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adProperty News

Factors to be weighed before buying property
Source : The Hindu Property Plus Published On : 2008-01-12 City : Chennai

Access to medical facilities and schools, and travel time to work place also influence the decision


Today, buying a property is within the reach of the common man. There is a variety of choice. Many lending institutions and banks facilitate purchase of properties at various levels. There is a healthy competition between the builders. In the process, the quality of properties being sold by builders has improved tremendously.

     For you, purchase of a property, especially, your home is still a vital decision. There are many matters which will be helpful for u to consider in arriving at a decision.

     A very important issue to be considered is the location. Generally, availability of transport, medical facility, schools and travel time to work place are some of the aspects you would take into account before taking a decision. The sale price is also of utmost importance.


     Besides these concerns, the size of the property, being linked to the costs, would be normally looked into, but you should understand the full implications of size in terms of costs as well as comfort. You have to think on the amount of funding or loan required for the purpose and be prepared for it. If you are availing a loan, the implications of this have to be noted.

     You have to work out whether you have taken the totality of circumstances for consideration. From a legal prospective also, all these aspects are important as any action that you take in this direction, may have impact on you and at times, on your family. Therefore it is essential to understand what are the things that one should do and things that one should not, to have a balanced approach for taking the decision.

     In the event of your buying a property from a builder, obviously, one of the most important issues will be the choice of the builder. The reputation of the builder, resources, track record, adherence to delivery schedules, capacity of the builder to handle emergent issues, financial resources of the builder and quality of products will have to be considered.


     Another important matter will be a requirement to work out the correct costs involved in the purchase. Besides the sale price of the property, you have to consider the amount to be brought in as your margin money, costs for registration of the property, payments towards amenities, extra work, maintenance, various types of corpus funds, payments towards car park allotments, special amenities which may be exclusive to your property, payments for applying loans like a loan origination fee, documentation charges, lawyer’s fee, insurance costs, costs for securing basic amenities and other payments you have to incur or are likely to incur till completion of project. Please also keep in mind that you may not be able to move your existing furniture, etc and substantial costs may be involved in furnishing the property. There may be a period when you have to pay interest on the instalments being disbursed before your loan repayment may commence. Further, the interest rates are likely to fluctuate which may have an impact on your repayment schedule.

     It is advisable for you to read and understand offer letters, allotment letters and charts, source disclosure documents, loan documents, documents relating to purchase and all other documents required for acquiring the property or completing the acquisition.

     If you are signing blank documents, you are taking a risk and you may have to face the consequences. If you become party to violations with knowledge and awareness, you may not be able to seek suitable relief at a later date.

     It is advisable for you to have services of a lawyer at least for understanding the consequences of the documentation involved in the process of purchase and obtaining loans. Further, this is another step in ensuring that fraud or forgery may be detected at an early stage, falling which you may become victim of circumstances.


False documentation


     Finally, do not undertake any action that may have a negative impact on your purchase decision. Do not overstate or overestimate your income. Do not over project your capacity to repay loans. Do not exaggerate or inflate income statements. Do not become party to documentation to increase your property area for any purpose. Do not enter into any purchase transaction on oral assurances of grant of loan. Do not buy a property which is outside your reach on the basis that somebody else is going to finally take over the property. Do not put all your money for a speculative purchase on the anticipation or on the information that increase of price is imminent. Never be a party to any forgery or false documentation.


      It is advisable for you not to defer any important or critical matter to a

later stage, after making the decision of purchase and making a payment. In many matters, keeping quite or silent at a vital juncture may land you in trouble. It is not good for you to decide and then look into the issues and feel cheated or exasperated. Have all your clarifications upfront and today, all the builders would like to meet your clarifications upfront than being besieged with a host of queries every other day. While having a cautious approach, repose trust and confidence once you have made a major decision of purchase.

     You should also have a smooth relationship with your seller or builder. In many cases, this will solve unnecessary problems and in fact, may be very helpful in your efforts to move into your new home.


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