What to look for while buying a house
After screening through all the properties for endless days, you finally decide which one is going to be your dream home. Luckily you also got your home-loan sanctioned and things almost look done for you. But if that is what making you to think that there is nothing to worry about then check again!
Once you are done with what is so called as selecting home and getting loan sanctioned, you have almost finished 50% of your job. But what about the rest of the 50% where you need to check on the other formalities which include everything from getting the agreement done to checking from any loop-holes that the builder kept you uninformed. In most cases builders keep the property buyers uninformed or even the property buyers never mind asking details and this leads to last minute chaos which may leave one amused. This has happened with many property buyers who fail to get complete information related to any hidden costs or taxes or any other such.
Always ask for the actual price of the house
Once you decide to buy a house, check for its actual price other that the price decided as per square foot rate. The actual price may differ a lot than the initial price as the builder will include additional charges which a property buyer may need to pay while completing the agreement work. These additional charges that would be levied on the initial price may include cost of the utilities and other taxes.
Utility charges may include:
- Water charges
- Electricity charges
- Parking space
- Registration charges
So before signing the agreement, a property buyer should be fully aware of these charges. Hence reading the agreement completely is of utmost importance. One has to get known to all these facts completely or be prepared for last minute chaos.
Actual size and area of the house
Reading the agreement also helps one to know the actual area of the house which may moderately differ from the actual size mentioned by the builder. While reading the agreement you come across a clause which states that '...so and so..plans, design and specifications may actually differ from the original plan..' So it is better to check with the builder for all these information before getting the agreement deal signed.
Actual Carpet area of the house
One has to be fully aware of what exactly is a Carpet area and what is a Built-up area. Both areas actually differ from each other. When you say a carpet area, you actually refer to the area of an flat or an apartment excluding the area of walls. But when you refer to Built-up area, then it also refers to the area of the walls including the balcony other than the area of the wall. Then there is also something called the Super-Built up area which includes the built-up area along with the area under the common spaces such as lobby,stairs, lift, garden as well as health club or swimming pool. So one needs to be fully aware of all these, though one may actually know the exact size of his flat only once the construction of flat is completed.
Actual Date of possession
Mostly when builders tell you the date of possession which are also mentioned in the agreement, these dates are usually tentative. An undeniable fact about these dates are that they can usually differ as they totally depend on how the progress of the particular construction is being carried. Additionally if there are any problems related to Occupational Certificate or any such, then the possession date can get delayed.
Possession of Completion Certificate
It is very important that the builder provides you with the completion certificate. This is issued when the builder handles you the house. So it is ideal to make sure that the agreement includes such clause mentioning so.
Few measures that can be taken by property buyers
1. Always read the agreement thoroughly.
2. Get the agreement checked by a lawyer before signing them.
3. Before buying a property get a small research done on the builder and his other projects. This will give you a idea on does he or does he not finish the projects in stated time.
4. Always pay priority to the Carpet area of the property.
5. Do include a clause in the agreement stating that if the builder provides space which is lesser than the mentioned carpet area, then the aggrement could be terminated.
6. Always visit the site and keep a check on the progress of the on-going construction work.
7. Formation of society always come handy when it comes to handling a builder.
8. Get information on the quality of construction.
9. If any problems, clear them with the builder then and there.
10. Always be alert and make sure that there is nothing being hidden from you related to the property by the builder.