Going to buy a Property ? Read this before it is too late...

Property is a means for not only to increase your reputation in the society but to increase your wealth also that is why in India everybody is eager to purchase a property.

You should be very careful while buying a property because it is not necessary that your deal is always profitable.

There can be a number of factors that one should consider while buying a property.

Purpose of buying the property: There should be reason to purchase a property. You should be very clear whether the property being purchased is for investment purpose or for living purpose. For investment you can purchase a property in any town but for living purpose you can not purchase a property in any town randomly, you have to consider a number of things for that as well. You can earn a lot of money by purchasing a commercial property also but again you have to be very careful and think twice before investing otherwise it would be of no use and you will lose all your hard earned money. A lot of people invested in various malls in Delhi /NCR considering they will get very returns but unfortunately they could not get the returns as expected.

Choosing the right location:  You should be very careful while choosing the location and whether the property fits your budget or not. Don’t try to purchase a number of properties at one location. Investing in property should be similar to investing in share market; you should consider a number of portfolios. The location should be such that it should be suitable for living, what are the facilities in and around, what kind of people live there etc. even if you have purchased the property for investment purposes. Find out various future prospects of the location you are looking for.

Don’t forget to check the title to property: Whenever you are looking for a property to purchase do not forget to check the title to property i.e. in whose name the property is. It is very important to verify that all the papers are complete; the property is not under any legal or illegal dispute. In case of any confusion related to property you should consult an expert. Since it is your own hard earned money it should not go wasted. You should become the owner of the property hassle free.

Loan free property: The property you are going to buy should be free of any kind of loan otherwise it would be your responsibility to repay the loan amount.

Information about the builder / seller of the property: you should have the full information about the builder/seller of the property. There is less chance of fraud if you go for a property built by a renowned builder. If you are going for a builder flat you must confirm that how many flats this particular builder has sold and in which locality. If possible go and have a talk with the residents of those flats. There are a number of builders in Delhi/NCR who have not built a single property yet but they have filled their pockets by hefty amounts by just placing fraudulent advertisements in the newspapers.

Beware of fraudulent advertisements: In newspapers and magazines you can find a number of attractive property offers, which are just a mirage. They are just to attract the buyers and have nothing to do with reality. In any property related advertisements you can see a number of things for example facility for sports complex, gym, swimming pool etc., do consider such a property if you actually require those facilities otherwise why spend more amount for such property.

Don’t be impressed by the sample flat: Builders always prepare the sample flat just to attract the buyers. They use such costly and attractive fittings so as to make the sample flat beautiful but otherwise they don’t such fittings in actual flat. The area shown in sample flat is more than what you get in reality because in sample flat they replace the inner walls by thin cardboard walls so as to make the impression of a big flat. The paint and the textured walls used in sample flat are of very good quality but such a good quality is not used in reality.

Extra charges: While taking payment of the flat the builders imposes so many extra charges that you are not aware of. You should be very clear in your mind and have a complete discussion with the builder about the various charges that will be imposed on you and beard by you. Supreme Court has made it clear that no builder can charge parking money though most of them are charging from one to three lakh rupees. Similarly the builder can impose park facing charges, club charges, road facing charges etc. whereas as many buyers are least bothered about such facilities.