Property Hunting? Avoid These Common Mistakes for a Stress-Free Purchase
Common Mistakes for Property Hunting- Purchasing a home is a serious endeavour, so the last thing you want is to run into issues once you’ve made the major investment. Thus, in order to guarantee a seamless trip, below are some essential things to be aware of.
In the excitement of becoming a homeowner, it’s important to be aware of any warning signs that can cause your ideal buy to become a nightmare.
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Documentation
Examine the following with a full-service legal firm to make sure the property you’re purchasing is secure and free of litigation:
- Verifying title ownership documents, such as a registered sale deed, mutation certificate, electricity and water bills, approved & sanctioned building plans, updated property tax payment receipts, no dues certificates from societies/RWA/municipal authorities, occupancy certificate (OC) and/or completion certificate (CC), and copy of the maintenance agreements, can help determine the seller’s capacity.
- Make that the Directorate of Town & Country Planning (DTCP) licence, the RERA registration certificate, and the environmental permissions are in place for the under-construction property. If the seller indicates that they are exempt from RERA registration, you should inquire about the rationale behind the exemption as well as an undertaking. The project’s RERA registration guarantees that the promoter’s development rights and property ownership documentation are unambiguous;
- Always find out if a property has any charges attached before making an offer. This could involve any outstanding government fees, family conflicts, bank loans, or problems with tenants;
- It is advisable to look for instances pertaining to the property or its owner in court, both settled and pending. This will enable you to remain up to date on their situation. Additionally, before accepting the conditions outlined in the sales agreement, exercise caution and attention.
Structural issues
A detailed structural inspection is essential whether the property is being sold as is or is new. A buyer may be greatly concerned about cracked walls, leaks from the roof or walls, and damage to the structure’s pillars or beams. Aside from being expensive to fix, old or defective electrical wiring, often tripped circuits, & plumbing leaks can endanger the lives of anyone residing in that structure. In addition to decreasing the property’s market worth for resale. These structural flaws may end up costing buyers in the long run. Therefore, employ a subject-matter expert and carry out a structural audit.
Location
Your home’s location is very significant. You must take into account the neighbourhood, transportation and social infrastructure, road conditions, and connectivity. Purchasing a property close to a dumping yard, neglected water body or sewage system can be unhealthy and smell bad. Furthermore, the property’s worth might not increase significantly in the future. Make sure the property’s basic physical infrastructure, including the roads that connect to it, is constructed well as well. There’s no assurance that they will advance in time.
When looking for a place to reside, there are a few extra things to be aware of. High crime rates, frequent water tanker sightings—a sign of insufficient municipal water supply—poorly maintained, narrow roads, heavy traffic during peak hours, and a dearth of green spaces are some of these warning indicators.
Resale aspect
It’s crucial to consider the property’s potential resale value when making your first real estate purchase. This might assist you in deciding whether or not this is a decent offer. It’s wise to treat the acquisition of the house as an investment even if you want to live there. Verify whether the property is currently worth the asking price and has future potential for appreciation. One of the primary reason’s individuals purchase real estate is not satisfied if there is little to no chance of price growth. Look at previous price trends at the location to determine if there are any signs of potential increase.
A property’s resale value is significantly influence by the state of the real estate market overall. A property’s value is more likely to be steady. Even throughout market fluctuations if it is situate in a sought-after location with strong demand. A property with strong potential for resale lowers the danger of losing money, making it a safer investment. However, houses that are difficult to get to public transportation, large highways, or other amenities may not appeal to many potential purchasers. These days, energy-efficient features and contemporary amenities are frequently preferred by buyers. A property may have difficulties selling if these improvements are not present.
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