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What Are The Right Questions To Ask Before Purchasing A Property?
Real estate is always a good investment option. You may have heard the news about quick resales that fetch high prices, but rental income is a key part of real estate investment value. That’s because housing prices have historically increased very little. Renting creates a steady monthly income, like a classic dividend-paying utility stock. If your property has increased in value, it should be seen as an added bonus to your ongoing income stream. But real estate investing in residential or commercial property is not the same as low-cost index funds. Carpet Area – Most projects only declare super built-up area which means you will be charged per square footage. Never use with thick walls and some common parts. Carpet area is the actual area you will live in so it is important to understand how much carpet area is for the space. As per RERA builders cannot charge you per square feet rate based on super built-up area. They need to charge you only by the carpet area so it is important that you get a clear picture of it.
Quality of Construction – If the builder has completed previous projects, inquire with previous buyers about the quality of construction. You should also check the quality of the tiles and the brand of bathroom fittings they are using for your project. If he is using a third party contractor for the construction, you need to check the market reputation of these contractors regarding the quality of construction.
Other Costs – Generally the price is quoted as square foot rate and does not include GST, registration fee, club house registration and any charges not included in the price quoted by the builder. GST has affected the cost of projects so it is better to check the final price with all these charges before making a decision.
Check Completion or Occupancy Certificate – If you are buying a completed project they demand to see the completion certificate before your purchase. You can also check whether all the permissions have been obtained from the municipal authorities.
Litigation Issues – If you are buying from a single owner or resale property, check to see if there are any lawsuits or disputes about the property. A builder should also be able to provide you with contracts with landlords and clear documents showing that there are no pending lawsuits against the property.
Finally, each builder has a separate payment plan. If you need enough time to plan your payments and apply for a loan, make sure you get a detailed payment plan from the builder so you can manage your finances wisely. http://blog.pinclick.com/tag/house-for-sale/, http://blog.pinclick.com/tag/real-estate-india/ty-guide/
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