Important Things you should crosscheck Before Buying Property from any Company

  • Posted by: Vidya Kavitkar
  • 25th February, 2021
  • 125

Buying a property is the most crucial decision for a buyer. It becomes a challenging task because as you start shortlisting the properties you get more confused with so many companies, so many projects, amenities, offerings, locations, and attractions.  Buying a home is a special investment that we make for a lifetime and one wrong decision can spoil everything. Therefore before making the correct choice one must ensure that the company you choose deserves your trust and money! Here some

factors to crosscheck before buying a property from any company.


5 Company Factors to Consider Before Buying Property/Home

factors to check before buying a property

1. Credibility and Trustworthiness

Before shortlisting a property one of the most important things to crosscheck about the company or builder is whether they are trustworthy or not. Verify the company’s complete background, their current or upcoming projects, and check their credibility by asking existing customers. Invest your money in a property that belongs to a reputed real estate developer who deserves your trust.

2. Approvals and Paperwork

approvals and paperwork

Verifying the builder’s paperwork such as commencement certificate for work, environmental clearance, and approved building plans is also an important thing to consider before buying the property. Also, ask the builder for all the required documents and verify them to get the actual status of the property. The important documents to cross-check include, Title Deed or NOC (no-objection certificate), Release Certificate, Encumbrance Certificate, Property Tax Receipts, and other approval certificates to make sure that the entire layout has been approved by the development corporation and the local bodies of the city. Check all the documents to verify whether the builder has full rights over the property or if there is still an unpaid loan on the land or whether the land is free from all legal dues or not.



3. Community Feedback

The community of the existing occupants can speak a lot about the company’s reputation and credibility. Ask the existing customers to give their feedback on the quality of the construction, amenities offered, ambiance and connectivity but most importantly ask whether the company offers transparency and clear communications to the customers. Staying consistent with their commitments, fulfilling all their promises and a happy community of satisfied customers is what makes a company trustworthy.

4. Experience, Commitment, and Quality

While choosing a property trust the reputed builders and companies who have had years of experience in the field of real estate. To know whether the company is the correct option or not, check for how many years they have been around in the business, the core values of their brand, and whether they have any legacy or not. Quality construction and a no-compromise approach are the two strengths of a good company.



5. Transparency and Communication

transparency and communication

The true identity of a trustworthy company is that they have complete transparency in everything including transactions, paperwork, commitments, and most importantly in communications. A reputed company prefers clear communications and business ethics which help their customers instead of confusing them. They will not only communicate what is to be included in the purchase but will also help you through the process and guide you at each and every step of making the purchase.


5 Personal Factors to Consider Before Buying Property/Home

1. Stability of Income

Doing well in your work and earning good money may excite you to buy property at the moment. But it is very important to analyze your financial condition before making any big purchase. How stable your job is at the moment, will your salary increase in some time, what are your other expenses and how safe is it to invest in an asset are some of the most important questions to answer. If you’re uncertain of your future income situation, then picking up a mortgage isn’t a really good idea at the moment. Wait for some time and save more money for a down payment.

2. Credit Score

A credit score is a statistical number that depicts a person’s creditworthiness. Lenders use a credit score to evaluate the possibility of a person to repay his debts. It also determines the rate of interest at which the mortgage will be given if it gets approved by the bank or creditors.

3. Real Estate Scenario

What is the real estate trend in your area? Are the property prices going upwards or are they in a stable state? If the prices have gone up, will your finances allow you to make that purchase? Some areas of your city may be attracting a lot many builders hence the rate of property might be on an upsurge. If the prices are going down, you may be lucky in buying your desired property at an affordable rate.

4. Expectations from the Property

Buying a home may be for different purposes- it could be for your own use or maybe your second home i.e. investment. Since investing in real estate is considered to be the safest bet, many people buy homes and put it on rent to get returns. If you are buying it for your own purpose, you may prefer a specific locality or a specific area, but if buying for investment, you may overlook such points and just concentrate on buying the property that will suit you the best.

5. Personal Commitments

What are your personal goals? What expenses do you see in the near future? Are you getting married or planning a baby? What are the expenses that may delay your mortgage buying? All these events will incur heavy expenses and may delay your property buying task. Ask these questions to yourself and consult your dear ones before planning to make buying a property.


Conclusion

We have now established the features to look for before deciding on buying a property from any real estate company and the points to be (self) check listed before buying any property. However, the point to be noted here is that any company (if not this) has its own specialties, strengths, and values; around which the company runs and serves its customers. Thus, it is important for you to understand and recognize your needs and what you want from a company and try to find one that compliments and benefits you. The rest of the process will fall in place!

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