What are the important things to consider before buying your own house?

What are the important things to consider before buying your own house?

Buying own house is a significant event in one’s life. In today’s scenario, a large amount is required to acquire own house. Some purchase a home through their savings amount.

Most of the people, strive to fulfil their own house dream through bank loans. We always wish to purchase homes built by renowned construction companies. But, securing a great home doesn’t depend on the construction companies.

The exact value for our invested money will be obtained only according to the Judicial documents related to the home. Before going for an agreement to buy home, documents related to land, approval for the building, etc. need to be verified.

The reliability of the builder or construction company needs to be understood enquiring many people. We can get to know about the house that we’re going to purchase by visiting previously constructed & sold homes directly and gathering information from the people who obtained those.

Information regarding construction companies can also be known through the Internet. Let’s see the five important things to be considered before buying your own house.

Inspection of Asset deed

The document about ownership of the land needs to be examined carefully. Through this document, we can clearly know who holds ownership of the house or the power to sell the house.

Any litigation related to the land can also be identified by this document. Scrutinizing the document related to property ownership through an advocate is recommended.

Verification of Approval Certificates.

In the current scenario, government and local administrations enforce several kinds of restrictions and regulations for building a home. If these conditions and regulations are met, then proper legal approval will be obtained for the constructed home.

Rain Water Harvesting, Drainage Facility, Cleanliness should be guaranteed. Proper Certificates need to be obtained from various departments like the health department, forest department, environmental department, etc.

Above all these, the approval document to start home construction should be obtained from the corresponding administration department. Homes constructed without approval document cannot be recognized as legal.

Encumbrance Certificate

Encumbrance Certificate is essential for assuring that there are no cases and issues related to the power of the house. There are chances for building owner and agent to hide house impediment relevant information.

In this regard, home buyers should be very cautious and proceed to home buying contract only after ensuring about no issues associated with power or financial responsibilities through encumbrance certificate.

If not, several issues are bound to happen after purchasing the house.

Project approval of the house plan

Violations like constructing a home in unapproved land, not obtaining proper approval for the project plan, building home contrary to the approved project plan, etc are happening in the real estate industry.

So, We should take care in such a way that there are no complaints about the house which we are going to buy or going to be constructed for us. It’s our duty to check whether the land is subjected to proper approval.

We must ensure that proper approval is obtained for building the house and it is constructed according to the authorized project plan.

If you buy home after ensuring things like these, then you can live there happily. Otherwise, legal issues will follow you.

Agreement for buying home

We should move to the buying contract only after getting satisfied with the verified information and reviewed certificates. We must ensure that all kind of information is written in the contract deed as promised by the house owner.

Details like construction, payment, the definition of residence, penalty (for buyer or seller) for failing to fulfill the contract within a stipulated time, should be clearly stated in the agreement. Any defects related to the purchased house can be rectified based on this agreement. So, all the details featuring in this agreement should be clearly ensured.

When purchasing a newly constructed house or starting a contract for constructing a new house, we should be very cautious in all the above-mentioned things. Then our investment for the new home becomes safe and meaningful.

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