Buying a house involves legal, financial and many other formalities. You need to plan everything in advance before buying a property. The area depends on your requirements and family size. Always focus on financial resources, the location of your dream house and long term needs before you take decision. Keep on researching till all your requirements are fulfilled.
Browse the internet to check for the best properties available in your city. Take advice from your family and experts, read latest property news and note down the finer points that you must consider before buying a property. Make a checklist of the same and then start the house hunting. This will save your money and give you the best outcome.
You either buy an apartment for house owner or directly from a builder. First of all you need to analyze the property closely. The year of construction and points that you look for in a property should be noted. You can take your decision, once you get satisfied with majority of them.
The below mentioned broad checklist will make your decision easy.
1. While buying a house from house owner consider:
Get details of the owner of the property and find out under whose name the property is registered. For a minimum period of 13 months obtain non-encumbrance certificate. Then check the receipts of tax payment and obtain the current valuation. Check whether the construction is legal.
Find out if some banks or reputed housing finance companies have approved the project. This will help you in applying for a loan. Also check approvals from Area Development Authority, Municipal Corporation Water board, Sewage board, Electricity board etc.
Verify the construction quality, MCBs fitment, electricity points, bathroom and kitchen fittings, and water seepage. Check the connectivity by road and rail, school and colleges in the vicinity etc.
2. While buying a house from the builder consider:
Verify if the authority and development agreement for transportation is in favor of the builder. Obtain a non-encumbrance certificate. Check whether the concerned municipal authority has issued an occupancy certificate with approved building plan. Clarify undivided share of land and floor Space Index. After your initial payment get a proper sale agreement. Determine if the project has a clear marketable title and check the sanctioned plan. Then you can register the property.
Approvals and Amenities:
The same checklist as mentioned above should be followed. You can also check if the construction is resistant to earthquake and the level of pollution in the area.
These are few tips that can be beneficial if you are planning to buy a new house.
Find few more tips if you are a first time home buyer. Do your research properly and go for what suits your needs better.
Courtesy :Real Estate News and Trends in India
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