Things to keep in mind before buying your new home in 2020 (Part II)
Buying a house is a one-time opportunity and a dream coming true for most people and therefore, it becomes imperative that a prospective buyer makes a thorough research about the property before making a final decision. Over the years, there have been numerous cases where a buyer was duped into investing his lifetime’s savings in a property that was disputed or was constructed on illegal land. Recently, in India, we saw the court ordered demolition of four residential complexes, which were found to be in violation of certain environmental norms. Many people who were living in these homes had to vacate and watched helplessly as their dream homes turned into dust. In order to avoid such circumstances, therefore, it becomes imperative that a buyer takes his time and investigates the property he plans to buy, digging out all relevant information before making the final decision. In the last blog, we had compiled a list of a few things to keep in mind before making your new home in 2020. Here, we have added a few more things that you should be aware of before investing in a property.
Get property papers evaluated
The first thing to do would be to go through the land documents on which the apartment complex is built or being planned. The title deed of the land should also be verified to check if the builder has a right to the property. You can have them examined by a lawyer. In case of a resale property, check if the property tax is in order and get a release certificate from the bank, which proves that the previous loan has been repaid. One should also ascertain that the developer has paid all the legal dues and has taken required approvals and no objection certificates from the various authorities for land use, layout and environmental clearances.
Check builder’s credentials
It is advisable to research on the developer’s past records in relation to his market standing, number of projects completed and the quality of the flats, among others. In the present times, a proper online search can do the job for you as the internet is full of online platforms and groups which provide lots of information to people planning to buy a house. Another thing to keep in mind is to get a sense of the final area that you will get to use, especially so in the case of under-construction buildings.
Inquire about hidden & additional charges
Ensure that you have read all the property-related documents and are clear about the various clauses in place. For example, if you have bought a property that is under-construction, the builder is supposed to pay you a monthly penalty if he does not complete the project in time. Moreover, you should also be aware of the other additional expenses that you will incur apart from the cost of the house, like stamp duty, registration charges, GST, among others.
Buying a home will be one of the most important decisions you will take in your life and therefore, make sure that you factor in all the possible pros and cons before making your choice.