If you’re serious about buying the property its important to be thorough with it and a few simple checks can sometimes make the difference between buying your dream house and stepping into a costly nightmare.
Whether your buying a Villa or an apartment there few things to lookout for before buying it.
1) APPROVAL AND LICENCES: Once you zero in on the property, check the builder’s paperwork ranging from commencement certificate for work, environmental clearance and approved building plans. Also ask for the status of the land title and see if the builder has bought the land or has just development rights for it.
2) LIST OF BANKS FINANCING THE PROJECT: There are many builders which do not get bank loans at all. So, once you finalise the property and confirm that all approvals are in place, find out banks which are ready to fund the project and go with the one offering you loan at the lowest rate.
3) RERA COMPLIANCE : The RERA bill was passed by the parliament to ensure that the rights of homeowners are protected. So, it is always advisable to purchase from a builder that is RERA compliant. RERA compliant builders are bound by law to protect your rights as a buyer. For example, if the property delivery is late, builders are liable to pay a fine. If the possession is delayed, under the RERA bill, you are also legally entitled to file a FIR.
4) VERIFY THE BUILDER: The piece of land on which the villas or the the appartments are built might be under litigation. Hence, it is recommended that you do an extensive verification of the builder.
5) RESALE POTENTIAL IN FUTURE: It’s important to know the “resale” potential of property you buy. If property is not that attractive from rental point of view or doesn’t have good resale value, you will regret your decision. Therefore, its an important point to check for the future development around the area like roads ,flyover, proposed malls, and other things which might come up in next 4-6 yrs.
6) CONSTRUCTION QUALITY: Before buying a property,it’s essential to check the the walls, their overall look and feel, how is the finishing done, the ventilation and natural lighting. Does it look premium or the paints look like as if it will come out very soon. Check the wiring, fitting, tiles quality etc.
If its a under-construction project, the only option you have is to search on internet about the builder and its past project experiences and what previous buyers are saying about it.
7) AMENITIES OFFERED: Things like club house, parking, lift, power backup, swimming pool, gym are some of the amenities. While buying a Villa or an apartment to make sure the property has very good resale potential, these amenities are required.
8) INFRASTRUCTURE AND CONNECTIVITY : Infrastructure around the property like good roads ,connectivity to work place ,schools, hospitals, markets etc should be checked as well. It should not happen that to save the money on property, you end up spending on travelling your kids every day to school and on your commute to the workplace.
9) LOCALITY AND PEOPLE AROUND: You should also check the overall locality and who all are living around. Are you comfortable there, will your family be ok ? Will it be safe in night ? Will the women & girls be able to go on a walk for an hour in-case they wish to?
So compare two or more properties based on these above mentioned parameters.If you look at these parameters, it can be a great benchmark points to compare two or more properties and come at the conclusion of which one to prefer over another.