House Buying Tips

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House Buying Tips – Real Estate sector is one of the fastest growing sector in India. And the reason is that Indians are emotionally attached to the concept of owning a home. In the last few years, real estate had also emerged as one of the favorite options for investment.

 

House Buying tips doesn’t mean that there is any shortcut to buy house. But before we understand House buying tips, we need to understand the current scenario of real estate Industry in India. The concept of dream house is quite old and house buying is like one of the favorite activity in our society. One of the biggest factor in today’s India is the Home loans are readily available and loan for buying home is the quickest and easiest way to purchase house for new house buyers.

House Buying tips doesn’t mean any secret formula, it just mean that we need to learn lessons from our history and current happenings in our society. Recently we saw a fiasco happening in Noida Extension reality projects. A lot of projects were scrapped after protest from farmers and lot of first time home buyers were finding themselves in the huge problems.

Most of the home buyers in India are first time home buyers and they mainly rely upon Realtor and real estate agents for house buying tips. Finding realtor or agent is not the big deal but one cannot trust upon their house hunting checklist. Buying new house can be a tricky process in today’s market because of the lot of reputed (well marketed) builders and agents which creates a lot of confusion in buyers mind.

So, home buying process start with process of filtration of the location. After we have got the location, we need to concentrate upon the real estate projects in that location. Now these two factors are variable and may change with preferences. But buyers should have a checklist which buyer should verify before going ahead with the buying the property. And they are;

  • Legal validity of the project should be verified. A buyer has full right to ask questions about the documentation and certificates about of the projects.
  • Check about the legal status of the titles. A builder should get clearance and property should be marketable. Examine the documents of the ownership in the government records and make sure that seller is the property owner.
  • Verify if the builder had right to transfer the property and  proper approval has been taken from statutory land development or planning authority or competent authority constituted under the Urban Land Ceiling and Regulation Act and the Income Tax Act.
  • If a agricultural land is used for residence or any other non agricultural usage, then project should be approved by the appropriate authorities.
  • Also verify that land on which project is scheduled to be developed is not agricultural land, is not reserved for some other project.
  • Verify that it is not a Adivasi land because there are legal issues due to which it cannot be used for certain purposes.
  • Verify 7/12 document, Encumbrance certificate and Release certificate.
Buying house for first time home buyers can be tough exercise but going through all the documents and paperworks helps in securing own future and therefore it is imperative for them. This is not a complete list of home buying tips but we have tried to compile a list of important facts and documents which should be taken care of at the time of purchasing a house.
House buying tips cannot be completed without a final suggestion that always keep a lawyer with you while purchasing a house.
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About akhilendra

Hi, I’m Akhilendra and I write about Product management, Business Analysis, Data Science, IT & Web. Join me on Twitter, Facebook & Linkedin

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