Things to Keep in Mind Before Buying a Real Estate
Jul 25, 2017 Home Trading Steps
It is important to keep the following points in mind before buying a real estate property as a huge amount of money is involved in it:
- Builders have a tendency of hoodwinking the buyers by stressing on the super area of the project and not clearly telling about carpet area. Super area consists of all the common facilities used by all residents and can be up to 20-25 percent of the area quoted by the builder. It includes the lobby, elevators, staircases and corridors. The buyer must clearly know the built-up which includes the area covered by the walls and storage area of the house. The buyer should ask for the break-up of built-up area and the carpet area. This should also be clearly mentioned in the agreement of sale.
- Buyers should be thankful to The Real Estate Regulation Act (RERA). Because of this act, the buyers can be lest assured of getting the handover of their property within the stipulated time, as the builder cannot syphon your money into another project. Although some states have still not implemented RERA and some older projects are not covered by the new Act, it is always advisable to invest in properties that fall under the jurisdiction of RERA.
- Carefully check whether the title of the property and the status of approvals and permissions have been officiated and passed. This is so because if any document is missing or found to be inauthentic, the buyer will have a problem in getting its loan. He might as well have a problem while reselling the property if ever the need be so.
- You must find out whether your builder is trustworthy. After demonetisation, many builders are offering tempting schemes so that these properties are sold off quickly. But remember, Developers include interest to be paid in the property cost. If they fail to repay the interest, it impacts the credit score of the buyer.
- Location plays a crucial role in selecting a house. It is always better to opt for a house which is close to one’s workplace as well as other facilities. The buyer must visit his/her property of choice at least 2-3 times and get a first-hand experience of the area.
- These days many builders are luring the buyer with offers like free woodwork, appliances and white goods. But remember, the price of these freebies is included in the total expenses that the buyer has to pay. So there no point in falling into such baits. This is so because ultimately you might be indirectly charged for those free construction works.
- It is not uncommon that people become emotional while buying their dream house and, then they end up in exceeding their budget way too much. But it should be the first duty of the buyer to realise his financial condition and analyse whether he/she is capable of paying the EMI. It is important to understand that the home loan EMIs, maintenance charges, property taxes and sundry expenses on housing should be within 30-35 percent of your total household income. It is rather unwise to buy a house that cannot be afforded by the buyer because in that case he might have to curtail on other necessary purchases.
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