Buying a house? Neglecting these factors can prove costly
A home is usually the most prized possession in one’s lifetime. However, neglecting critical aspects during a property purchase can lead to costly repercussions. In the vibrant real estate market, two main categories of property dominate: under construction and ready for occupancy. While a ready-to-move property offers immediate utility or rental income, buyers must be vigilant about several key factors when considering such investments.
The ownership status, commonly referred to as the title, stands as a cornerstone in property transactions. Verifying the authenticity of the title is paramount before committing any funds. This verification process entails thorough scrutiny of ownership records at the Revenue Office to ensure that the seller possesses legitimate ownership rights.
Furthermore, “examining property tax documents and mortgage records with financial institutions can shed light on any encumbrances or legal issues associated with the property. Engaging property experts or legal professionals proficient in conducting title searches can provide additional assurance and mitigate the risk of fraudulent transactions,” says Pradeep Mishra, Founder, Homents Pvt Ltd.
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Understanding the construction history and timeline of a property is instrumental in gauging its quality and intrinsic value. Typically, the age of a property is estimated at 70 to 80 years from the present. Delving into the construction timeline aids in assessing the property’s durability and market desirability. Collaborating with structural engineers or reputable firms facilitates obtaining expert insights into the structural integrity and future prospects of the
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