10 Things to check before you buy a property
January 18, 2016
Buying a piece of land or a flat is a cherished dream for many. Real estate is one of the biggest investment you make in a lifetime and you need to do your homework before you take the plunge. Here is a guide on 10 things to check before you buy a property.
About the land
If you are buying a land, the first thing you need to do is make sure the land has cleared all legal procedures. Ensure you personally inspect the land before you buy it. You need to make sure that the title deed of the land is in the name of the seller. Also, you need to verify that the seller has full right to sell the land and that he is the sole owner of the land.
Research in Location/Area
Location of the house is an important point for consideration. Whether you are buying the house as an investment or planning to move in there, you cannot ignore the importance of a good location. Ensure the growth of the area is good and the location has good schools, supermarkets and other essential amenities close by.
The price band for your real estate investment needs to be fixed before you start scouting for the property. It saves a lot of time by helping you narrow down on your choices and at the same time, makes sure you only fall in love with the ones you can afford. The best idea is to come up with a maximum limit on budget and not exceeding the same no matter how attractive the property is.
Buying a house involves a lot of documentation and it’s best to go through the documents yourself as well as consider legal consultation in case you are not acquainted with the terms involved. Ask for copies of all necessary permissions prior to making any financial transactions. Check the following documents and clearance certificates to avoid getting into any legal tangle in future:
• Land Record
• Construction Clearances
• Approved Planning
• Land Use Certificate
• Master Plan of the property
• No Objection Certificates
Selecting a credible builder is an extremely important step in buying a property. Research well about the builder and the best way to go about this is to look for past projects of the builder. Choose a credible builder like Casagrand, who develops quality livings spaces.
While buying an apartment, buyers focus on flat area but completely forget about the land ownership-Undivided share of land. An Undivided share is a share of land allotted to the flat buyer while purchasing a property and it is registered in the name of the owner. Ensure you check for your share of UDS before making the purchase.
UDS = Built-up area of individual flat / Sum of all flats’ built-up area X Total land area.
Percentage of Common Areas
The actual usable area of a flat you are buying may differ from the one you are charged for. The common areas are the shared spaces on a single floor, and within a building in its entirety.
Planning your finances before you invest in a property is a wise idea. There are plenty of financing options out there so make sure you research them all and pick the right option that suits you the best. Make sure you have enough savings, before you apply for the loan.
You must inspect amenities offered along with the property. Some of the important things to check are fire alarms, garbage chute system, parking, lifts, power backup, etc.
Most apartments these days come with recreational amenities for residents such as club house, swimming pool and gym. Special theme projects can offer a wider range of amenities based on your preferences. For example, Casagrand Arena is a heaven for sports lovers. You can target a real estate project that caters to your needs and preferences.