Looking out for the perfect own space amidst the houses on sale is both an exciting as well as a daunting task. There are a few points to keep in mind while choosing one’s dream space among the houses for sale so that one does not get cheated. It is best to check the paperwork because the process involves a lot of documentation with various authorities as well as the bank. Also when it comes to taking a home loan a lot of energy is put into this.
Things to keep in mind:
- Documentation – When the buyer zeroes down on the chosen property, he needs to check the paperwork of the builder. The paperwork includes the commencement certificate to work, the environmental clearances and the approved plans for the building. In fact, there is a list of documents that one should check. The most important aspect to check is the presence of approval and licenses which include a few necessary documents to check.
a) Title deed – This affirms if the builder has an authentic right over a property. A lawyer can support to get examine the deed.
b) Release certificate –While going for a resale property, it is noteworthy to keep in mind that this property could be pledged for getting a bank loan. So, for such instances, a release certificate from the bank is mandatory. The check encumbrance certificate confirms that the land is completely free of any legal due.
c) Verify land use – The land plan can be obtained from the local body in any city and then one needs to verify the zone of land-use according to the city master plan of the concerned plot.
d) Approvals by the Local Body – This is to make sure that there is an approval received for the entire layout by the corporation as well as the local body while finalizing from the list of houses for sale.
e) Tax Receipts – While choosing houses for sale, the previous property tax receipts from the seller should be asked for. Also, one can ensure that there is no pending bill.
2. Calculation of the total cost – It is best not to get duped by the brokers. Brokers often mention the basic cost and not the hidden costs like the preferential location fees, service tax, and parking fees. So, one should ask for the final cost of the property when choosing a house from a list of many houses for sale.
3. Verification of the builder – A plot of land may be involved in litigation. Therefore, it always best to do a detailed verification of the builder. Verifying the earlier projects done by the same builder will give valuable insights regarding his professionalism.
4. Choosing the right plan – There are many payment options that are available in the market like Flexi payment, down payment, and construction. There are some guaranteed schemes on rental, under which the developer pays rent for a certain period while the construction happens or for a specific period after the possession. Under the first option, the buyer gets payments on a regular basis from the developer while the construction of the house is on. This helps him to offset a portion of the EMI as well as the rent.
5. Size of the apartment – It is always wise to ask for the carpet area and measure it out when checking out houses for sale. Most builders mention super built-up areas in their brochures. While the carpet area is actually the size of the flat, the super built-up area would include the staircase, lobby and lift area.
While looking for a dream home, the foundation of the house is equally important to consider. Topography, as well as the soil composition, is vital factors to keep in mind. The connectivity to the workplace, market places, schools or colleges is important. Also one needs to be careful that the layout in the pamphlets is what it is in reality.