Buying a ready-to-move property, whether it’s a flat, house, or apartment, is a big investment and an exciting step. While ready-to-move properties come with the advantage of immediate occupancy, there are crucial checks to ensure your investment is safe and worthwhile. Here’s a simplified look at the top four things to verify before purchasing to help secure your money and peace of mind.
1. Verify Ownership Rights to Confirm the Real Owner
The first thing to check before buying a property is the ownership rights. Ensuring the seller is the true owner is essential for a hassle-free and legal purchase.
- How to Verify Ownership: Visit the local revenue office with the property papers and verify that the seller’s name matches the legal records. This simple step can save you from future ownership disputes.
- Important Documents: Look for essential ownership documents like the sale deed, mother deed, and property tax receipts. These will confirm that the property legally belongs to the person selling it.
- Avoiding Fraud: By verifying ownership, you also avoid falling victim to property fraud, which can involve people selling properties that aren’t actually theirs.
This check ensures your investment is protected and you become the lawful owner of the property you’re buying.
2. Understand the Age of the Property for Better Value Assessment
Knowing the property’s age helps you evaluate its future maintenance needs and its potential lifespan.
- Ideal Property Age: Typically, properties are considered to last between 70-80 years. Older properties, while possibly cheaper, may require higher maintenance and might not have modern construction standards.
- Checking Property Age: Talk to local residents or consult a structural engineer to get an accurate estimate of the property’s age. Additionally, the construction date can often be found in property tax records or with the municipal authority.
- Age vs. Value: Older properties usually have lower resale value compared to new constructions. This is especially relevant if you’re buying the property as an investment.
Understanding the property’s age also gives insight into its structural condition and potential future expenses for repairs or renovations.
3. Assess Facilities and Surrounding Amenities for Daily Convenience
Facilities in and around the property greatly impact your comfort and convenience in everyday life. Ensuring the property has all essential amenities can significantly improve your living experience.
- Basic Amenities: Verify that the property has a reliable electricity connection, water supply, drainage system, and waste disposal system.
- Nearby Facilities: Check the availability of schools, hospitals, grocery stores, and transportation facilities nearby. This information is especially important if you have children, elderly family members, or rely on public transport.
- Neighborhood Infrastructure: It’s helpful to know about road conditions and whether the area has essential services like online delivery. These factors can affect your daily routines and overall satisfaction.
Understanding what’s available nearby ensures that you won’t have to travel far for necessities, which is convenient and can also boost the property’s future resale value.
4. Consider the Role of the Resident Welfare Association (RWA)
In many residential societies, an active RWA plays a key role in maintaining property security, amenities, and cleanliness.
- Why an RWA Matters: RWAs oversee security, maintenance, and community regulations. They handle issues like electricity repairs, plumbing, and landscaping in some societies.
- Security and Privacy: A well-organized RWA often has security personnel to monitor entry and ensure a safe environment for residents. This is especially useful if you’re new to the area and looking for added security.
- Community Standards and Maintenance: RWAs can also ensure the neighborhood maintains a peaceful, family-friendly atmosphere by enforcing certain rules, like noise restrictions or waste management practices.
Having an RWA can enhance your living experience by handling communal needs, security, and upkeep, which is especially beneficial if you’re living in a new city or have a busy schedule.
Additional Tips for Safe Property Purchase
In addition to these four main points, consider these bonus tips to make a well-informed decision:
- Visit the Property Multiple Times: Inspect the property during different times of the day to get a feel of the neighborhood’s noise levels, traffic, and lighting.
- Research Builder’s Reputation: For ready-to-move properties, it’s wise to look into the builder’s reputation and previous projects. Positive feedback and completed projects add credibility.
- Legal Consultation: Hire a lawyer or real estate expert to review the paperwork, ensuring that all documents are in order and there are no hidden clauses in the sale agreement.
Following these steps will help you make a safe, satisfying, and financially sound property purchase.
