During this pandemic, the property rates have gone many people are struggling to meet their basic needs, others are keeping their money safe for health-related issues. But this period has come as a ray of hope for many of them who are willing to invest in real estate.
The few things which come to their mind are the location of the property, legal formalities of land, what is a loft, price of that property, hidden and any additional charges. In the below article, we would rather discuss what are things which people should know before they buy a new house.
Land Should Have No Litigation
Before you invest in a property it is the very important first thing that comes to your mind that what is the rate or the property. Rather you should be concerned if the property is legal and does not have any kind of litigation on it. As you are investing hard-earned money of yours in buying that property. If the property is legal then, then you can think about the rate of the property. Is it overvalued or undervalued? Check the property rates in that area and in the vicinity to be sure you are not buying that property at higher rates. Also, it is advisable to hire a legal firm or legal advisor before buying any property as they need to thoroughly verify the property papers. Once you get a green signal from them then only go forward and make the deal.
When every the builder is selling the flat or a bungalow they include the super built-up area, under which entire areas such as elevator space, staircase, the thickness of the wall, parking area, and others. But things which really matter is the carpet area it is the actual area which can be used inside the walls of the flat. Also, we would need to share the common areas with other people who have bought the property in that building. If the carpet area is more it is good news for the person buying that property.
Possession Of That Property
If you are buying a flat it is important that you should know then when you would get possession of that property. As you would make all your future plans accordingly. If there is a delay in getting possession of that property it would ruin your plans for the future and might hit you financially too. Many people are acting smart these days they are making sure that once they have given their downpayment to the builder, they ensure that if there is a delay in delivery of that property then they get compensated for that. Also, these points are entered in the legal documents signed by them and the builder.
As discussed above, it all boils down to the rate of that property. If you want a fair deal then now is the time to buy during these pandemic times. Rates of property have come down drastically as people are not ready to invest in real estate, most people all over the world are trying to save their hard-earned money for the uncertain future. Time is ripe for the people who want to buy the house now, rates of the property in many areas have come down drastically. Also, there are many options from where they can choose which is an added benefit. In addition to that take a loan from a reputed bank as you need to get the best rate of interest for the loan which your take for buying that property.
One of the main reasons for buying a property is that the person decides to stay in that city or that locality. Location of the property matters a lot because many people buy property in that area because their office is in that area, their family members or friends live in that area, school or college of their children in the vicinity. Also, the basic infrastructure in that area is up to mark.
Fair rental value
So what is fair rental value, it is the amount which the owner of the flat can expect to get when they give their flat on rent to others. A person would get good rent if they have the property in the heart of the city. As they drift away from the city, the amount of rent that they might get would come down drastically. This might vary from region to region. Nowadays if the society is providing good amenities they can get except to get good rents in return.
It is important for everyone to have their own set of checklists before buying a property. We have noted down some of the important points which all the buyers should be aware of before investing such a huge amount. As most of them or their loved ones are going to spend all their life on the property which they are going to buy.