Buying a property is an investment of a lifetime. Whether it is a ready-to-move-in flat or a residential plot, buying any property, no matter how big or small, is time-consuming task which requires ample due diligence on part of the buyer.
Further, money is not the only critical factor to consider when buying a property. There are countless other factors too that deserve equal attention if not more. In case you are also planning to buy a new property, remember to go through the complete prospectus of the deal before signing on the dotted line. To make the task easier for you, we have highlighted the key things that every property buyer must abide by to prevent unforeseen blunders.
1. Legal Check of Property
You must confirm the legal validity of the property. You can do so by
- Checking for the title papers.
- Checking the NOC (No objection certificate) from area development authorities including water supply and sewerage board, municipal corporation, etc.
- Checking for bank approvals (in case you are opting for finance)
- Check if the project has a registered society.
2. Financial Check
If you are planning to buy a ready-to-move in property, verify all schemes that are on offer. Ideally, developers already have partnerships with banks and other finance institutions. Make sure that you have read all financial schemes very carefully and ensure that there are no outstanding mortgages on the property. A healthy track record between the developer and Bank is beneficial to buyers as well.
3. Keep an Eye on Hidden and Additional Charges
Property documents are ambiguous by nature. There are many hidden clauses and additional charges that most buyers tend to overlook. This is a practice that must be avoided at all costs. Ensure that all clauses are read and understood thoroughly as well as expenses such as GST, stamp duty, home loan processing fee, and registration charges are well understood.
4. Resolve All Design Concerns
Built-Up Area, Super Built-Up Area, and Carpet Area are still alien terms for most property buyers. Ideally, the carpet area is about 70-80% of the Super Built-Up Area. Carpet area is the area enclosed within the walls, actual area to lay the carpet. It does not take into account the thickness of the inner walls and is the actual usable space. Payment is always made on the super built-up area which includes the lobby, lifts, stairs, etc. Developers often use these terms interchangeably which can increase ambiguity.
5. Prioritize Ethicality Over Low-Cost Deal
Low-cost deals can be used as cheese for trapping less informed buyers. If the deal is too good to be true, chances are high that the deal is a trap. Research is the best defense against such deals. Gain as much information as possible on the developer, his previous projects, existing customer reviews, etc. If possible try to get in touch with current property owners and find out more about their experience during and post buying the property.
For most people, buying a property is like a dream coming true. It is the result of years of hard work, consistent savings, and big compromises. As such, any dispute post buying can be heartbreaking and trigger a series of unseen and unimaginable challenges. For most people, a property dispute can transfer to irreparable moral and financial loss. At KGK Realty, buyers' trust and belief are priority no.1. Oasis, our esteemed residential project in Jaipur, is JDA approved and promises luxury, ease, and convenience. Located on Ajmer Road, the property offers location, design and quality excellence to the residents. Please visit the link for further details.