We all know that everyone has dream to own a home. To fulfill this dream he puts many efforts. It may be for their own residence or as an investment purpose. According the stage of life, buying a home is associated either with ambition or necessity or influence through Different parameters.
As many investors granted that investment in real estate can secure one’s future. An investment in real estate is assumed by many as a safer than Equities, maybe because most of them are fortunate enough to not have faced any issues with their properties. However, the risk factor in this investment is equally high like any other modes, If you haven’t Knowledge of Checklist For Purchasing A Property.
Without proper attention, your dream investment certainly comes with a potential risk that can have lifelong repercussions on your livelihood. By no means I intend to say that all buyers are ignorant about the property survey before finalizing it.
The Checklist For Purchasing A Property-
If you are planning to buy a property then you should aware about the checklist of purchasing a property. If you have’t any idea about the checklist, then you should read this article till the end.
- The credibility of the project and builder: Most important thing is that you have to Check all the paperwork of the builder, Local authority clearances, ranging from land rights to environment certificates. Check if the project is registered and comes under RERA or not. If possible, also talk to existing customers and collect details about project and builder.
- Area of the property: Many a time, builders tend to lure customers by telling super area and not the carpet area. The Super area includes stairs, lobbies, and other common spaces used by all the residents. Make sure to know the carpet area i.e. effective area of your house, including the walls and other features of infrastructure.
- No hidden costs: At the time of booking , builders generally tell you about a lot of freebies, check again if they are actually free. Sometimes these “freebies” are just amenities with the cost included in the total cost of the property.
- Banks who are financing the project: With so much expanded rivalry in Real estate, builders frequently take credits from banks to finish the Project, make a list of accessible banks for that project, and pick one with the most reduced loan cost, for finance purposes.
- Possession: Make sure that your builder/firm guarantees timely possession of the properties. After all, everything else will be planned accordingly and sudden extension of possession dates tends to be a major problem in today’s real market scenario.
- Favorable Lighting and Ventilation: What side the balconies are faced, proper natural light is available in the flat or not, whether or not it provides proper cross-ventilation of air, these things should be taken care of as they increase your daily living experience.
- Additional Amenities offered: This happens to be one of the most important points in the checklist. Apart from the house/flat itself, you should check what other facilities and amenities you’re getting along with it like gym, swimming pool, covered parking, power backup, clubhouse, etc.
- Connectivity: Make sure that your property is not very far from your workplace. Schools, hospitals, markets, train stations, airports, and other important places of utility’s proximity should also be accessed.
- Payment Plan: After you’ve decided on your budget for the house, it’s important to select a payment plan that suits you. Each of the payment plans has its merits and demerits, do your research and select one that suits you best. Also, discuss about payment transparency with builder.
- Locality: While buying a property for yourself, you’re not just buying a house, you’re moving into the locality as well. So you should make sure if it’s a safe locality if it’s safe to go out at night or not, if it is children friendly or not, etc.
- Quality of building: Once you’re done with finalizing the property, next comes the quality check. It is not a one day process. You’re free to visit the site while it is under construction and keep checking from time to time. The quality of work and the materials used.
- Tersms & Conditions: You should read all terms and conditions of company before buying a property. Also read terms and conditions of .