Most people buy a home only once in their lifetime and while it can be an exhilarating experience, for some the experience can turn out to be on the sour side. It’s all to do with how much homework you do before jumping into the deal.
Shopping for a home isn’t the same as going out to buy potatoes or onions and you should be aware that there is a fair share of fraudsters out there on the lookout to make an easy buck out of trusting homebuyers. And since homes don’t come cheap, especially if you are going for a villa, you need to be sure of a number of factors before putting down your hard-earned money.
Here is a checklist of some of these factors:
Finances – Since most people use bank loans to pay for their homes, you first need to find out how much loan you are eligible for before going home-shopping.
Builder credibility – Go for projects by premium builders who have been around in the business long enough to have built a solid reputation. Check the history of their delivery timelines as delays could result in financial losses to you.
Documents – There are a number of documents that need to be verified before going ahead with the deal. Check whether the Deed of Sale is in the builders name and whether he is authorized to sell the plot. Other documents needing to be verified include the approved Layout Plan, No Objection Certificate from the various authorities, Commencement Certificate and the Encumbrance Certificate which would throw up any litigation attached to the property. The Purchase Agreement should be checked carefully and include payment terms, default payment penalty, completion deadlines, etc.
Tax – Do ensure that all relevant taxes have been paid up on the property.
Location – Go for homes in areas that are likely to see growth, thereby increasing the value of your home.
Public transport – Check if there is easy public transport connectivity from the location.
Facilities and Infrastructure – You wouldn’t want to live in a place where you have to travel long distances to avail of daily-need facilities including groceries, pharmacies, malls, movie theatres, hospitals, etc. Do ensure that there are decent schools and colleges within a do-able radius too.
Amenities – It’s always nice to have decent recreational amenities on home-turf so you feel encouraged to get active.
Fittings and fixtures – These should be branded to ensure durability.
Doing a ground-check on the property first is your best bet!