Buying a property or flat one of the major decisions one makes. Besides, there will be different instances wherein a buyer may be deceived by the seller and is unaware of the facts or figures of the property at the time of purchasing. Apart from that, there are several obstacles which an investor faces such as improper verification or diligence. However, here are a few tips one should consider before buying a building or a property.
Ensuring the land is litigation free
Buyers should make sure that they enquire about the litigation of the land before investing in a flat. One might end up abandoning the flat for invalid reasons if the purchased land has any legal issues. Therefore, the land should be free from any legal problems. In case the property is ready to occupy a flat/apartment, the builder should have an approved plan. Also, the buyer should demand the completion certificate from the builder. Further, you can ask for the commencement certificate from the builder if the flat is under construction.
Check if the land is Government permitted
You should confirm that the land on which the flat is constructed is having permission from the government for construction purposes. The flat will fall under illegal construction in case the land doesn’t have the permission. The land you purchase should come under the category of the ‘build-able’ land-based on government records. Furthermore, the building plan should be sanctioned by the responsible authorities.
Flat pricing and Property taxes:
The builder or the owner must provide you with a receipt of the latest tax payments. Besides, you should check whether the property tax for the land is regularly paid to the corporate departments. Apart from that, the tax payment should be up-to-date and also. One of the most important aspects of purchasing a flat is to check and compare the flat prices. The buyers should ensure that the rate offered to them matches the carpet area, super built-up area, and the built-up area. Moreover, you should also make sure that you are well aware of the current market prices. You can always ask the builder about it if you are not aware of the concepts. To see if the builder has offered you a genuine quotation, you can compare the price of the property with the ones surrounding it from various builders.
Appropriate Amenities, walls, and spaces:
Investors should ensure that they are well aware of the number of facilities provided in the flat. In many cases, the buyer gets cheated in terms of the space and length, and width of the wall. If you want to avoid such mishaps, you should check through the building properly. Besides, you should also compare it with the booklet along with appropriate measurements. The investor should negotiate as well as enquire with the builder if there is a membership fee on any of the services. Besides, the buyers should ensure that the property they purchase has surpassed all the legal formalities and has the right ownership. Also, you should make sure that the owner owns the building legally.