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Points to Consider Before Buying a Property

Buying a property is a very good investment deal and even more so in Metropolitan cities. But buying a property is currently a nightmare for many. The fact that the largest share of consumer court cases in our country is related to Real Estate developers is just a testament to that. If you have cash stacked up and are looking for flats for sale in Delhi, this list will help you, before you get on the field and start property hunting.

  • Need – Have a clear understanding of why you need the property. Do you aim to purchase a suburban or a profit-making property? Is it just an investment? Are you hoping to settle down in that property in the future? Are you looking to resell the property in the near future? Do you want to give the property on rent or lease?
  • Area of the Plot– Once you are sure of your needs and long terms plans for the property, decide on the size of the property.
  • Location– Depending on the kind of property you want to invest in i.e. residential, commercial etc, decide on a few localities that would suit you. If it’s a building, decide on the floor. If you want to buy a residential property, consider its proximity to schools, hospitals, markets, parks etc.
  • Budget– Decide on how much you are willing to shell and take into consideration the return on your investment.
  • Parking/ servant quarters/ security– Make sure the property you are buying has these amenities, depending on your preferences. These things can be a deal breaker for many.
  • Real Estate Agents– Most excellent way to find the right type of property is to verify with brokers or agents in and around your preferred locality. Make a detailed list of properties given by brokers and fix an appropriate time to visit the properties. It is sensible to make prior appointments with the property owners and the brokers before visiting them.
  • Time of Purchase– If you have limited time and need to move into the property you are looking for right away, the look for properties which are set to be moved into. But if adequate time is on your side, you can always invest in a property which is under construction and get the slight add-ons and alterations done as per your choice.
  • Thorough Checking– Once you have zeroed in on the property you want to buy, make sure your agent has given you the entire information about the property before going ahead. Make sure the title of the property is clear. Enquire if you are paying the right price for the assets in that vicinity. If you are buying a property that is under construction ensure they have right permissions. Consumers are duped sometimes, by being sold houses in projects that do not have the requisite permissions. Often, the government authorities have not yet approved layout plans, but houses are sold under the assumption that the regulatory permissions will be received over time. This is why through checkup of the technical (architecture, planning, and so on), financial and legal aspects of project is a must for anyone looking to buy a property in Delhi.
  • Documentation– Request for a draft of Agreement to Sell, which needs to be signed  When you make a decision to purchase a property, after examining all the above particulars, it’s better to get all the details regarding the terms and conditions of buying and selling the property, before you give any sum of money to the seller.