10 commandments for cracking the right property deal

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    23-Aug-2014
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    Real Estate

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Buying a home is everyone’s dream and one of the most important decisions of your life. It is possibly one of the biggest investments you make in your lifetime. Hence, it is vital to look at all the intricate details when you purchase a property. Following are ten tips you should look out for when you buy a home.

Transcript of 10 commandments for cracking the right property deal

  • Commandments For Cracking The Right Property Deal 10
  • Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy Marshall Field
  • Buying A Home Is One Of The Most Important Decisions Of Your Life
  • Make The Right Decision
  • #1 Do your research well
  • Doing considerable background research on the potential property increases the chances of a profitable purchase
  • Before making an agreement check - The neighbourhood - Crime rate - The Age of the property - Features of the property
  • #2 Get A Buyers Agent
  • If you are buying a property for the first time, involve a real estate agent rather than going for private buying
  • The buyers agent should - Have thorough knowledge about the area - Should be considerate about the buyers requirements - Competent enough to negotiate on your behalf with the seller or sellers agent
  • #3 Think Long Term
  • Real estate is a long term investment and be prepared to bear the expenses like - Maintenance charges - Property tax - Mortgage burden
  • #4 Get all the information you need
  • Demand for the disclosure of the complete information about the property. This may include - Information regarding electricity and water supply - Materials used for building construction - Municipal rates - Maintenance cost
  • #5 Compare market prices
  • Get the market price comparison analysis report by a real estate appraiser before making an offer. This will help you in analysing the right price of the property and negotiate well with the seller.
  • #6 Have you got your Agreement letter and Allotment letter ?
  • The Development agreement contains details regarding the terms and conditions on which the landowner has permitted the builder to do the development on his property
  • The allotment letter contains the clauses regarding the builders liability in case of problems after possession or delays in construction situation, agreed price, construction and payment schedule
  • #7 Involve A Lawyer
  • Legal documents are quite difficult to understand and sometimes have some confusing clauses. To avoid any surprises consult a lawyer of your choice to secure the legitimate and finance documents.
  • #8 Choose your banker
  • Ask the bank financer to provide the true value of the loan and the full details regarding the terms and conditions of the loan and ensure there are no hidden charges involved
  • #9 Check the Sale Agreement
  • Once you have decided on a property that satisfies your requirements after inspection, read the settlement statement thoroughly to check if it holds any clause which dissatisfies you prior to closing the deal
  • #10 Before property handover do another final check!
  • Before releasing the final payment to the builder/seller you have full rights to inspect the property yet again. We advise you to hire an authorised personal to do a thorough inspection of the property.
  • Check out the 10 Essential Tips That Every Home Buyer Should know
  • Find Your Dream Home
  • CommonFloor.com is India's leading property search portal. On a mission to make property search hassle-free, transparent and fruitful; CF has best of breed property search on maps, property search mobile apps and an extensive section for knowledge resources and advice in real estate.