Buying a home is a major life decision a buyer makes after years of planning and building a corpus. While most people will tell you what to consider before buying a home, it is equally important to know what not to do. Below mentioned are a few things to be aware of before deciding to buy any property:
1) Fake Agents: Selecting a genuine agent is essential to eliminate any kind of fraud. However, without anyone to advice, the purchase could turn out to be one you would regret over. Also, many reputed consultants do not charge the customer. It is best to get some references for good real estate consultants in the market.
2) Non-RERA registered properties: RERA has made it mandatory for developers to quote the registration number in all their promotions, which means they cannot advertise a project unless it is registered with RERA. Buying a non-RERA registered property can put a buyer on the weaker side if he/she wishes to approach RERA to file a complaint about the grievance.
3) Very small unit-size: It is important to ensure that one checks the carpet-area provided by the developer. At times, 1 or 2 BHKs are too compact and may not be suitable for a large family. Hence, one must always keep a unit-size in mind basis their requirement.
4) Unpleasant Vicinity: Buying homes situated in high crime vicinities or near an industrial area can affect the resale price of the property adversely. A good neighbourhood with well-developed social infrastructure always makes a huge difference.
5) Disputed Property: There are times when a disputed property is sold illegally without informing the buyer. One must take help from a real estate consultant or a lawyer who can help verify the authenticity of the property and ensure the legal titles are clear.
By Amit Wadhwani, Co-founder of Sai Estate Consultants Chembur Pvt Ltd