The Do’s And the Don’ts While Investing in a Property
Mar 28, 2017 Home Trading Steps
Buying a property is a huge investment and making sure that the investment is on the right one, is crucial.
Here’s the list of all the Do’s and Don’ts before buying the property of your dreams.
Do’s
Here’s the list of all the Do’s and Don’ts before buying the property of your dreams.
Do’s
- While taking the loan from any bank or housing finance companies, keep your current and foreseeable future expenses in mind. As families grow so do their expenses, make sure that the loan does not cause any financial trouble in future. Don’t go overboard and take a hefty loan, but the one you can afford.
- Check the classification of the land on which the construction is being carried out. Any construction on agricultural land is prohibited, so a buyer must check for it.
- Check for the background of the developer and their past projects, the quality and maintenance of past projects. Also, check for the reviews of the properties by the said developer online.
- Try to look for the ready to move or near completion property for less risk.
- Check for the connectivity and the distance of nearest bus stand, railway station and airport from the building.
- Check for the distance of hospitals, shopping complexes, school/educational institutes from the building.
- Enquire about the amenities provided like power back up, water supply, parking, clubs etc.
- Evaluate the property on the carpet area rather than construction area.
- If the property you are buying which is on resale, get is evaluated from the professional property valuers.
- Check for the compensatory clause if the builder fails to deliver the project in the given time or if the deal is cancelled due to any reason.Don’ts
- Don’t invest in the property of the owner or developer is unable to produce the ownership documents.
- Refrain from investing in the property where the project has deviated from the proposed project. Generally, 5 percent deviation is fine, beyond that is a strict no.
- Do not register the property before your home loan is approved.
- Even if the builder is reputed and has delivered successful projects in past, do not hesitate to check for the legally approved documents required for the project.
- Don’t go overboard with the loan. Make sure it is not more that 40 percent of your monthly income.
- Keep your needs in mind before buying the property and not just the location and the reputation of the builder.
These are few points that a buyer should keep in mind before buying a property and investing a huge sum of money in it.
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