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The Complete Guide On Mistakes To Avoid Before Buying a Property

The Complete Guide On Mistakes To Avoid Before Buying a Property

The smallest mistake while buying a property can cost a lot

Limited options while buying: fear of losing a good deal will get many investors into bad deals. It is wise to take time and do proper research keeping finances in mind and considering the credibility of the builder. The preferences of the buyer, budget, and facilities are very important.

Ready to move in properties: the ongoing projects have in terms of liveable space, location, amenities, and price. The drawback here is the waiting period, but proper research will help to identify the nearing possession.

Properties in the no-construction zone: residential properties near water bodies are risky, and properties near lakeside don’t sell for premium prices. The seller should have regulatory clearance in place. Norms set by the National Green Tribunal (NGT) have to be followed. The Bangalore Development Authority (BDA) has set regulations to enforce no-construction buffer zones around lakes and storms water drains.

Moreover, it is important to check the legal documents and verify all the certifications before investing.

Sale deed: this is a core document for proof of sale and transfer of ownership of the property from the seller to the buyer.

mother deed: legal docyment tht traces the origin.

mother deed: legal docyment tht traces the origin.

Building approval plan: then the development authority of the city sanctions the building plan for the city. Other legal documents like commencement certificate for under-construction property, conversion property occupancy certificate for a constructed property should be checked properly.

Other factors like lack of home loan qualification, not keeping the down payment ready, affordability factor of the house, compromising other financial goals of the home should be checked before buying a property. The reputation of the builder ensures the level of trust and neighborhood in which the property is built.

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