Buying a property is a lifetime decision and for this, you need to be furnished with the correct information. Purchasing a good apartment has been made easy with existence of reputed dealers or developers who offer various facilities and luxuries such as swimming pool, children play-area, gymnasium etc. in the residential apartments. But, a momentous decision like acquiring property needs to be carefully thought out. In this article you will find some crucial tips to help you in purchasing an apartment or other property.
Booking an Apartment under Construction
In case of booking a property under construction, you should take a few points under consideration. Here, you should demand for the allotment letter and development agreement. When it comes to constructed properties, you should check out the property rights of the seller in terms of title and possession of the property as well as the right to transfer the property.
Identify Your Needs
The first and foremost thing required is to identify your desires and specifications while buying a property. The requirements and features desired in a home differ from buyer to buyer on the basis of their family size, lifestyle, usage etc. so the buyer must be able to identify the preferences in regard to the dream house.
Check Out the Legal Aspects
Once you are decided on your set of requirements and accordingly find a property, the next thing is to check the legal aspects of the property. This entails acquiring approvals and No-Objection-Certificate (NOC) from the Municipal Corporation, Electricity Boards, Area Development Authorities, Water Supply & Sewage Boards and other concerned authorities. Check out that the developer has entered into proper development agreements and ensure that the property has clear titles. This is highly important beacuse every bank sanctions home loan only after checking your documents for authentication.
Be Informed About Taxes and Duties
The buyers should prepare themselves by acquiring an in-depth understanding of the government policies and other legalities such as Stamp duty, Service tax etc. before buying a property. The correct know-how is of utmost importance for making an informed choice for the purchase decision. Buying property is a major task and thus requires wise investment in terms of choosing the right property at the right price. Therefore, do your research thoroughly before buying apartment or signing any agreement to buy the property.