Whether your family is expanding, or you are tired of shifting house every two years; at some point in your life, you will want to move on from living in rental houses, and get your own home. But, there is a lot more to it than just shortlisting a property. And buying a house is one of the most crucial decisions of your life. Hence, keeping a home-buying checklist handy, is of utmost importance, before you take the leap. From researching on property prices to checking the possession date, here are 6 things you need to know before buying a house.
1. Decide on a Budget
First things first. Before you fall in love with a property, decide on the budget. It is easier to shortlist a house if you know how much you intend to shell out. Compare the price of the property you like, with those of the ones around it from different developers or realtors to understand whether you are getting a good deal. You can also compare prices with online property portals, newspapers, and property agents to understand the price trends in the area.
2. Check for the Carpet Area Dimension
While buying a new house is an exciting and proud moment in your life, realty terms like carpet area, built-up area, and the super built-up area can create confusion, and can even drive you to take wrong decisions! Hence, having a fair idea about all these property terms is crucial in making a well-informed decision.
To give you a quick insight: Carpet area is basically what you sign up for (the actual area of the flat, where you can lay a carpet). Whereas, the built-up area is the sum of the carpet area and the thickness of the walls.
3. Verify the Location of the Property
Check the location of the property. While investing in a new apartment, it is of utmost importance to look into the area that you will be residing in. Check for things like the distance from the main road, your work, schools and hospitals – all these factors will help you take a better and sound decision.
4. Look into Land Records
Knowing the details of the land on which your house or apartment is built is very crucial. Check if the land is cleared of all the dues with the registration office. Also, before you invest, ensure that the property (apartment or house) is legally authorized to be built on the said land, and has received NOC from the area development department, municipal corporation, electricity supply board, and water supply and sewage boards. You can seek help from professionals who charge you a nominal fee and do all the running around for you in this matter.
5. Check for the Possession Date
If you have been keeping an eye on the real estate market, then you must be aware of the trend of delayed possession common seen these days. As a rule, a developer is entitled to get a 6-month grace period to finish the project, from the actual date of delivery. And, as a prospective buyer, you must have a clear estimate of the timelines around possession of the property to avoid any sort of hassle later on.
6. Look for Hidden Charges
One of the last, but definitely not the least important points, is to look if there are any hidden or additional charges that you might not be aware of. Hence, read all the clauses in the documents carefully. Apart from the down-payment on the property, you will also require to plan for additional charges such as GST, registration fees, home loan processing fees etc.