Emotional Quotient of Home buying in India!

India- the land of emotions! From the big wide smile on a child’s face that spreads across the face when handed over a small piece of chocolate to the nostalgic feelings and sentiments of a man who steps out of the house to explore the world of opportunities for better living. Emotions surround each one of us and a storm of feelings explodes as we tend to feel some sense of belonging or attachment to any person or materialistic things associated with us.

However, when it comes to buying a property for ourselves and our family and dear ones, we become skeptical regarding the decisions we need to take while choosing the true reflection of our dream property. This perplex situation often puts us in a place where we need to choose between our aspirations and our affordability. If we think of a common man’s aspiration, just the fulfillment of the basic need for shelter is what he desires to have. Stepping into the shoes of the common man, we realize what a difference having a home of our own makes in his life in the society.

“I have been working as a tea vendor and have seen my father working day and night to save some money to have a small house of our own.” said Suhas. His face seemed dull and showed the failed attempts to buy a home for his family. Looking at the faces of the people who aspire to own a small home in the city, who speak about the failed attempts, feels no better. However, watching people working hard to realize their dream of having a property of their own, which they can refer to as a home of their own, is motivating!

Emotions carry us to a world of aspirations which gives us the hope to look forward to a day when we have them fulfilled. So all we need to do is never give up to realize your dreams as dreams do come true! 

New to property buying? Here are 5 things you must avoid in property buying

Buying a property is not a day to day job for all of us. When we plan to buy a property, we want to buy it once for all. None of us want to take risks in buying a property that is not worth the amount we pay, hence, we need to be careful while making a property purchase.

If you are new to the real estate industry and are planning to buy a home for yourself, then here are the common mistakes that you should avoid in order to complete the property buying procedure on a happy note without having to compromise on your basic requirements of your home.

1. Minimum Market Research: Market research is the first step of buying a property. If you fail in doing a proper market research, then the chances of acquiring a property that satisfies all your basic requirements are low. Before you step out to buy a property, you need to have sound knowledge about the basic terminologies that are used in the real estate industry and also the property price trends in the location you are willing to buy a property.
2. Relying on Agents for complete details: We often forget that the agent we are depending upon for a smooth property buying process, is not really working for us. The truth remains that the agent works for the seller and hence, you need to avoid complete dependency on agents. Rather, you can carry out a comparative property analysis of the properties in that particular area and in turn, reduce your dependency on the agents.
3. Having uncleared doubts: Having doubts regarding the property that you wish to buy should be avoided. You must get all your doubts cleared by asking questions that bother you anytime during the property buying process in order to avoid future legal hassles.
4. Searching without financial approval: This is another common mistake that you can commit. Having financial approval from a convenient financial institution plays a crucial role if you plan to take home loan for the property you will be buying. For this you must know how much you are willing to spend on property and accordingly get financial approval.
5. Extending Your Finances: We all set a budget for the property we plan to buy. But, at times, we do not find a suitable property to invest in that fits in our budget and hence, we extend our budget to some extent. At this point of time, we tend to exceed the budget beyond that might create problems in managing the money later.  

Have you asked him?

You!

Yes You!

Buying a property anytime soon?

Think of the moment when you have finalized on buying a property, you have so many questions to ask. But, when you go to meet the builder, you are run out of words. What would you prefer, ending up asking irrelevant questions or questions that will get you all the required details?

Unable to figure out where to start from?

Here are 10 important questions that you must have answers for while buying a property from the builder in order to avoid any legal hassles:

1. You can begin with asking the builder about the title clearance of the land on which the building is being constructed or is already built. Documents like Intimation of Disapproval and Commencement Certificate from the builder will make sure that the building is constructed on an undisputed land.
2. Find out the actual price of the property and also get clarity whether that price includes the cost of utilities like electricity and water, parking space, various taxes, legal charges and registration charges, etc. or not. This way you can avoid chances of the builder imposing some extra charges for any of these.
3. Must find out complete information about the super built-up area, built-up area and the carpet area. (These have been discussed in our previous post)
4. Enquire about the undivided share in the land which has to be registered before commencement of construction. It should be equally transferred to all the owners without retaining any share for him for later use.
5. Find out if the builder has any tie-ups with any of the financial institutions. This will help you ensure that you will be safe from fraud cases.
6. Always demand to have a look at the sample flat so as to check the quality of construction and the material used. Ask him for floor plans as well that can give you better idea about different layouts.
7. Enquire the tentative ready possession date from the builder that will help you know the time left for completion of the building construction.
8. Ask him about the various amenities and specifications, interiors like kitchen appliance or furniture that you will be getting post buying the property.
9. Request the builder/owner to provide an occupancy certificate that states that property is ready to be occupied. It will also be helpful for you in applying for home loan.
10. And lastly, the completion certificate that the builder must give while handing over the property to you. This states that the building is constructed according to the approved plan from the municipal authorities.