Checklist for a Safe Property Investment

Home buying is single largest investment decision for 99% of citizens of any country. Our home is where free will flows through spaces, creating a sense of ownership and belongingness. However, buying a home, though looks simple, may not be an easy one considering a record number of case irregularities reported with the documentation, including projects of well-known top ten developers as well. A very latest instance being, homes in certain parts of Bangalore were demolished because they were illegally built on Storm Water Drains. How do you ensure that the investment you are about to make is full proof from some important aspects considered worldwide?

 

Here are Top 7 Things to look for before buying a property:

 

  1. The expanse of your dream home:

While buying a home, the most important thing you need to look at is the carpet area provided by the builder. This is the area of the house excluding the area of inner walls. There are many terms associated with homes in real estate – carpet area, built-up area and super built-up area. Built-up area is the carpet area plus the area of inside walls while super built-up area involves common areas, lift-shafts etc. Ensure you thoroughly read the brochure to make sure that the home you are buying has the required area of living.

  1. Proximity to the ‘Good’ Life:

One of the most important factors while buying a home is the society surrounding it. Your home should be located at a place that is smack in the middle of everything and everywhere. Furthermore, Bengaluru, India’s start-up capital, is infamous for its bad traffic. To make your life easier, it is essential to ensure that you live in a place that is suitable for the whole family. For example, a home should be bought from where commuting to office is easier. It should be located near bus stands and/or metro network.

  1. The renders of your home:

Another important factor to consider is the apartment layout. As many people have trouble visualising layouts, it is important to show these to an architect. An architect will understand your requirements and explain the Pros and Cons of the layout. Nowadays many builders are creating 3D renders of their apartments and a handful of them create the actual flat demonstration for you to get a clear idea of the layout.

  1. The boom in resale value:

Keep the resale value in mind while looking for your dream home. Some areas have property rates that appreciate over time. If done correctly, your home will not only be an abode but also a valuable investment.

  1. The price add-ons while buying your abode:

Clarify by asking about extra costs for the property such as Tax, VAT, Registration charges, Society Maintenance charges, the cost of Parking Space, and Club House membership. These charges will add up to the final price you will be paying for your home.

  1. RERA compliance and the ‘Green’ Chit

The RERA bill was passed by the parliament to ensure that the rights of homeowners are protected. So, it is always advisable to purchase from a builder that is RERA compliant. RERA compliant builders are bound by law to protect your rights as a buyer. For example, if the property delivery is late, builders are liable to pay a fine. If the possession is delayed, under the RERA bill, you are also legally entitled to file a FIR.

  1. Sorting out the ‘Legal’ angle:

There are an array of documents that need to be in order before your ownership of the property is legal. The most important document is the Sales Deed. It officially signifies that the transfer of property has taken place from the seller to the buyer. Along with this also ensure that you have received these:

Keep these seven things in mind so that your home buying experience is a pleasant one.

 

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