the title deed is clear and there are no dues remaining. You can hire a lawyer to check whether the title deed is clear and registered.

3. Licenses and Documents

Do check whether all the licenses are in place. These include approved building plans, environmental clearance, title deed, encumbrance certificate (property is free from all dues), property tax receipts, approvals for water supply/electricity/municipal corporation. You should also see to it that all documents such as sale deed, title deed, approved building plan, completion certificate (for new property), commencement certificate (for property under construction), occupancy certificate, encumbrance certificate and deed of assignment.

4. Time of Property Possession

Always make it clear with the builder as to when will the property be ready for occupancy.

5. Financing Bank

You can even find out which banks have put in their money in the project. Some banks may have blacklisted some builders so from the banks you can find out the reputation of the builder.

6. Location

As far as possible go for a location which is safe and all necessary provisions are available a short distance away. The location should have easy access to the necessary modes of transport and also be located close to hospitals, schools and malls.

7. Home Loan

You can also consider home loans from banks so that you don't have to shell out considerable amount in one go. Today banks can do all the formalities for you after verifying that all your papers are in order.

8. Age of Property

As far as possible, avoid properties that are very old as they may require regular repairs and this will increase maintenance costs. It may be a little difficult to avail a home loan for such properties.

9. Terms and conditions in writing

All the terms and conditions regarding payment, commitment of pending work, renovations to be done by the party before handing over possession, etc should be in writing and signed by the seller and buyer after going through the whole agreement.

10. Valuation Report

Buyer should always consider going through a valuation report so that he is aware of the amount he is going to pay to the seller.

11. Consider going for a good broker

Buyer should consider taking help of a broker who knows the area well and he has updated information about all the properties available for rent or sell. A reliable broker can also help the seller get in touch with a buyer and get the deal done. A broker can also help with doing negotiation, necessary paperwork and registration of the agreement.

Looking for the Perfect Property?

Secure Insure Invest is the broker that you can rely on. We have an excellent database of old and new properties.