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Things to keep in mind

Things to keep in mind when buying a home – Ensuring a well-informed decision during a home purchase is vital, offering protection from potential legal and financial complications for long-term peace of mind.

Investigate Construction Quality:
Conduct a thorough investigation into the construction quality, verifying that the plan layout aligns with the ready structure sample flat, free from structural deformities or damp spots.

Under-construction Property:
When dealing with an under-construction property, prioritize the developer’s credibility. Extensive research on their track record, financial stability, and credentials is essential. Review the builder-buyer agreement, check for penalty clauses related to project delays, and insist on a construction-linked payment plan. Additionally, ensure the Real Estate Regulatory Authority (RERA) project registration is valid.

Legal Due Diligence:
For under-construction properties, engage in meticulous legal due diligence. Verify the property’s title, investigate potential legal claims or disputes, confirm the existence of all necessary approvals and permits, and ensure compliance with locality building regulations. Frequent site visits are advisable to guarantee that construction quality aligns with the promised standards.

Ready-to-move-in Flat:
Opting for a ready-to-move-in flat eliminates concerns about construction delays and rental costs during waiting periods. Verify the occupancy certificate (OC) to confirm compliance with construction norms. Thoroughly inspect the property for any structural, plumbing, or electrical system defects.

Location and Infrastructure:
Irrespective of the property type, consider the location and infrastructure. Proximity to schools, hospitals, shopping centers, and transportation facilities enhances resale value. Verify municipal authorities’ approval of building plans and ensure a clear land title.

Financial Planning:
Understanding your budget is crucial. Evaluate the resale and rental potential of the property. Explore diverse financial options and assess the property’s yield on rent. Consider the demand for rental properties or resale in the area. A meticulous approach, whether dealing with an under-construction property or a ready-to-move-in flat, ensures a successful and rewarding investment.

Disclaimer: Content taken from The Economic Times e-news paper

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