Tips While Buying A Property Of Your Choice

Buying a property is the most profitable investment in recent times. Properties of land and houses are the most valuable assets of man. With passing time the value of these properties tend to increase more and more. In the present times the rate of increase is extremely high for such properties. A property can be purchased either for present use or to sell it or keep it stagnant for the time being and sell it off later at a profitable price. Now while buying a property one must keep in mind certain things about it and go through them thoroughly before finally signing the agreement to avoid deception or some mistakes at a personal level. Whether for use or as an investment, property is a lifetime investment and even a trivial mistake could ruin the entire investment. First time buyers can get lost or face more dilemmas while buying property. Here are some tips that would help any person with regard to buying property safely:

• Choosing the type of property and price: First it is to be decided as to what type of property a person wishes to buy. It can be commercial, residential or industrial property. After this there are some other features to be given a thought like area of the plot, accommodation, preferred floor, the location, parking space, sizes of rooms, servants’ quarters, etc. Distances from markets, railway stations or bus stop, airports, etc must be included in the list beforehand so that after buying it is not a wrong choice made. Then the matter of budget should not be forgotten. However desirable a property may be, if your pocket is burdened, everything goes down the drain. Therefore the price range is to be determined beforehand and you should then proceed to make a choice and purchase. However slight compromises in price and location may be required during the transaction.
• Time of purchase: Now it is time to decide upon how much time the buyer has at hand. If there is a hurry to shift into the new property at the earliest possible time then there will be less time to go through every aspect of property buying with careful observations. On the other hand if there is no hurry to shift to the new property very soon or if the person is buying the property as an investment and would sell it off later at a good price, then there is no hindrance to a minute property check. In that case, the person should get hold of several proposals and collect information on them before choosing a final one. Also it would be better to reserve a property during construction itself. To know about various proposals the buyer can communicate with a real estate agent.
• Thorough check of the place: It is necessary to come out with a manual checklist of requirements and undergo a thorough physical check of the place while deciding upon the same. While making an appointment with the real estate agent or the owner of the property assign some time to go for a good inspection of the property. Check according to the checklist made as per requisition. Also check for the condition of the place, actual size of the house, floor area, tendency for dampness, air space, enclosed area, etc. Whatever is promised in the advertisement might not be found exactly matching with personal observations. Thus knowing what is going to be your own is not asking for too much. It would be wise to consult people in the vicinity to know more about the property on sale. Again there may be some aspects to compromise upon on your part.
• Developer and legal checks: After a checklist is made, a physical inspection undertaken and the price fixed, it is time for some legal checks. After buying a beautiful property with lots of money and love no one would like to fall under any legal constraints. Therefore along with the property make a note of the developer. Try to find out the credentials of the developer. Try to find out if correct information and every detail regarding the property have been delivered to you or not. Take some time and ensure that the property title is clear of any complications that may arise in future. Know the details of the status of ownership of the property and whether it is acquired from some authentic and competent authority. Also if possible, talk to previous holders of the property and learn about any potential problems they faced.
• Completion certificate: If the property is finally chosen, agreed upon and wishes to buy it, let a draft of agreement be drawn. This should be done only after all checking has been done and all settlements met out. The agreement should have every details of the transaction and the price paid. Check carefully that there are no hidden terms and clause regarding price or extension or reduction of property, etc. Have everything clearly on paper in writing. Check carefully for all charges applicable. It would be proper to have the agreement checked by a lawyer or legal person for any anomalies and have everything sorted out if any anomalies are found. Also have the deed checked by an architect. Putting aside a little sum of money for registration of property would be a worthy expenditure indeed.

These above mentioned tips could be helpful while making a final decision on a property to purchase, if seriously followed. No one would like to be deceived or make a wrong choice in such an investment as property. Thus it would be advisable to have some prior knowledge on property investment before embarking on the property hunting process. You should first decide on a particular property and once it is chosen, conduct thorough and extensive checks on the place. Thereafter, invoke legal help to make sure that everything is clear and concise. These tips will help you buy property in a safe and hassle free manner.