Wednesday, November 29, 2023

Check These Things Before Buying A Property

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Buying a property is often once in a lifetime decision. Since you are spending a fortune on buying a property, the price you will have to pay for carelessness can weigh down heavily upon you. However, to make the whole subject simple, here are the things you must check before buying any property.

Price of the property
First fix your budget and shortlist the properties that meet your budget. Compare the prices of those you wish to consider for buying and compare their prices with those of others. Portal listings, newspaper listings and the brokers in the region can all be the different sources for you to make comparisons between similar properties.

The carpet area
In most cases, the property’s area or the super-built up area according to the listing will include the wall thickness, stairs, elevator space, and shafts. But, the carpet area refers to the actual area that lies within the walls. Generally speaking, this can be around 30% lesser than the built-up area or the area that is taken into account to estimate the property’s price.

Land records
The land on which the property is built is a crucial factor. Before buying a property, verify the title deed in detail, check if all dues are paid, and understand the details of the rights, ownership and the obligations towards the property.

Legal check
Make sure if the property is authorized legally to be constructed on the site where it stands now. Find out if the developer has got NOCs and licenses from the area development authorities, and different government bodies. If you have an idea to go for loans, the bankers will check the property documents to ascertain your eligibility.

Property’s location
Most importantly, explore the area where you will eventually be residing in. the aspects to check are the various amenities, physical infrastructure, and access to important places. These factors will ensure you will have a convenient and peaceful life once you occupy the property. Also, pay attention to the safety and security features of the locality and the property.

All the different charges
Make sure to read through all the clauses of the documents in detail. Understand the penalty clauses. If you do not receive the property’s possession within the grace period, the builder is expected to pay you a monthly penalty. Find out the additional expenses like taxes, registration charges, loan processing fees, and any other charges that might apply in your case. Consulting San Miguel Real Estate company is a sure way to make the whole process of property buying smooth, hassle-free, legally secure, and profitable.

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