Meta Description: A few buyers have been waiting for the dream house for years, & still haven’t got their flat’s possession. So, before you buy your dream house, you should consider a few things to avoid getting cheated.
Follow these pro-tips and make home buying a hassle-free process!
Over time, the Real Estate Sector has attained the stamp of infamy, with unprincipled players polluting the market. This has resulted in the deteriorating plight of the hapless house-buyers. However, there is still a bit of hope. The thrust of the Government on inexpensive housing with RERA (Real Estate Regulatory Authority) has made a huge change in this industry.
Let’s see how you can avoid getting cheated while purchasing a house-
- Confirm the approved layout – Homebuyers should attain a copy of the approved building layout from the property’s seller/developer. Confirming that the authorities approve the layout/plan and construction will mitigate risks. This includes avoiding dealt with implementation or cancellation of the project plans. This instant check will ensure the plan’s legitimacy & the buyer will avoid any cheating after the initial down payment. Confirm the area details. Developers utilize terms such as built-up area, carpet area, and super built-up area for establishing & communicating property rates. The buyer must confirm the property’s carpet area under consideration. You can do this by measuring the actual area & not just relying upon details specified in brochures.
- Go through the RERA site – On 1st May 2017, the Government launched RERA to bring practice & transparency to the real estate market. Under this scheme for Homebuyers and developers, every builder has to register his/her project with the real estate regulator. Visiting its site will support you to know everything about developments in the industry of real estate. Do you know the major benefit of purchasing a house from the RERA registered project? You get every piece of detail on the developer & the project. In case the developer does not deliver the flat timely, the RERA authority will take stringent action against him/her. Also, he/she will have to pay 2% interest above the SBI lending price to house buyers.
- Be a part of online forums – In the Real estate industry, various sites have forums where sellers and buyers can interact & share experiences. This is more like online buying where you can go through a product’s reviews before purchasing. Similarly, you will be capable of knowing a lot about the residential projects from these forums. You don’t have to actively participate in discussions but just browse through write-ups & subscribe to the interesting discussion threads. It will equip you with trending market details. These details can range from information on the micro-markets you must look at for homes to the existent rate per-square-foot in the given locality. It can also include brokerage charges as well as other tiny but relevant details on the social media infrastructure etc.
- Check every document – You must check out some documents before you buy the house to ignore getting duped in the Real estate industry. For example, the builders will offer the allotment letter to the buyer. It includes the house plan, construction schedule, and agreed purchase rate between the seller & buyer. Also, it incorporates the date of the flat’s delivery. Next comes the Building Completion Certificate that confirms adherence to the municipal needs. The building must follow specific norms like the building’s height must not overlook the military installation. Besides, it should be at a specific distance from the road as well as must be well-suited for habitation.
- Account for every factor – Don’t make the mistake of settling for the property just because it is under your budget. Consult the professionals of the Home buying company Calgary and consider the associated aspects which influence the property’s liveability. For instance, properties towards the Behala’s interiors in Kolkata are inexpensive. Wondering why? Because these areas stay waterlogged for many days even after a few hours of heavy showers. If you unintentionally settle for a property like this, you would need to bear the consequences for a long time. Thereby, don’t make the price the only measurement for picking a house. If you come across a house in a better locality but a bit costlier, you must choose that.
- Ascertain absolute ownership – Usually, there are intermediaries included in discussions and negotiations associated with the property. The buyer should ascertain the property’s absolute ownership for evading any fraudulent/cheating practice on behalf of the intermediaries/owner. The buyer can also take the help of the reliable Home buying company Calgary for taking a well-informed decision. If the seller possesses the power of attorney on behalf of the owner, the buyer must confirm its trueness. Once it is done, only then he/she should proceed further with the transaction. It is quite significant that the agreement’s implementation takes place between only the property’s true owner & the buyer. Any failure in this may cause the arising of legal complexities in the long run.
- Validate the title deed – Verifying the title deed of the property is inevitable for ascertaining whether or not your property is in the seller’s/developer’s name. It is also important for cross-checking whether the right to sell lies with him/her. Also, in the Real estate sector, it is better for checking the authentic original deed. You should not rely upon the photocopies that the seller/developer offers and a well-known legal consultant must assess it. Avoid purchasing the property in case the land’s title isn’t clear as it may result in legal issues in the long run.
Conclusion:
Project delays along with some latest incidents of a few builders getting bankrupt have shaken the homebuyers’ confidence. Investing in the Real estate sector involves huge monetary commitments over the long tenure. Therefore, you should be cautious while entering into these types of transactions. Yes, this market now has consumer-friendly rules & regulations. Still, the buyer should be cautious, as multiple parties are involved. Also, there is a huge overload of paper-work included in purchasing a property.
