8 Things to Consider Before Buying a Property

1. 8 Things to Consider Before Buying a Property Are you planning to buy a home in the city centre for accessibility convenience? Or are you looking for a developed property in Allahabad on the outskirts of the city for cost convenience? Whatever may be your requirement for buying a property; there are some essential things to be considered. This article highlights some key aspects pertained to purchasing a property. Have a look and take a thoughtful decision: 1. Approval and licences Before signing to a property document, ensure you have thoroughly checked builder's paperwork including approved building plans, commencement certificate for work, and environmental clearance. In case if you find it difficult

2. to understand them, get a lawyer’s help. A little of sum of money you spend for a lawyer can come as great help in the end. Below is a list of documents you should verify: Title deed: It is important to check whether the builder has ownership of the land or has just development right for it. Title deed states the builder’s right over a property. Having amere NOC (no-objection certificate) from the panchayat or the local body doesn’t state builders’ ownership over the property. Release certificate: If you’re purchasing a property in resale, ensure the property is free from the bank loan. If the property is still obliged with bank loan, ask the seller for details. If the loan is fully repaid, ask the seller for a release certificate received from the bank. Approvals by the local body: It is important to ensure both the development corporation and the local body of the city have approved the entire layout. Property tax receipts: If you’re purchasing a property in resale, get all property tax receipts from the seller. Encumbrance certificate: Encumbrance certificate ensures the property is free from all legal issues. Verify land use: Verify the land-use zone for the site made according to the city master plan. You can visit the local body office for the plan. 2. Be aware of the total cost: Don’t just go by agent’s words. Generally, broker just says basic cost, hiding other factors such as internal/external development fees, charges on your preferred location, parking charges, and service tax, etc. Ask for the total cost. 3. List of banks financing your project Once you’re okay with the property and everything is verified, make a list of banks that can provide you with a loan at the lowest rate and choose the one that is more convenient to you.

3. 4. Understand the infrastructure plans: Any IT campus or metro connectivity that could be established near your site can add tremendous value to your property. See its possibility. 5. Check the site: There is a possibility that the site you see in the brochure may vary from the actual site. So before taking any decision, visit the site. Interact with people in the neighbourhood to check whether the property has been legally occupied or not and to check are there any disputes over the property. 6. Verify the builder: It is important to check the authenticity of the builder. Verify their current or past projects. 7. The right payment option: Today you have various payment options such as down-payment plan, flexi- payment plan, possession-linked plan and construction-linked plan when it comes to property purchase. Before choosing the plan of your choice, have a good understanding of all plans’ pros and cons. 8. Size of the flat: If you’re going to buy a super built-up area, be aware of the fact that a super built-up area is inclusive of staircase, lobby, etc.The actual area, i.e. the carpet area, which could be around 30 percent smaller than the super built-up area. Example, an apartment of 2000 sq. ft. could just be 1400 sq.ft. which is enclosed within walls. Conclusion: If you’re looking to purchase a property, you can rely on gharsocho.com. Gharsocho.com is a fastest growing real estate company in Allahabad with hundreds of verified listings.