7 things you must check before buying property

7 Things You Must Check Before Buying Property

Buying Property or investing in a real estate industry means investing whole life savings in it, So we should be careful before this investment and we care for your money so here we are providing some points to consider before buying or investing in a property and for verifying builder from whom you are buying the property.

1- APPROVAL AND LICENCES:

Once you zero in on the property, check the builder's paperwork ranging from commencement certificate for work, environmental clearance and approved building plans. Also, ask for the status of the land title and see if the builder has bought the land or has just development rights for it. Here is a list of documents you should check.

(a). Title Deed: Check whether the builder has a right over the property. While buying a plot, see the title deed of the land to confirm if the builder has the full right to it. You can also take help from a lawyer to get the deed examined. experts, says, "A mere NOC (no-objection certificate) from the panchayat or the local body does not constitute approval by the authority."

(b). Release Certificate: If you are buying a property in resale, remember that it may have been pledged to get a bank loan. In such a case, you will have to get a release certificate from the bank, which will prove that the loan on the land has been repaid. Check Encumbrance Certificate: It is also important to verify that the land is free from all legal dues.

(c). Verify land use: Verify the land-use zone as per the city master plan for the plot. You can get the plan from the local body office in your respective city.

(d). Approvals by Local Body: Make sure that the entire layout has been approved by the development corporation and the local body of the city.

(e). Property Tax Receipts: If you are buying a property in resale, ask for previous property tax receipts from the seller along with other bills. This way you can ensure there are no pending bills.

7 things you must check before buying property

2- LIST OF BANKS FINANCING THE PLAN:

With real estate companies sitting on unsold inventory and not having enough cash to complete their projects, banks have become vary of financing them.

3- VERIFY THE BUILDER:

The piece of land in question may be under litigation. Hence, it is recommended that you do an extensive verification of the builder.

4- BUY VS RENT:

Many people buy a property thinking they will use rent to pay EMIs. Experts say it is a wrong approach."Do not over-leverage in the hope that rental income will pay for the EMI. The rental yield on residential properties is generally only 2-3 percent." Moreover, the property may remain vacant for months before you can find a tenant.

5- CHECK THE INFRASTRUCTURE PLANS:

Metro connectivity or any other big infrastructure development in the future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industry.

6- CHECK THE SITE:

The layout in the brochure could be different from reality. So, do a thorough site visit before booking the property. Interact with people in the neighborhood as they may know about any illegal occupation or other legal disputes related to the property.

7- REGISTER YOUR PLOT:

After selecting the property, you have to register it with the authority concerned for you to become its lawful owner.

I hope This Point will help you in investing in a Real Estate Industry.

Visit Us On http://archdevelopers.in/

Have a Look On Our Properties http://archdevelopers.in/our-properties

Like us on Facebook: https://www.facebook.com/archdevelopers

Common Mistakes - That First Time Buyer's Make

Common Mistakes - That First Time Buyer's Make Buying a home for the first time can be difficult and complicated. If You’ve never done it before, so it’s normal to feel a bit overwhelmed. So to help first-time homebuyers, we’ve pulled together some of the common mistakes first-time homebuyers make. · Forgetting About Costs: Your mortgage will probably not be the only cost when it comes to buying a home and Investing in a Real Estate For Self or For Investment. Smaller costs like property insurance, taxes, electric and water bills, and other fees may begin to rank up. Before buying a house, you may need to look further into your savings to figure out if you can pay for all of these further charges. · Looking for a Home Before the Loan: Once you find a house and decide to buy it, you don’t want to spend time wondering if you can afford it. Knowing your budget, and that you are a qualified buyer before you begin your search may make the process easier and mor

Arch Developers Aurangabad

Search This Blog