4 Things Before Buying A Home
There’s no place like home. Its where your heart belongs. A rented house can never be your own. You can always boast about the money you save, staying in a rented house. But there’s nothing like owning a home. You have the twin benefits of a roof over your head and the value of the property rises with time. If you avail a home loan to buy your home, you can even save tax. Check out our Home Loan EMI Calculator.Nothing beats owning a home in a metro city.
You may be able to buy a home only once in a lifetime. It’s not something you buy again and again. You got to be real careful while buying a home. If you don’t want to get cheated, read these 4 things before buying a home.
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4 Things Before Buying A Home
There’s never been a better time to buy your home. Real Estate is down in many cities and home loan interest rates are really low. If you have been sitting on the fence, now is the time to buy your dream home.
1. Look out for the RERA seal:
The Real Estate Regulation and Development Act, RERA, came into force on May 1st 2017. RERA will protect your (homebuyers) interests, and also boost investments in the real estate sector. If you are opting for an under construction project, look for the RERA seal. It’s the seal of safety. Check the developers website to see the building plans which have been sanctioned and the number of floors and towers the developer plans to construct.
Look out for the number of towers and floors sanctioned by the concerned authority.
2. Check out the location of your home:
You don’t want to be buying a home in a location where daily commute is a nightmare. You want the markets, hospitals, schools for your children, the gym, shops for daily needs and your office to be quite near your home.
Check out the location of your home before making the purchase. You don’t want mistakes here.
3. Ready-to-move-in property vs under construction property:
Real Estate prices are down in many cities. Inventory is piling up with builders. In such a scenario, a ready-to-move-in property is a good idea. A ready-to-move-in property is better than an under construction property, because you don’t have to pay both home loan EMI and rent, when your house is being constructed. Under construction properties can be risky as construction work may get halted, midway.
If you do your homework, there are plenty of deals available on ready-to-move-in properties.
4. Check the title of the apartment:
RERA does provide you a safety net, but it’s always better to err on the side of caution. Check the title deed of the property, with the concerned revenue department. Unscrupulous developers could trick you by launching residential projects on land plots they don’t own. Check the encumbrance certificate which states the property is free from any outstanding loans.
If you are buying a ready-to-move-in property, check the completion certificate of the project which shows you that the developer has all the approvals in place.
Unscrupulous developers have cheated scores of gullible apartment buyers. If you happen to get cheated by such a developer, your loss is in lakhs or even crores. You lose your life savings and never get to see your dream home. It’s wise to read these 4 things before buying a home. Be Wise, Get Rich.