Checklist to consider before investing in a ready to move flats or property
Investing in real estate takes into account a lot of research, legwork and shelling of ones’ long saved money. Therefore, a capital budgeting decision of such high the value should be taken with utmost care. Here is a property buying checklist to understand how to make an investment decision which suits your need:
1. Research before you Resurge: Study well before you plan to buy any property, be it a first property or your subsequent investment. The research you carry out shall include - the builder, owner or the person concerned, legal formalities related to the property and possession details. One should also research about the build quality of the property whether proper approvals have been taken or not, safety guidelines have been followed or not, etc.
2. Know property rates all around: Before any official payment has been initiated, one should be aware of the tentative prices prevailing in the market for similar properties located around. some of the concepts one should be thorough are Circle Rate, Stamp duty and the different units in which area is calculated (super built up, carpet area , etc)
3. Middleman: Families and individuals find it difficult to move from one place to another. Hiring a broker smoothens the whole process by giving the personalised services. They provide paperwork services including preparing agreements, thereby making the process hassle-free for you. However, finding a reliable broker can be a tedious task. For those scenarios, there are companies which provide reliable and professional brokers as well.
4. Audit of Amenities: The game is not over after selecting the property, a thorough audit of the amenities should be carried out. Check if the project offer gas connection, electricity connection, firefighting equipment, lift facility, security, parking, power backup etc. Once the person is through this research, look for amenities like club house, swimming pool, activity area, gym and spa etc.
5. The Area Jargons: There are different jargons related to the word ‘Area’ which usually confuses the investor. These jargons are carpet area, built up Area, super built up area etc. The maintenance of the property and the price depends on these small concepts. As a homeowner, one should be clear about what do these terms mean and how does increasing or decreasing either affect the monetary exchange.
6. Ensure that the property is RERA registered: To safeguard the buyer, government has finally come up with Real Estate Regulation Act. The buyer should be aware of the provisions under this act.