Must Know Things For First Time Buyers Before Purchasing Property

There is a famous saying, "Precaution is always better than cure", which is quite appropriate when you are buying a property for the first time. Although, the government has taken many initiatives for the convenience of the home buyer, but it is recommended that before buying any property, one should take certain precautions. Here are some list of precautions to be taken if you are a first time buyer:

Title of property
It is one of the most important factors to be considered before buying any property. You can investigate the title through a various medium which is as follows:
Study carefully the documents of title and ensure yourself that you have proper ownership of the property in Panipat.

Review the original title deeds.
Search the land records and the records of the Sub-Registrar.

Inspect Sanctioned Plans
In case the status of your property is under construction, then you must check the sanctioned plans as well as commencement certificate by the concerned authority. If the property is not constructed according to the sanctioned plans, then the completion certificate will not be granted to the building. If the construction is complete, you should ask for an occupation certificate or completion certificate and it should be verified.

Power of Attorney
It is commonly observed that any property is sold through a person holding power of attorney (POA) on behalf of the owner of the house. Therefore, it is important that it should be closely scrutinised to ensure that it is well executed.

Approval of Banks:
As there are many real estate firms who are sitting on unsold inventory and they don’t have enough cash for the completion of their projects, then banks can finance their projects. However, there are many realty developers who do not approve by the banks and do not get bank loans at all. Therefore, before finalizing the property, try to confirm that all approvals from banks are in place. Also find out those banks who are ready to fund the project and always go with the one offering you a home loan at the lowest rate.

Ask For The Final Cost:
Never go by what the real estate broker tells you. Sometimes brokers just mention the basic price of 2BHK flats in Panipat and they do not mention other factors such as internal or external development fees, preferred location charges, parking/club/amenities charges, and service tax. Therefore, always calculated the total cost of the property.

Verify The Builder:
It is advisable that you should do the extensive verification of the developer. You can post queries on the different online real estate forums or you can check about his past residential projects from its residents.

Buy Vs Rent:
Many of us prefer buying property thinking they will use the rent to pay their EMIs. But many real estate experts say it is not a right approach. The rental return on an apartment is generally only two to three percent. Also, there is a possibility that your apartment may remain empty for a few months before you can find a trustworthy tenant.