With zooming real estate market in India it is an obvious choice for anyone to invest in Indian real estate. But it is not as easy as it seems to be because it involves a lot of procedure along with a reality check. You must do your home work before investing in property because of two main reasons:
- It is a huge investment and you put your hard earned money into it.
- If you don’t do proper research on all aspects of buying a property in India you can find yourself into big trouble and may lose all or a part of your money.
I think nobody would like to put his or her shoes into mud that is why it is really essential to be cautious and check all the factors related to property before buying it. Let me tell you what are the important things that you must consider and to verify before going ahead into buying deal.
- First of all when you choose a property to buy make sure it is free from any liability or debt. It is a better idea to get all the documents and check them with your lawyer or legal authorities in order to know all the outstanding debts are clear.
- The property layout should be approved by the government and it is registered under them.
- All essential information about property and the land on which the property is built should be in your knowledge like when the property is built, what is the size and shape of land (where it is situated), who built it, etc.
- The seller of the property should have all required documents related to that property. It is a good idea if you can have a copy of all the documents relating to the property to avoid any legal issues later.
- Verification of all documents with the authorities is important.
- Make sure to have title insurance in place to avoid any title defects while buying property.
- A property should have a clear title because a property with unclear title is not financed by financial institutes and thus the property can lose its marketability.
- Apart from the cost of property there are some other costs involved that you have to bear like lawyer’s fee, commission to the real estate agent (if services are taken), registration cost, etc. Make a budget that includes all these costs too.
- Get the property insured beforehand to escape any variety of damages later.
- It is equally important to check the location, parking, proximity to major points along with internal facilities like water and electricity supplies are in place while selecting the property.
Ruchi Mahajan.