It is important to be thoughtful and careful about making one of the most crucial decisions of your life.
Buying your own house is a dream, everyone dreams of. It certainly is a milestone achievement in anyone’s life. So many dreams, hopes and aspiration rest on your dream house. But you cannot be emotional about such a costly investment. This dream can quickly turn into a nightmare if you don’t keep in mind these key points before buying a house.
It is important to decide the budget for the house or an apartment. Suppose you know your budget, then you can narrow the down house or apartment. With this price point in mind, compare and ask for a quotation from builders. You can also search online to have an in-depth knowledge of dealers, brokers, builders and localities fitting your budget.
The second step is after shortlisting properties or apartments is to check the credibility of the builder, agent or owner. You can do a brief background check by comparing the agent’s past record. You can also visit the website for the Ministry of Corporate Affairs to check the credibility of a real estate developer.
The record of the land on which your house or apartment is built is extremely important. Ensure that land or plot is cleared of all the dues. The plot of land should also be registered, and the title deed is cleared and verified.
You should also diligently check for various approvals like NOC from authorities, sewage board, municipal cooperation, electricity board, water supply. If you are applying for a loan, then the bank would check these documents and then only would approve your loan.
Is the area mentioned in the size of the property or the carpet area? You must be wondering what the difference is? They are entirely different things; the carpet area is the area you get within the four walls of your house or apartment, whereas property area can include things like stairs, lobby. Many times, the carpet area is less than 30% of the property area. So, you may end up paying more.
If you are buying an apartment, then do check when would builder give you the possession of the apartment. Ideally, go for a ready to move-in property as delaying of projects is in vogue.
So, before you seal the deal, remember to keep in mind the above-mentioned points. Happy house hunting!
