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10 tips for buying a house

Planning to buy a home? It’s a great idea and here are some tips to help you choose wisely. Shortlist properties based on these concepts and you should find the entire process less confusing than you think it is.

1 Aspirations, lifestyle

While you may want the moon, think clearly and decide what kind of lifestyle you and your family would be comfortable with. Villas, apartments, individual home, an executive floor, all entail a particular type of lifestyle. Deciding between living in the inner city and a suburb is also a lifestyle decision. If you like a quiet laid back life, choose a suburb. If you like being in the hub of things and having everything nearby, but are willing to settle for less space and more noise, the city will work fine for you. Think of scenarios about 10 years into the future and identify a place that will suit your needs till then. More....

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There is no substitute for the joy that one experiences in buying the first house.

Most Indians have never bought a home before; and are actually first-time buyers. Buying a home is going to be the biggest investment that you will make in your life. Here are some tips to give you a lasting experience

Don't budge from your budget

There is too much choice in the market; you must understand what your budget is so that you can narrow your search into a manageable process. Otherwise , your real estate broker will spin you around. Give the broker your budget and tell them that it's not movable. Don't believe them when they say your budget is too low. There are properties of all types available in India today.   More...

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Guidelines

Listed below are some of the things that have to be kept in mind while  purchasing a residential property:

1. Locality: Proximity to transport hubs, schools, hospitals, market, central business district, entertainment centers, hotels, restaurants, pollution levels, safety records of the neighborhood.

2. Total area of the property i.e. Carpet + Built Up Area + Super Built Up Area.

3. Adequate car parking space.

4. Construction should be of a high quality. 

5. Reputation of the builder or seller. Check around with local sources to find out more of the builders reputation. 

6. Adequate water, electricity and other utilities should be an important factor. 

7. Get a good idea of the costs of various components like price, stamp duty, registration charges, transfer fees, monthly outgoings, society charges & costs of utilities.

8. Assess the potential resale value or the potential rental income of the property.

9. List out any other advantages and disadvantages of the property to help make a better decision.

Q:  Is inspection of the property a necessity before buying it?

Yes. One of the largest investments done by a person is with respect to the purchase of a residential property either for personal use or as an investment. Hence it is very important that the property is inspected thoroughly. This could save you costly maintenance bills at a later stage.

Some of the areas to be looked into with more closely are:

• Plumbing systems, drainage, water faucets and sanitary fittings.

• Electrical systems, circuit breakers, wires, capacity of the electric meter, functioning of light fittings.

• Roof, walls, ceilings, floors, paint work.

• Foundation, basement and visible structures.

• Doors and windows, latches, locks. 

• Structural stability of the building.

Q:  Is there a checklist to be followed while buying residential or commercial property?

Since your hard earned money is at stake, it is advisable the following  checklist is followed:

1. It is advisable that the potential buyer studies the market for the market trends about prevalent rates of property in the vicinity and last known transactions.

2. Ask for photocopies of all deeds of title related to the property to be purchased. A legal opinion through a good standing advocate is advisable. The legal counsel will examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.

3. One of the major issues with a number of properties is the deviation of the built plan from that of the approved plan. Check for approved layout plan and approved building plan with number of floors and square footage approved against what is built in the property.

4. Clearances from the following authorities is good to have: Muncipality, Electricity, Water, Pollution, Lift Authorities, Fire, and ensure the property has been issued Occupancy Certificates.

5. Check the building bye-laws in that area to verify any infringements with respect to setback, side setback, height, square footage etc.

6. To get a good idea of the total purchase price, confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as other outgoings to be paid for the property i.e. property tax, water and electricity charges, society charges, maintenance charges

7. After payment of the entire sale price, take over legal possession of the property along with documents of title in original from the Vendor of the property 

8. Change name of the holder of the property to the purchaser in the records of the society, Electricity Company, municipal corporation, Index II etc.

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Q:  What is a Sale Deed? 

The sale deed assists gives the buyer the absolute and undisputed ownership of the property in question. The Sale Deed is also known as conveyance deed. By executing this document the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement