 "Buying property? 15 things you need to take note of")
Before you sign on the dotted line, here are a few things that you need to keep in mind.
| Checklist | |
| Affordability check | |
| 1 | Check for payments that you may have to make like brokerage, society fees, security deposit, maintainence fee etc. |
| 2 | Account for additional work that you may have to get done once you move in for example wood work, lighting etc. |
| 3 | Look for any preferential location charges that you may have to pay. |
| Location check | |
| 1 | Check proximity from work place and civic amenities. |
| 2 | Check building byelaws applicable in the area. Ensure that the builder is building without any violations. |
| 3 | Check for specifications as mentioned in agreement to sell/sale brochure to compare with what is being offered in reality. |
| Property check | |
| 1 | Check the quality of construction. Check for cracks, paint peeling off etc. |
| 2 | Check water supply facility as well as fire fighting systems installed in the building. Also check the lifts and other security systems that are installed. |
| 3 | Check if the property is leasehold or freehold. Prefer buying freehold properties. |
| Builder/developer check | |
| 1 | Talk to the neighbours in the locality and seek information on problems they might be experiencing and verify claims made by the developer. |
| 2 | Buy from an established developer with an unblemished record. |
| 3 | Look for quality certifications that builders posess, project ratings done by ICRA-NAREDCO. |
| Paperwork check | |
| 1 | Always ask for commencement, completion & occupation certificates from local municipality. Incase of re-sale properties, check for payments made in full for water, electricity and obtain documents in original. |
| 2 | While buying property from a developer, check if he is the absolute owner or holds a registered power of attorney to sell the property. |
| 3 | Check clarity in title. Incase of any difficulty, obtain a certified copy from the local sub-registrar's office. |