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Wednesday, May 25, 2022

5 Important Check Points for New Home Buyers

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Are you planning to buy a home of your own? Is this your first time? Then, it is the time when you must do thorough research about how to buy a residential property and what points to be checked before you even shortlist it on your own. Having a home of your own is the best feeling in this world and if that home is in a place like Mumbai, it stays even more special.

Buying a home in Mumbai, this thought seems sweet, however, the execution requires lots of aspects to be covered and thought before your execution starts. Here, we have some really important checkpoints for you that will help you decide to take further steps.

1. Is the property safe and profitable?

The most basic yet the most important point is to check the past records of the property and its future prospects. Is the residential property, that you are planning to buy, safe? Safety comes first and so it is necessary to consider this point before going ahead. Check for the property growth pattern to get an idea of the property’s development.

2. Accessibility

Another major point to be considered is the accessibility of the property from your basic daily needs. The nearness to your basic needs includes your workplace, schools, colleges, hospitals, medical store, shopping malls/centers, etc. Apart from the various destination of daily access, is the property blessed with a good railway or roadway transport? A survey of these conveyances is a must and this will also help you find a less hectic place.

3. Is your developer worthy?

It is advisable to get your developer’s background checked beforehand. His past works, present status, his reputation and credentials and history as a caution. It is wise to check properly and go for a renowned developer who knows the real estate industry in your location very well and has a good reputation in the industry. New buyers who are looking to buy a flat or residential property should also consider the quality of work the developer gives.

4. Is the plan as per your requirements?

After you have finalised the area and the real estate development company for the further process, give a detailed check to the plan that the developer provides you. Don’t forget to check whether he has given everything that he promised or not. Scrutinize the plan to check if the things you have been promised are being offered e.g. the layout, ventilation, amenities planned, internal amenities upgrade from a current home, etc.

5. Last but not least, the Paperwork.

Now that you have had a detailed check of everything, this is the last check which includes transparent paperwork by the Real estate developer. It is advisable that a buyer must never ignore this checkpoint as it may save some grands for now but may land you in trouble afterwards. Ask your developer for the RERA and bank tie-ups certifications or others if any. It should also include the Occupation Completion Certificate once the project is done. Read and check all the documents before signing.

Before buying a home also check for your future finances, registration fee, stamp duty, and loan eligibility. Apart from these the additional costs like property insurance, tax planning and the resale of your property should also be considered as well.

Priyanka Sharma
Myself Priyanka, I Love Writing, SEO, and Graphic Design. I'm regularly contributing my knowledge/news on the leading websites.

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