Check before you buy your dream home

A key challenge however in the real estate sector at present,is that prospective home buyers find it difficult in getting credible information relating to a project,and this lack of information is often related to land titles and records,quality of construction,finances and background of the developer and investors.

GUIDELINES

Research and detailed analysis: When you set out to purchase a house,you need to lay down clear objectives,right sizing of the square footage,preferences in terms of amenities required,financing options and other income related factors.

Nowadays,there are a lot of websites and blog sites available where one can easily research and get the correct information about a project and its developer. Another viable option is to get credible information on a project with the help of professional real estate agents.

Unclear land titles and occupancy certificates:

It is very crucial for home buyers to ensure that the property they are investing in have a clear land title and occupancy certificates by the government and other concerned authorities. There is a possibility that one may invest in a particular project that has been launched,but later gets stalled or revoked because of unclear land titles or occupancy certificates post project completion.

Documentation check: It is essential to keep a track and make sure all the relevant documents are in place. The same includes important documents like the Agreement of Sale which includes all the terms and conditions of the transaction and all critical information concerned. Do check the fundamentals of the sales deed,see if the pricing is right,and see if it suits your budget.

Standard Agreement of sale: The standard agreement of sale includes basic information required to move toward the final purchase. This includes the names of both the buyer and the seller with contact information for each along with the terms and conditions as they relate to the sale,including the purchase price,the terms of delivery,and any conditions that either party may invoke to halt the purchase.

Clarity on Carpet / Built-up area of the apartment: Clarity from the developer with regard to carpet area,built up and super built up area before investing in a property is an important exercise that needs to be kept in mind as the same determines how spacious or crunched your apartment is. The more the carpet area offered by the developer the more spacious the apartment. Clarity on the same will also help understand what one is paying for amp; if the areas such as garden,space,parking,recreation space,etc are included in the price component.

Expenses and taxes: It is extremely essential to figure out the monthly expenses like insurance,EMIs,expenses on utilities,maintenance and property taxes. Basic home price and charges like External Development Charges EDC,Preferential Location Charges PLC should be carefully looked into before getting into any kind of transaction. It is vital to get your financing in place before going forward with the transaction,keeping in mind the fine print that includes the terms and conditions,not forgetting to read them properly with regard to the conditions apply when you think of going in for a loan.

Keeping some of the above guidelines on the top of your mind will not only help you in choosing the home of your preference but will also save you from inconveniences in the future. Buying a property is a huge investment and it is imperative that one dedicates quality time and simultaneously puts in that extra effort in sourcing information about the project whilst at the same time understanding the real estate market dynamics. All though the Indian real estate has been evolving over the years in terms of competition,with real estate developers aligning their focus on quality and transparency in projects,it is vital that home-seekers have a strong groundwork before purchasing an apartment.

Author is CEO,Usha Breco Realty