As the real estate market is experiencing a slowdown, there are many things that should be noted before buying property today. There are several cases where the buyer purchased a piece of real estate thinking it’d be beneficial in the future only to later find out that there are no buyers.
There are several other factors other than the price such as the environmental challenges that come with a piece of land. Hence, in this article, we’ll go through ten things that you must note before purchasing a property.
1. The carpet area
There are many builders out there that have been fooled into thinking that they have stumbled upon a property that has common facilities such as lobbies, elevators or staircases. These areas will be marketed as carpet area whereas in reality, they’ll be super areas. Ask for the carpet area specifically.
After you have decided to purchase property, keep note of all the paperwork such as the certificate for work and approved building plans. If you are planning on buying a property in resale, make sure to get all the previous tax receipts along with other bills from the seller.
3. Total Cost
Most of the time, brokers only tell you the basic cost whereas there will be a lot of other fees such as internal/external fees.
4. Banks that finance the project
As there are plenty of builders that sit on projects due to inadequate funding, banks have turned extremely wary of financing the project. Find out which banks are ready to approve financing after the finalisation of the property.
5. Buy or rent
There are experts that state buying a property on EMI Is the wrong approach and they are right. Most bank on rental to finance the EMI. But the truth is, renting only generates 3% of the revenue.
6. Infrastructure plans
Check if the area around you is connected to infrastructural development such as the advent of metro connectivity in the future. This will boost returns immensely.
7. Make sure to register the plot
Right after you select the property, make sure to have it registered with the concerned authority so as to claim legal ownership.
8. Check the acquired site
There will be a disparity between what’s shown in the brochure to the actual layout. Make sure to thoroughly check the site before purchasing the property.
Look for the right payment method as there are various options available. This must be chosen carefully as each convenience would cost you differently.
10.Verification of the builder
Make sure to check if the proper isn’t under litigation. Perform a verification process of the builder by going through their past, current or future projects through forums.