What are the factors that we need to look into while purchasing an apartment or flat?
There are many things that you need to look at before buying a property. Here are some of them.
Check the legal papers of the property: Property fraud is becoming quite common these days as most buyers are ignorant of the complete paperwork involved. In order to ensure that you don’t fall victim to property fraud, check if the house/plot that you are planning to buy is free from all legal hassles. Hire a lawyer to check the legal documents of the property. A lot of times, people try to sell off a disputed property or a property that is in the name of a minor. Make sure that you are not dragged into the legal issues of the property by conducting a thorough legal inspection.
Check for legitimate approvals: Illegal constructions are on a rise with buildings cropping up wherever you look. There are millions of people in the country who are dwelling in illegally constructed properties, constantly living under the fear of their house being demolished anytime by government authorities. So before you buy a house, make sure that the house is constructed on a government approved land. Apart from that, check if the house has got necessary approvals and clearances from the electrical department, water department and other government bodies. If the builder tells you that he will get the approvals once the construction starts, shy away from such properties as it might run into trouble while acquiring approvals in the future. You don’t have to worry about all these legal issues and approvals if you are buying a house that has already been inspected and approved by banks for providing Home Loans to buyers. But if you are buying an old house or an uninspected house, ensure that you check for all the legitimate approvals.
Track record - While it isn’t written in stone that a novice builder will always do a bad job, buying a house from renowned builders gives you the surety of quality, service and facilities. If you are purchasing your house from an independent builder then look at his track record – the years he’s been in business, number and quality of previously completed projects etc. This will give you a fair idea of what to expect.
Credibility - A builder’s credibility carries more weight than his experience. A builder could have built a 100 homes, but if most of his customers are unhappy clients, you’ll probably meet a similar fate. A builder with a good reputation will stick to his promises. If you suspect your builder of making promises that sound too good to be true then perhaps they are. Being sceptical will save you from being tricked.
Want to check out Home Loan offers? Click here.