Owning a home is everyone’s dream. To achieve this, we spend the money earned throughout life, or we may take a loan from the bank with interest and buy a house.
That is why it is very important to be careful at every step while buying a property. So before buying a house, you should know all the details about it. Let’s see that now.
Clear planning is crucial when it comes to buying your dream home. Having a well-thought-out budget in place is key.
Finding a house that fits your budget and affordability is advisable, minimizing unnecessary expenses. This approach ensures that you can purchase a house or flat within your financial means.
Ideal Location: We travel to different places for study and employment, so we must ensure that the house is close enough to go out fast and return fast.
Ensure the road, transport, schools, and markets are close to your home. This will increase the house’s value in the future. Before buying a house, thoroughly study the area that is likely to develop well. Then, buy your dream home there.
Basic amenities: Basic amenities like drinking water and electricity are crucial for your home. Even a spacious house does not provide comfort when adequately maintained.
Only buy a house with ample water supply and power backup facilities. Every family currently owns suitable motor vehicles according to their financial status. So, make sure that there is enough parking space while choosing a house.
Parking facilities are part of the deal if you buy a flat in a residential area. Additional parking spaces can be purchased based on your requirements and budget. Parking is a problem for some independent houses. So, before buying a home, you should ask about the parking.
Decide in advance: Before buying a house, should you take an under-construction house or a ready-made home? It is to be decided.
The pros and cons of both should be estimated beforehand. If we buy a house still under construction, we can make design changes as we like.
If a decision is made to buy a home of the same construction, the additional attractions and shortcomings will be known immediately.
A decision can be made beforehand. Moreover, there is no GST for an entirely constructed house. It’s a matter of coming together financially.
Check the past projects of builders: After deciding to buy a house or flat, the developer’s credibility should also be checked. The past projects undertaken by different builders should especially be examined. Is their quality good? It should be checked.
People who have bought a house with the builders before should be contacted. Usually, builders delay the project work.
So, has your builder made such delays in the past? Is there a fine for delay? It should also be seen. Even if the cost is a bit higher, you should choose a builder with ‘goodwill’ in the market.
Real Estate Regulatory Authority Approval: The project you want to buy should be registered with the Real Estate Regulatory Authority (RERA).
That’s why you should check whether the house or flat you want has RERA approval. Construction advertisements should also have the Real Estate Regulatory Authority number.
RERA’s website provides extensive information. This site allows users to access essential details, including developer information and project status.
The registered developers must update the construction progress every three months. Developers who do not upload project reports will incur a penalty. This provides transparency and security to the buyers.
Additional Expenses: The value of the house or flat and registration charges and stamp duty must be paid. Registration charges vary by location.
You need to know how much to pay based on the area you want to buy. Expert advice is perfect when it comes to buying property.
It is beneficial for avoiding many losses and hassles and saving time. For this, a small amount has to be paid to real estate agencies, land surveyors, and home inspectors.
Moreover, there are many legal aspects involved in buying a property. Be aware of all the laws required for purchasing a property. Money has to be paid to notaries, lawyers, and real estate experts.
GST is payable on a house or flat under construction. If the unit price is less than Rs.45 lakhs, 1% GST is payable; if it exceeds Rs.45 lakhs, 5% GST must be paid. As a property owner and claimant, one must pay yearly property tax.
Sale Deed: The sale deed is essential proof of your purchased property. It clearly states the property ownership transfer from the seller to the buyer.
After this process is completed, the buyer becomes the legal owner of the property. This document is registered at the Sub-Registrar’s office. It is useful when taking out a home loan and for resale.
Therefore, it’s essential to keep it safe. In addition to financial considerations, there are many legal considerations when buying a home. It’s beneficial to seek advice and suggestions from real estate professionals and those who have purchased similar properties.