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TIPS TO BUY A PROPERTY

Are you looking to buy a property?

If so, here are some tips that will make the biggest purchase of your life that little bit easier

BACKGROUND INVESTIGATION

Before buying any property in Hyderabad, just do some good background investigation with your legal advisor as many real estate companies and property agents are indulging in fraud as they are selling a single property to various buyers. That said, there are also many companies and dealers who are genuine & professional and will help you till you get satisfied with your deal.

LOCATION

Very often it’s said that the first and foremost thing to consider when buying property – location. Know that Property should be an investment which will continue to grow in value in the years to come. So ensure that you always research an area thoroughly and consider the following when purchasing property:

  • Look at the surrounding areas - what sort of infrastructure exists, how good or bad is the security of the area?
  • Make sure that you feel comfortable with the commute to work and the distance and time that you will spend on the road each day.
  • Ensure that the area where the property is has facilities that can create unwanted noise or disturbances in the area.

In case you feel that the preferred area is too costly, consider buying in an adjoining area.

BUDGET

Before beginning to look at properties, make out how much you can actually afford to buy the property? You should always find out how much you are able to borrow from the bank FIRST before going out to look for the property.

Opt for a Loan from a Bank and ensure that you never apply to just one bank. You should always spread the risk (in case that one bank rejects your application) and applying to many banks will help you get a more competitive rate.

SEE WHAT’S AVAILABLE?

These days, many Potential buyers start their search online. Likewise you too can do the same. There are many Property websites that list nationwide properties for sale that will prove to be useful information with regards to price, the suburb, photos and number of bedrooms and bathrooms will be available on these sites. In addition, you can also look through the web portals for the latest listings in your chosen area. Finally, you can take the guidance of a good and reliable estate agent who can provide invaluable market information. Working with a good agent will make the search process much easier.

GETTING A DEAL!

  • Enquire about the Title clear of the land on which the building is/ will be built up. Ask for important documents like Intimation of Disapproval (IOD) and Commencement Certificate (CC).
  • If property is under construction, ask for approval of drawings and plan of project. This is to ensure that the property is built up on undisputed land and all the terms and condition based on which the property is built up is in order.
  • Check the actual price of the property. Know that it would include the cost for utilities like electricity and water, parking space, various taxes, any legal charges and registration charges etc. Otherwise, you may find yourself being imposed some extra charges for any of these.
  • Inquire about the actual size of property. Discuss about carpet area, built up area and super built up area. The area within the walls where you can actually lay a carpet is known as Carpet area. It’s the actual usable area of an flat / office unit/ showroom etc. minus Wall thickness. The built up area is described, in which walls and balcony are included along with carpet area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden etc. is described as super built-up area.
  • Ask for information about the undivided share in the land which has to be registered before commencement of construction. Ensure that they are correctly transferred to all the owners without retaining any share for him / her for future use.
  • Find out whether any nationalised banks like SBH, SBI, LICHFL, HDFC, ICICI, Allahabad Bank, IOB etc. has tied up with builder as most banks tie up only with reputed builders. This way you can be assured that you will be safe from any kind of fraud.
  • Try to secure permission to visit model flat / house which will give you idea of how the flat will look and this way you can check the quality of construction and material. This way you can prevent yourself being duped by the property owner. In addition, you can also ask for floor plan so you will get idea about surrounding & spacing.
  • Find out when the project will be completed and which will be the probable date of possession of property.
  • Discuss in detail about all utilities / in built facilities that will be handed to you upon sale like kitchen furniture, fans, home UPS, any other furniture, any electronics home appliances etc.
  • Ask for Occupancy Certificate (OC), a vital one. This certificate is very important, since its gives you the ownership and occupation to the property once the building is completed mentioning. Else you would end up facing problem of bank loan problem.
  • Finally, ensure that you get the “Completion Certificate “. On handing over the house to you, the builder must also give a completion certificate. This is issued by Municipal authorities of the particular area which confirms that the building is in accordance with the approved plan. You would require this certificate for registration of your property and other government formalities

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