Buying a home is a commitment that lasts the rest of your life. Not only it needs serious financial planning, but missing any of the crucial initial background check means you could end up regretting this decision forever.
- Approvals and licensing: Verify the builder’s paperwork including environmental clearance, title deed ensuring the builder or seller has legal rights of transferring the property to you.
- Financing: Get an estimate from your bank if the EMI is less than 30% of your monthly earnings for sustainable and affordable payment plan for you.
- List the banks: Visit multiple banks with the initial quotes you have for getting a better deal, which will give you better rate of interest.
- Register plot: For easy and ensured transfer of property register the plot in your name with the local authorities.
- Vet the building: If you are buying a property that is old, verify the reports of local law 11, which inspects the architectural and structural deficiencies and issues.
- Vet the neighbors: The neighbors should be of similar age group, with similar temperament. If the residents of your locality are not like minded, you could face trouble in parking, keeping pet animals at home, elevator or roof access etc.
- Know the locality: Ask around for any problems in electricity or water supply, domestic help, nearby restaurants, schools, hospitals, public transport etc.
- Find out about impending development: If developments coming up in near future, blocking sunlight, increasing traffic, reducing property value.
- Check developer: Visit other construction sites built by the same developer to know the legitimacy of work.
- Visit in-person: Do not rely on brochures, visit in person instead to check of the site matches what is advertised.