Buying a property is the biggest decision that anyone can make in their life. For some people, it is a much-desired investment; for some, it’s a dream; for others, it’s an opportunity to expand family or business property. Therefore, it is essential to be well-informed about the home-buying process and make informed decisions.
So, if one is heading off to buy a new home, stop and read the below-mentioned questions that you need to consider to make the home-buying investment the best decision of your life.
- How long has the home been on the market?
When one takes a look at online listings, there are specific details available that show how long the house has been on the market. There is no debate that selling a home can be a daunting and time-consuming task, but it generally takes three to four months to complete. In case one encounters a situation where the home has been sitting on the market for an extended period of time, don’t be afraid to ask the reason behind it.
- Is the location of the project situated in a rapidly developing area?
It is advisable to monitor the locality, neighbourhood, and road accessibility of the place where one is interested in buying a home. NRIs looking to invest in real estate more often than ever neglect this factor. But if there is a time-bound issue, send a reliable person who can easily access the factor and verify the legal documents simultaneously. Moreover, one can also surf the internet to know the nearby/upcoming schools, colleges, hospitals, supermarkets, and retail outlets.
- How much is the area of the property?
According to the guidelines of RERA, developments are priced not based on the built-up area but on the carpet area of the property. Therefore, before making any final decision, check home prices and ensure that the real estate developer has priced the property based on the carpet area.
- What is the reason behind the owner selling the property?
There can be a variety of reasons why someone would want to sell their property, and it is better to ask. The reason can be anything like needing more outdoor space, extra bedrooms, a job relocation, etc. Knowing the reason why the home you like is available on the market will help you decide whether it’s a suitable investment or not. Also, knowing the reason enables the buyer to negotiate. A motivated seller who is in a hurry to sell the property will likely accept a lower offer than someone who’s not in a hurry.
- What is the total cost?
When one is interested in buying a home, considerable costs are involved apart from the actual building cost. Remember to ask for a detailed breakdown so one gets a proper understanding of the costs that will be incurred in the future. So, before signing a contract or deal, ask the builder and also find out about the upfront costs like development fees, GST, parking rent, or other statutory charges.
- How good is the construction quality?
It’s always better to conduct a tour of the home one is interested in. Especially if the home is under construction, visit often and conduct a thorough tour. It will provide a better understanding of the construction quality and materials used to build your dream home. From the foundation to the finished walk-in closets, monitor everything.
- Are there any additional renovations or extensions?
As exciting as the experience of buying a new home is, don’t get too involved. Remember to ask about the details related to additional extensions and renovations. It will provide the buyer with a better insight into the property. Encountering structural issues can lead to more significant issues in the future, so it’s better to know every tiny detail before purchasing the home.
- What is the list of legal documents required?
There is no doubt that buying a new home is an overwhelming experience, but one needs to ensure that one gets what one wants without getting into any hassle either now or in the future. It is why one needs documentation of ownership, registration, and other legalities with them. So, below is the list of the essential documents that one will be required to possess:
- The Title Deed
- Property Tax Receipts
- Encumbrance Certificate
- Building a Complete Certificate
- RERA Certificate
- Commencement Certificate
- Building Approval Plan
- The Release Certificate
It is essential to be careful when investing in a property. Understanding those mentioned above will help the buyer make a better-informed decision about the property.