Buying a house is more than just a dream for everyone. Most people spend a portion of their earnings on their own homes. The property sale laws vary from state to state, but a builder must have a few permissions and documents for selling property.
In this article, we discussed the aspects one must keep in mind and the questions to ask builders when buying a new property. Stay tuned with this guide for those who want to buy their property.
Things to keep in mind while purchasing a property
Set a budget
It is the foremost thing you should remember before purchasing a property. Make a journal or use any tool for maintaining expenses. Calculate the remaining amount after bearing all the costs of living a comfortable life. Also, cross-check your savings and other investments to consider the amount you can withdraw for the down payment. Now you are all set to mark the budget.
Arrange the finances
The down payment will be huge if you are aiming to purchase an independent property. We recommend managing your funds before starting the hunt to confirm you are on the right track. Another convenient option is taking a house loan. However, a lot of documentation is involved in the step. After checking all the required documents, it would be best to confer with a loan officer to have a fair idea about the loan that complements your need, then understand whether you can handle the monthly installment.
Choose the location
After this, the next thing is choosing a preferable location. Properties at specific locations are more profitable over time as they situate at a comfortable pace. Nevertheless, some areas evolve steadily and slowly, so their rates stay static. Therefore, a wise decision is to choose a locality that can potentially grow shortly. You should check the required documents thoroughly and estimate the project's scope early.
Once the location is confirmed, assess the construction quality. Most builders build houses that appear stunning from the outside but lack quality materials inside. Beware of falling for this trap by looking at the elegance of the outer structure.
Water and power supply
Even if the property is fully furnished and luxurious, it cannot give you comfort if there is a lack of water supply and recurring power cuts. This can be irritating, especially if you live alone. Thus, it's crucial to check the water supply and power supreme.
Parking facility and other amenities
Once you like the house, it is critical to review the availability of parking spaces. If you choose a residential flat, you better look for parking facilities. Considering your budget, you may buy a flat with an extra parking space. Regardless, if you intend to purchase a house, you must take a closer look at the availability of parking spaces before finalizing the deal. Do not forget to check whether basic amenities such as a hospital, bank, and market are nearby.
It is also relevant to consider the traffic at peak hours during your location. Although if you are preparing to live there, the issue is very significant.
Numerous builders in the market create false assurances; most do not finish the construction on time, others do not cooperate when it comes to completing related documents, others do not offer good quality, and so on. It is always said to go for a builder with goodwill in the market. Conduct their background check and review previous work thoroughly to know the builder’s credibility before finalizing the deal.
Questions you must ask before purchasing a property in India.
Purchasing a property tends to be a massive investment where you risk all your savings. But some property buyers regret purchasing a property with the builder as the property results in a major loss.
It is recommended to review property laws in India before you make a purchasing decision.
A wrong purchase of the property can end financial planning. Most cases in cities continue to be so. The property holds all the risk if you purchase it without research or guidance. However, the property may give great ROI if you ask the right questions.
Here we have listed questions that you can ask before signing the agreement:
What is the exact cost?
There are numerous hidden charges added to the final cost. Ask them in detail about each amount to interpret. Calculate all the costs, including parking rent, development fees, preferred location charges, GST, other statutory charges, etc.
Is the location of the project a rapidly developing area?
This confirms whether it is good to check the property's blueprint to know the locality, neighborhood, and market. If you are an investor who lives outside India and will not be able to visit straight to check the area, ensure to send a person on your behalf. You can also check and confirm the legal documents of the property. Further, please do proper research about the location if it's near schools, colleges, supermarkets, and retail outlets.
What is the correct area of the property?
According to the RERA guidelines, properties are priced depending on their carpet area, not the built-up area. Thus, before finalizing your property, ensure the creator has priced the property depending on the carpet area and not the build-up area.
How good is the quality of the construction?
As stated earlier, outer beauty is indispensable, but checking the material quality is equally important. Take a tour of the property to understand the quality of construction in a closer view during construction. Ask the builder about the materials from the foundation to the finished doors.
Are all the legal documents available?
It is essential to ask for verification of the documents of the desired property; to make sure what you want will be yours without any barriers or future difficulties of ownership
See what decouments are require for buying property, and prepare yourself.
Quick tips for buyers:
- Without proper research, never agree to sign on the dotted line.
- Checking RERA ID and registration is a must, even if they are suggested by someone you know.
- Do not agree to purchase a property with black money.
- Never agree to purchase a property on someone's behalf.
Purchasing a property may feel like a hectic job, but with the appropriate guidance, it works like magic. We hope this helped you grasp the basic activities you can follow when buying your dream house. Furthermore, our lawyers are always ready to assist. Please feel free to contact us today.
Is it crucial to hire a property lawyer for the verification of property?
You can inspect property documents yourself with due care, and it is ideal for taking legal help to keep the process error-free.
What document verifies the ownership of a property?
Proof of property utility bills payment, the title deed, gift deed (in case of a gift), will (along with probate) in case of an estate, partition deed along with court decree (in case of ancestral property) are some documents needed for the verification of the ownership.
What will happen if a flat is not registered?
Once the transaction completes and cleared other dues of the builder, it is required to register the property afterward. In the absence of property registration, one has no lawful right over the property, no matter if they have paid the cost.