If you are planning to buy a new home, here are certain aspects you must look into. As a homebuyer, you must be well-informed about the condition of the property, the prices of property in the area, rate of rent and so on. Failing to carry out the necessary research can result in disappointments in future. You will require some ready cash and carry out the necessary studies before you purchase a home. You should also be well-informed about the developer and demand for property in the location. This ensures that you can sell off the property whenever you want. At times, you may think of remodelling your home and selling it off. In other cases, people rent out their homes for a fixed monthly income.
Here are certain things that a homeowner should look into, before making the purchase.
- You need to get an NOC (no objection certificate) from the society to transfer or sell the property.
- It is necessary to get a certificate of ‘no dues’ from the housing cooperative society.
- You will need the disclosed sales deed. The rights to the house that are transferred while buying the house are shown here. This should contain the evidence of payment of stamp duty, registration and other related documents.
- You also need to get the no tax certificate, which shows that the seller has the comprehensive right, interest and title in the property. It should also show that the property has a clear, free and marketable title.
- It is necessary to get the original share certificate, that has been issued by the society. It shows that the seller is a part of the society. He shares a hand out for the property.
- You will need a copy of the building plan and Occupation Certificate, that has been issued by the expert authority.
- The property cannot be sold at a rate that is lesser than the present market rate. The value of the stamp duty will be considered to charge capital gains tax otherwise.
While purchasing a home, you should make sure that the seller has all the papers that have been mentioned above. In case any of these documents are not present, you may find it difficult to sell off your home in future. Apart from the aspects mentioned above, you should have a look at the other aspects, like the reputation of the real estate company and the location. Most of the homebuyers prefer to buy homes at sites that are strategically located in the city. This ensures an easy connectivity for them to the nearby areas. You should have a fast access to the important hospitals around. Have a look into the social infrastructure, like the proximity to schools and places of entertainment from the home. This will ensure that you can easily reach out to the area from your home.
The real estate industry in India is fast growing. A number of elegant housing complexes are coming up in the big cities. Check out the specifications mentioned above, before making your purchase.
