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TIPS TO BUY PROPERTY

Once you decide to buy a property you would have to look for a number of things, which are, mentioned hereafter. But the first thing is to decide the need for which the property is to be bought.

Need comprises of several factors :

You intend to buy a residential, commercial or industrial property.
Based on these details you can draw a list of your preference, which should list the following:

Property type (Residential, commercial, etc.)

Accommodation

Area of the Plot

Preferred floor·=]
Preferred Location (park/road facing etc.) ·

Preferred Locality Property ownership (lease/free hold)

Price range

Room sizes

Builder's/Govt. properties

Parking

Servant Quarter

Other requirements : like distances from Office/School/Markets/Bus/Rly station/Airport,etc.

Here it is essential to mention that it is very rarely possible to get everything (listed above) to your choice in one property but you can try to find out the maximum of above while selecting your property. You would have to compromise on number of counts depending upon constraints like price and locations. Remember, more the positive points, more would be the price.

Once done with the above, you should decide the time of your purchase :

If you need to shift into the property you are looking for immediately, you will have limited time to fine tune the search and would have to settle for properties which are ready to be moved into. But, if you have sufficient time, you can book a property under construction or at an early stage of construction and get the minor additions and alterations done according to your choice. Similarly, you would have time to see a number of proposals available for sale in different localities and then choose the best suitable to you.

Best way to find the right kind of property is to check up with real estate agents, which enlist number of properties. You can short list details of properties given by real estate agents, and owners posted on sites and then at a suitable time and day you can visit these properties. It is advisable to fix up appointments with owners and real estate agents before you visit them. You can then assign your marks to these properties as per the list prepared of your choice. Once through with this process which sometimes takes number of visits and enough time, you would be able to pinpoint which is the best proposal for you and your requirement.

After you have decided the suitability of the properties seen, you can select the best ones in your wish-list.
Then checkup the following important points:

Who is the promoter?

Has the real estate agent who has shown the property to you, given you the complete information?

Is the property title clear?

Are there any other complications? (you can check these things from anyone you know in the vicinity of the property in your wishlist)

Whether the price is right? (Again this can be verified from people in the vicinity)

Applicable to apartments:

If you are availing a home loan, take into account the following points:

1. The bank usually don't approve full loan for a resale apartment (depends on the age of construction).

2. For valuation of property, banks apply their own terms and conditions (which may vary in a case to case basis). This valuation may not be the same as the way it is done by the seller (based on the current market value).

3. You need to use your judgment to valuate a property that you want to buy, based on the current market trends in the area where the property is located.

4. Recommended action: consult an experienced trusted advocate in this field (property registration), who can guide you to take an final decision on price factor.


Who are the other flat owners in the building? (if any)

What are the common areas and what is status of ownership?

Permissions required from Competent Authorities?

Credentials of the Promoters? (You can check this by asking the builder about his other completed projects and you can speak to the flat owners living in those projects)

Construction specifications? (you can show the property to some qualified Architect)


Ask for a draft of Agreement to Sell to be signed (if you intend to enter into a transaction) Once you have decided to buy a property after checking all the above details you should try to get all the terms and conditions of sale and purchase in advance before you part with any amount to the seller. You must try to reduce everything to Black and White so that there are least problems later on.

And above all don't try to save a few thousand rupees on registration process of your property. Go in for proper Sale-Deed (if possible) through a qualified Advocate of repute in industry.
 

Detailed terms & conditions for this service are listed in our contract form. Our services are presently restricted geographically to the city of Chennai and suburbs. (Certain conditions apply).