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Friday, January 9, 2009

Smart property buyer's check list

In such uncertain times, when any real estate company could go bust one must live with caution. Here is a checklist:

1) Stick to reputed builders

2) Opt for developed properties rather than ‘to be developed’

3) In case of latter, check the number of properties that are currently incomplete

4) Several ‘to be developed’ structures do not have proper documents and/or clearance

5) Don’t bite the ‘freebies’ bait

6) Ask for penalty clause in case of delays: Developers are providing fancy timelines of project completion in 2 years or less
Townships don’t develop in 2-3 years

7) Ask for cancellation policy

8) Ask for re-sale policy

8) Stick to prime areas

9) Rates of ‘next-best’ options will fall faster

10) Go for homes which you can afford over your earning career

11) Bargain, bargain, bargain – remember the builder needs your money

12) Stick to city limits

13) Go for fixed interest loans (if your banks agree to provide you)

14) Get a term insurance for yourself (or the home loan will become a liability in case something goes wrong with you).
To read more, please, visit Realty Gets Real

15) Please, add your points in the comments!

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3 comments:

  1. UnknownSaturday, January 10, 2009 at 4:13:00 PM GMT+5:30

    I guess #4 needs more detailed explanation (unless you haven't posted it in other post). For eg.,
    * which documents should you check for while evaluating a property?
    * do these documents vary for re-sale flats?

    As an example, a builder I was negotiating with did not have the completion certificate (CC) for his building. Initially he told me that it was applied for, but could not furnish the application receipt. Please note in case the CC is not issued, there may be a serious problem with your building.

    I believe there are other similar documents that need a good evaluation (though we are not lawyers, we can superficially scrutinize). An independant legal opinion is a must (don't use the builder's lawyer -- he cares for the builder's interest only).

    -Amarendra Godbole

    ReplyDelete
  2. Unwinding HoursMonday, January 12, 2009 at 11:15:00 PM GMT+5:30

    Thanks for all your valuable tips. I have few queries: you have mentioned we should ask for certain things - will the builders be willing to give us in writing all that they promise? secondly, if the bank is providing loan, wouldn't they have already seen the documents?

    ReplyDelete
  3. AnonymousSunday, August 2, 2009 at 12:55:00 AM GMT+5:30

    How is Bavdhan area coming up, what could be rates for 2 and 3 bedroom flats in bavdhan area.

    ReplyDelete