Things You Must Check Before Buying a Property

  • By Editor
  • 28th June, 2019

The most crucial decision in an individual`s life is when they invest their years of saving and years of planning to buy a new house. You just cannot afford to go wrong when you make the final decision of investing in any particular property. Buying your dream house requires a lot of research work, a hefty amount of money, a good amount of loan if required, followed by monthly instalments so you need to be extra careful while taking this decision. After your observations and interaction with friends, family, and developers take this important decision in your life. One should keep in mind the following point before finalising their property deal. It will help them to make hassle-free and satisfactory decisions related to their property deal.

Building Approval Plan - A building plan is authorized by the State Development Authority without which the development of the structure is illegal under the Municipal Corporations. A building developer needs to get an approved arrangement from the jurisdictional Commissioner or an officer approved by such Commissioner. However, the experts endorse a building approval plan dependent on the zonal characterization, street width, floor area ratio (FAR) and plot profundity. A set of documents needs to be submitted by the developers to get the building approval plan.

To Decide Between Buy vs Rent - There are two kinds of people in this world who will invest in property for their own use and another who will invest in property thinking they will give the property on rent to pay EMIs taken on their home loan. They lack proper information when they think about this because it is not right to over-leverage in the hope that rental income will pay for the EMIs. There is a possibility that the property can remain vacant for months before you can actually find a suitable tenant for that property.

Legal Check of Property - Check whether the property is legally approved to be developed on the plot it remains on. The engineer ought to have endorsements and NOCs from Area development specialists, water supply and sewage boards, electricity boards and Municipal Corporation. Nonetheless, in this case, if you are planning to take a home loan, the concerned bank will approve your property records before advance authorization.

Location of the Property - It is very important to check and look around the surrounding areas where you are planning to be eventually residing in. The physical infrastructure, amenities provided, and connectivity to all the basic places like schools, hospitals, grocery stores are necessary to be analysed. These factors will help you live a peaceful life in the house. You should also be careful that the building is located in a safe and secured area, offering tight securities to the families living in that building.

Hidden and Additional Charges - Ensure that every document with clauses is perused in detail and punishment conditions be comprehended. The builder is required to pay you a month to month penalty in the case that you don`t get the apartment`s possession within the allotted time frame. Extra costs, for example, GST, stamp duty, home loan processing fee, registration charges, and every single other charge ought to likewise be remembered.