Excitement is important if you’re buying a house, but do your research. Validate and verify.

Buying a house is a huge commitment. You don’t just invest a massive chunk of your savings to buy a property, but you are also liable to pay EMIs for many years to come. That is why it is important to get all your grounds covered before you sign anything to make sure that your hard earned money is going into the best investment possible.

Here is a list of things that you should know before buying a new home:

1. Required licenses and approvals

When you have finalized on a property, check the builder’s paperwork for approved business plans and environmental clearance. You should also verify the status of the land title and see if the builder owns the land or they just have the development rights over it. Other documents you should check include release certificate, title deed, encumbrance certificate, and property tax receipts.

2. Total project cost and loan eligibility

Do not take the face value that your broker tells you as the final cost. You have to calculate the total project cost by taking into consideration other charges like internal/external development, parking, preferential location, and service tax.

Based on the final cost, check your loan eligibility. For you to get a loan, the financial institution will also verify your income, repayment capacity, existing loans, and other debts.

3. Verify the builder

Check the past projects that were undertaken by the same builder to verify them extensively. With RERA coming into force in all states, you will be able to check all the current projects undertaken by your builder on the official RERA website.

4. Rental properties in the area

If you aren’t sure whether you will be living in your new house for long-term, then it’s best to check for the average rent of properties in the area. Getting an average rent amount will allow you to calculate if renting the house can help you pay the monthly EMIs and save some extra as well.

5. Water and electricity supply

The lack of water and electricity supply is real in many of the big metropolitans as the population increases and water goes scarce. So before buying a home, check with the people already living in the area to learn about any water or electricity issues and ensure you don’t face any problems after you buy the property.

• Like “Excitement is important if you’re buying a house, but do your research. Validate and verify.”
• Comment
• ShareShare “Excitement is important if you’re buying a house, but do your research. Validate and verify.”

Share post: