Buying a piece of property, whether residential or commercial, is definitely a lifetime investment for all of us. It is one of the most crucial decisions of our life as this might involve taking a good amount of loan, followed by monthly installments, etc. Therefore, it is important to check a few things before investing in any property.
Following are some of mandatory things to check while buying a property in current times:
1. See it to believe it: An essential step for a buyer, when the property is under construction or when it is a ready-to-move-in apartment, is to get the clear idea of the property. When the property is under construction, it's better to make regular site visits to check the status of your construction and quality of materials being used for the construction purpose. When the property is a ready-to-move in, visiting the site gives the clear vision of the property: it's neighbouring area, facilities the developer is providing etc.
2. Verification of Approvals and Licenses: Verification of the paperwork ranging from commencement certificate for work, environmental clearance and approved building plans plays a vital role. There are documents like Title Deed, Release Certificate, Check Encumbrance Certificate, Approvals by Local Body, which should also be verified. It is always recommended that a person should go for a RERA-registered project.
3. Choose the right developer: As a buyer one can verify the developer by knowing his past or current projects or even post queries on the various online real estate forums. This is important to overcome the unnecessary hurdles which can create problems in the process of buying a property.
4. Calculate the total cost: It has generally been observed that many times brokers just mention the basic cost of the property and not other things like internal/ external development fees, preferential location charges, etc which shoot up the total cost. So, in such cases it becomes very important to calculate the total cost of the property.
5. Possession timeline: If the property is RERA-registeted, you should check the RERA website for knowing the project completion and possession timeline committed by the developer. This will help you know by when you can expect the possession of the project.
Keeping in mind the above-discussed points can help a buyer buy a home which won't give any trouble going ahead. There is a saying that 'Precaution is better than cure', which should be exercised while buying a property.
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