Indeed, you have done a great job if you have taken the decision of buying a home. Home is something that you buy with your lifetime savings and so you need to be careful. There are many slips between the cup and the lip and you have to be cautious at each step so that you don’t fall into any problems or pitfalls.
A good home can be a great boost to your prosperity but a bad one can have a serious bearing on your financial standing. If you do not do the primary homework, you can get entangled into legal litigation’s, get a possession at a delayed date or even low-quality construction can expose you and your family into higher life risks. On the other hand, if your decision is right and all the factors are favorable you may reap great returns from your investment or enjoy a secured stay lifelong. As they say, prevention is better than cure, if you get satisfactory answers to few of the questions that you should ask the developer or get the answers yourself, you can be assured about the rest. What are these important questions that you should get the answer of, before signing the dotted line? Here they are!
The first thing that you should be clear about is that whether the property has a clear title. The best practice is to hire a lawyer and get a title search done along with the details whether the property is litigated or not. Get the proof and the documents from the builder that would prove that the property or the land is free of litigation’s. Litigation and court stay orders can create myriad problems in the future and there are numerous instances where construction was stayed by the court.
Although with the introduction of the RERA, the projects have to be completed within a scheduled date to avoid penalization, there are many instances in the past where projects are delayed for indefinite period causing the buyers to pay EMIs without possession. It’s one of the most important questions that the developer needs to answer and that’s not all as the best practice is to do a due diligence and find out the history of the developer regarding completion of projects. If the answer is satisfactory, you can go ahead with the ordeal.
Although the final price of the apartment may have been intimated but yet there are additional costs too. There are extra costs like registration, GST, car parking, amenities, maintenance charges, and others. Make sure that you add up all of these and know the total cost outlay from your developer. Many a time, the developers break up these costs which can go up to a considerable amount to make or break the deal.
The answer to this question is vital and as all the developers would certainly say that theirs’ is the best of quality that you would ever get, the best practice is to visit the old projects and get the feedback of the buyers and the residents. Another way of knowing about the construction is to visit the site yourself and see the way construction is carried out. If you can rest assured about the quality, know that you are moving to at least a safe place without much of recurring maintenance expenditure.
Although the super built-up area and the built-up area may be more, the best thing is to know the carpet area as that is the area you will be living in. It is also a fact that you should pay on the built-up area that is allotted to you and not the super built-up area.
Although the project or your building may be under construction, never miss to have a look at the sample flat of the dimension you are about to purchase. Visit the sample flat and reconcile the areas of it with what has been promised to you. Check every area of the flat like the living room, bedroom, kitchen, and all the other areas of the apartment and have a look at the materials and the fixtures provided and if it is fine, get it ensured that the same quality would be used in your apartment too.
Completion Certificate and Occupation Certificate
A completion certificate is issued by the municipal authorities or the local authorities ensuring that the construction is duly completed following the plan and the norms that are required for the occupation certificate to be issued. These certificates are also necessary for obtaining other amenities, connections, and facilities like water, gas, electricity, etc. Ask the builder whether these certificates would be obtained and handed over to you.
Payment plans always vary from developer to developer and it is important for you to know the payment plans as that would help you to do the financial planning. Ask the builder if home loan assistance would be provided as many builders usually have tie-ups with several banks which can offer you loans with lower interest rates. If that is arranged then your financial burden can certainly be lesser and you would have alternatives to explore.
- The first thing that you should be clear about is that whether the property has a clear title.
- Although the super built-up area and the built-up area may be more, the best thing is to know the carpet area as that is the area you will be living in.
- Although the project or your building may be under construction, never miss to have a look at the sample flat of the dimension you are about to purchase.
- Completion Certificate and Occupation Certificate are necessary for obtaining other amenities, connections, and facilities like water, gas, electricity, etc.
- Payment plans always vary from developer to developer and it is important for you to know the payment plans as that would help you to do the financial planning.