Buying a property is not an everyday thing. It is one of those important decisions that is usually taken once in a lifetime. People spend years and invest their hard-earned money to find a place where they can live with their families.

But, one must also be aware of things that affect the comfort of living. Knowing a few important things can be helpful in the selection of desired property and avoid any possible mishap.

Given below are the 10 important points to consider when buying a property.

Verify Sellers’ Identity

What does it mean when the person selling you a house isn’t the owner? Similarly, the seller’s assistance may be required in a variety of situations. As a result, it is vital to confirm the seller’s identification.

Some factors to think about when authenticating sellers’ identities are listed below:

Verify the seller’s nationality and if he or she is a resident of India or an NRI.
Confirm that the person selling you the property has the authority to do so. When there are more than two owners on a property, both sides’ consent is required.
Determine the property owner. It is important to know about the owner of the property you’re buying whether it is owned by individuals, trusts, corporations, or a society. Someone may try to offer you a standalone villa as a standalone home.
If the property has a minor nominee, make sure the person selling it to you has a court order and the required legal documents to sell it.

RERA Registration

RERA stands for Real Estate Regulatory Authority and is a government body that is responsible for maintaining real estate regulations. Each state has its regulatory authority under the model act of RERA to monitor real estate projects. Make sure that the project you are interested in is adhering to all the guidelines prescribed by RERA.

Also, just because a project is RERA-registered doesn’t mean it’s without flaws. It is merely proof that the developer has registered the project with the authority, and buyers should contact RERA if they have any difficulties.

Due Loans on the Property

If the property you’re buying has any kind of loan attached to it, it could put you in a lot of difficulty down the road. Not only can it result in financial loss, but it can also lead to major legal complexities costing you a long wait time for their resolutions.

Make sure to check if the seller owes any money on the property.

You can take any of the following actions if there is a loan due on the property:

Request that the seller pays down the loan.
Register the property in your name and pay off the loan.

If there is any doubt, request a no-dues certificate from the seller before purchasing the property.

The reputation of the Developer

It is always favorable to ascertain about the builder’s previous work and track record to see if they have completed previous projects with promised amenities on time or not.

The reputation (goodwill) of the builder or developer like Manglam who either, had created or will create this property is one of the most important factors to consider when purchasing a home in India. However, sometimes it is a hard decision to make if you are buying a property that is under construction.

Take a Physical Survey of the Property

What if the property’s actual measurement differs from what the vendor has claimed or shown? It will waste a lot of your time and resources and take up a lot of room apart from causing you problems later. As a result, knowing and feeling the actual measurement of the property by physically visiting it once is a beneficial habit.

Architectural Pros & Cons

Request that the developer furnishes before you with the flat’s architectural layout drawings/designs, which you should have examined by an architect or an interior designer. There may be certain design problems that obstruct your interior planning and design at times. For example, there could be a pillar or column in the improper spot, preventing you from correctly arranging your furniture or repairing any appliances.

Another significant aspect of architecture is to assess how well the complete structure and project layout have been planned. It’s getting harder to locate a flat that gets a perfect score these days, but you can get a good notion.

Also, Checkout – Investment in Luxury properties can be a great choice if chosen wisely

Tax Status of the Property

Check to see if the property you’re buying has any outstanding taxes. What is the seller trying to hide when it comes to the property’s payment status? What if the property owes any unpaid taxes? All of this should be known as it could potentially land you in major financial and legal issues in the future.

Inquire about monthly bills such as power, water, and other utilities. When you become the owner of a property, you are exclusively responsible for all of the property’s taxes and liabilities.

Location Advantages & Disadvantages

Note down the advantages and disadvantages of your property location. You should look into the following factors:-

Learn about civic administration’s authority under whose jurisdiction it comes and what projects the government has planned for that area.
You should also evaluate the area from a residential standpoint, such as whether it has sufficient greenery and water supplies to last for future generations or not.
Another important factor to think about is whether the location is conveniently accessible from all regions of the city as well as neighboring towns in the state. You must also look for connectivity to various necessary amenities such as Hospitals, airports (If any) and railway stations, Entertainment areas – park, movie theater, etc.

Approval of Constructions

If you’re buying a house or apartment in a well-built building, make sure to examine if the plan was approved by the concerned municipal corporation or other appropriate agencies. This ensures that the property has received approval for sewer, power, water, and other essential services.

Request NOCs (No-Objection Certificates) from several departments if possible. NOCs from several departments will certify that the building or property is fit for human habitation.

Traffic in Peak Hours

Some areas or neighbourhoods in a city are notorious for traffic jams, and because of which working professionals and tenants strive to avoid them. Drive-by the property during rush hour to get a sense of the neighborhood at various times of the day and week. Check the amount of passing traffic, whether it would be noisy at peak hours, and so forth.

Make use of this blog by keeping the following points in mind. These points can make your journey of finding a perfect property easy.

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