Planning for the Purchase of property : A landmark decision like purchasing property needs to be well thought out. You will have to focus on factors like financing, real estate service providers, paperwork involved and other legal and regulatory issues. Planning will help you be out of the panic mode and keeps you on your toes for unplanned emergencies. 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.
Select a land/Property Merchant : You have to find the right dealers yourself. There is information online like real estate portals to research from and a large volume of literature is published by newspapers etc on a regular basis. Also, interacting with friends and experts, looking at different properties and neighborhoods will give you ideas about properties, dealers and related information.
Look at the land Location : Once you decide on a property, it is wise to look at the location first. The intended property should have basic civic amenities like educational institutions, park, police station, temples, community hall, hospitals, and auditorium within reach. Connectivity through good roads is a must. The lands’ proximity to the main roads, bus stops, railway lines and other transportation services decides ease of access and also the amount of pollution and noise. The property should be well ventilated with lots of natural light.
Understand property Valuation : Your top reason for buying property should be the value you are getting. You need to gain personal understanding of the property value system, government rates, going rates and also focus on the long-term importance of the purchasing price.
Financial aspects : Having a clear picture of your budget, limitations and the extent to which it can be supplemented or stretched through housing loans etc helps. After calculating the loan amount required, running a search on which banks offer favorable interest rates and EMI’s will help you in partnering with a more pocket friendly bank or finance company for your property deal. The rule of the thumb while taking a home loan is ‘ The longer the tenure, the more you pay in interest and the lesser is your monthly installment’. It is always advisable to select a property to suit the budget so as to avoid hefty installments and unending loan tenures. Intelligent investment lies is in purchasing a plot of land within the budget than an apartment which doesn’t leave scope for future returns through add on construction.
Understanding Government policy and other legalities : Knowledge of various development authority demarcations, restrictions, legalities and new regulations as well as the city development plans and proposals will be extremely handy in making an informed choice of property.
Ensuring Legal Requirements : Before buying property, it is advisable to appoint a solicitor to inspect the original title documents of the property being purchased. If the title is not clear and marketable, the number of complications arising in future may be numerous. For instance, banks would be unwilling to issue a loan against a property with an unclear title and selling of property will be doubly difficult. Generally, owners of property with a complicated title will be eager to dispose it off at a cheaper rate at short notice. It is advisable not to secure any property in a hurry and without subjecting all the property documents to rigorous legal scrutiny. A safety measure against post purchase claims is to issue a public notice of purchase. Though it doesn’t legally ensure ownership on the title, any claims or objections to occupation of property will come to light before it is too long to deal with them.
Origin and History of property : It’s important to learn of the origin of the property, continuous flow of the title and present status of the property. Also, find out any minor claims, court litigation’s, government acquisition proceeding, zonal regulations and other subsisting charges on the property. Verify all the original documents pertaining to the title deed to make sure that immovable property is free from mortgages through deposit of title or other charges created therein.