Top 7 Things To Consider While Buying a Residential Property
- July 22, 2020
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When you’re looking for properties in Hyderabad, it is essential to understand the intricacies involved with concluding such a large transaction to avoid disputes or legal hassles later on. There are many lucrative residential properties in Hyderabad for sale, including new residential projects to resale properties.
Irrespective of which property you choose, there are things you need to consider to ensure a smooth transaction and complete peace of mind. In this article, we would discuss some of these factors –
Verify the Builder
It is essential that you do a credential check of the builder. There are many properties that are under construction in the area that is still under litigation. Verifying the builder, including checking the previously completed projects and ongoing projects, would help get some insight. So, next time you see ads for independent houses for sale in Hyderabad below 20 lakhs, first verify the builder before going ahead.
Area of the property
This can be particularly confusing for buyers, especially first-time buyers. The area of any property is classified into three categories, which are –
- Carpet Area – It is the tangible and usable area of the property.
- Built-up Area – This includes the carpet area plus the area taken by the walls inside of the property/apartment.
- Super Built-up Area – This includes the built-up area plus a proportionate sum of the area of the common area of the residential complex.
These days’ builders offer a ton of amenities to attract as well as offer value to the customers. Check the amenities offered and visualize your life there, and if it aligns with your vision and budget, go for it.
Residential complexes have a tie-up with reputed banks to offer easy financing options to the buyers. These banks have checked and verified the properties legally, and their backing help builds trust among the customers. It helps customers get financing quickly once they decide to purchase.
Is Project Government Approved?
One of the easiest ways to clean the hassles involved with buying a new property in a residential project is to ask the developers about the government approval documents and clearances. Such certificates help in assuring the project is well-vetted, and there’s nothing to worry about in going ahead and signing on the dotted line.
You need to get the title deed of the property you’re interested in buying. It outlines the history of the property ownership and helps the buyer confirm if the seller has the complete authority to sell the property. Whether it is individual houses Hyderabad or 2 bhk flat in Hyderabad’s, getting the title legally searched is essential.
If the property you’re buying is a resale property that was on a bank loan, getting a release certificate from the bank is essential to ensure the bank loan is paid off and that the property does not come with any financial obligations whatsoever.
There are many other factors you should consider, like the neighbourhood, area, nearby development, connectivity, and so on. Take your time and do not hurry as it is one of the biggest purchases of your life, and any negligence can lead to unwanted hassles later on.