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1. How to ascertain that a Property Builder is Trust-Worthy enough to Invest in?

   August 29, 2017 6:41 am Leave a Comment

   Investing in property is quite heavy on the pocket and you need to be very careful when buying; after all, it has taken you a while to save that precious nest egg and you wouldn’t want it going down the drain – something which has happened to many a home-buyer who has had a run-in with some unscrupulous property builder.

   When buying a property or home, one of the most difficult jobs is to check your builder’s credentials. So once you have finalized on a villa or apartment, the next thing is to do some sleuth work on the builder. You could start by verifying whether all the features, amenities, fittings and measurements shown in that glitzy brochure are actually there on ground. Next round of sleuth work involves going through the various permits that are required to start construction. Check whether the builder has an approved layout plan and has permission to start construction. Does he have environment clearance and is he building on land that is registered in his name – or does he just have building rights to the property.

   All this might seem too much to take in, in one go, but if you do the checking in a step-wise manner, it is all do-able! You will also need to confirm the completion and occupancy certificates in case the building is already ready. In such a case, make sure all earlier electricity and water bills have been paid. Other things that are important include tax payments on the property; aside from the latest tax receipts, ask for a couple of previous ones too, so you know you are going to be in the clear on this.

   Ask for ‘Encumbrance Certificate’ as this will indicate that the property is free from any litigation; make sure that the property isn’t pledged to some bank, in which case you will need a ‘Release Certificate’ to ensure that the loan has been repaid. Property court cases are notorious for hanging in the courts for years, so going to this level of investigation is important.

   Finally, scrutinize the clauses related to payment penalties as well as construction delays; traditionally, these aspects come in small print, so don’t skim over them, but get out your reading glasses and go over the details with your builder. When preparing the contract, you can insist on removal of clauses that you are not comfortable with – after all, the customer is always right, and the builder is always afraid of losing out on the business the customer brings.

   Fraudulent builders always have a long list of reasons for delays in delivery of projects, but in the end, it’s always the customer who gets to suffer, as he has to pay rent as well EMIs on the new home. So the onus is on the buyer to check if the property builder is trust-worthy or not.

   Always opt for builders who have been in the business for long and have a good track record of delivery timing. If the builder’s projects have been delayed before, there is a strong likelihood of its happening again. And remember, the larger the project, the greater the chances of delays.

   Finally, you can always walk away if you find any discrepancies in the builder’s papers or history.

2. Guidelines to Consider Before Purchasing a New Property

   August 18, 2017 12:20 pm Leave a Comment

   There comes a time in every renter’s life when they get fed-up of doling out money at the end of every month and tolerating the unreasonable ‘do’s and don’ts’ from the landlord. That the wake-up call when you realize there are other options out there as well that are pretty lucrative in the long run too.

   Many renters don’t realize that the money they put down each month can be used as EMI payments instead, towards a home that they would end up owning at the end of the day; this is against spending the same amount each month, lining somebody else’s pockets and still having no permanent of their own. It’s pretty obvious which option you would go for!

   And once you have decided to buy a property of your own, you first need to go shopping for a home loan; different banks offer different interest rates, so look for the one that offers the lowest interest rates and check how much loan you are eligible for. After this, you will have an idea of your budget for your new home and can shop accordingly.

   Going home-shopping can be an exciting experience, but you need a set of guidelines to follow as you have to be very careful since there are many fraudulent builders out there too. Look for homes, preferably apartment complexes that are built by reliable builders who have a reputation to match – the Heather Homes builders come to mind here. And don’t go by the shining brochure either, as the information within may not always be right. Go check out the physical structure for yourself.

   Next, check the location of this apartment complex. Is it located close to pollution spouting factories or landfills? Are the roads leading up to it in good shape? And what about the traffic situation in that area, are there traffic snarls at peak times? Don’t take anyone’s word for it, drive by the location yourself and check first-hand.

   You also need to stalk the neighborhood….visit at different times of the day and night, week days and weekends; this will give you an idea of the activities happening around the home. Are the roads leading to the apartment safe? Will it be ok for your child to walk safely in this neighborhood? All these questions need to be answered in the positive before you take too much interest in the investment.

   Another aspect to check is the nearby availability of important facilities like schools, hospitals, pharmacies, supermarkets, bus stops and rail connections. These features are not only important for you, but also for the future salability of the apartment in case you are moving away.

   Once all these criteria have been met, it’s better to hire a property lawyer for the signing process – as they know how to go through the nitty-gritty of the contract with a magnifying lens and find the loopholes, if any…..as everyone knows, property dispute cases are notorious for being dragged through the courts for years, and since it’s better to be safe than sorry, hire a professional who knows everything about tax payments, ownership changing, various government and local body approvals and certificates as well as sales agreements.

   Once your lawyer gives you the green light, you can sign the dotted lines and become a proud home-owner!

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