The process of buying your home can be a pressing task. However, it needn’t be so. A little bit of homework and ground research will help you ace it.
A little lack of care can turn your happy picture of buying your new home into a nightmare. Sometimes after the buying bustle is over, buyers might come to know that your new home is situated in an agricultural land, or the title of the land is disputed, or there were pending dues. Mostly, people get lured by brokers and their tempting offers, only to find later that their money and piece of mind are now gone forever. To save yourself from the trouble, here is a list of things to bear in mind in the homebuying process.
The first and foremost step is to plan your budget. Most buyers make the mistake of setting the budget in line with the sale price of the project, without taking into account the additional expenses. Always bear in mind that you need to spend on stamp duty, legal fees, brokerage fees and registration charges. Besides all these expenses, you also need to pay property tax annually.
It is also important to decide on the reason why you’re spending on the project. Decide whether you plan to live in the house, or you’re taking it for investment purposes. If it is for investment, then you need to look at the location of the house, its connectivity to public transport and the accessibility to facilities, including supermarkets, schools, clubs and hospitals- factors which will increase the sale value of your property. This makes it easier to narrow down the options.
If you’re buying it for your family to live in, you will have to look for the right number of bedrooms, a backyard or a garden to spend your leisure time. To ensure 24-hour security and restricted access, it is best to go for houses in a gated community.
The next important step is to make sure that the title of your seller is clear and free from disputes. It is safe to examine the property documents for a period of twelve years at the least. Ask your seller to submit original documents of the property – government order for grant, succession certificate, sale deed, gift deed, will, partition deed, etc. Most importantly, all the documents are to be stamped and registered at the office of the jurisdictional sub-registrar of assurances.
Now it’s time to check the status of your land. If the land use status says ‘agricultural’, it is to be converted to ‘residential’ use to avoid further legalities as many states prohibit projects done in agricultural land.
Now check whether your seller has construction approvals with document proof. Your layout plan must be approved by municipal authorities.
In order to save you from the risk of the property getting demolished, or any chances of getting penalties by law, it is better to demand for an occupancy certificate. Confirm whether your seller has paid all the dues to the municipal authorities. Also ask for no-objection certificates from the land, water and electricity authorities.
It is also equally to take your time to decide on location of the house, the size of the lot, kitchen layout, the age, style and condition of home appliances.
Buying a house is as big a decision as a marriage or choosing a career. So always be responsible for the choice you make and make sure that you have got what you (y)earned for.