Consider These 5 Tips beforeBuying a House

As a home buyer, you might have got a home loan approved after shortlisting a house you wish to buy. You might be of opinion that you have achieved the half of the work and expecting a smooth process ahead. However, the work doesn’t end there itself as you might have to prepare yourself against any traps your builder might throw your way.

When you are on the way to enter into an agreement with a developer, you must consider some important points. 

•  Actual size of the house

The agreement that you come into terms with your builder states the size of the house that you are purchasing. But, in some cases, it may so happen that a clause stating "designs, plans, specifications are tentative and the developer reserves the right to make variations and modifications" might be included. Hence, in such circumstances, it is advisable that you do some research before going ahead with the builder. What else you could do is that you could try and include a clause in the agreement which states the maximum and minimum size beyond which the builder cannot increase or decrease.

• Actual price of the house

It is advisable that you check the agreement for all kinds of applicable charges. You might have to pay for the utilities cost such as water, electricity, many kinds of taxes, parking space, and in some cases even registration charges. It is also advisable you get the agreement checked by a lawyer for any hidden charges and get the anomalies (if found) rectified by your builder. If in case, the builder happens to charge extra for altering the original plan, you can surely ask for the sanction letter which is provided by government authorities for such changes.

• Date of possession

It has been found that usually the agreement mentions a tentative date of possession. But, in some cases the builders have delayed the possession by more than a year. Hence, it is advisable that you personally check the progress of the construction on a timely basis.

• Carpet area

Basically, the carpet area is nothing but the area of an apartment or building which excludes the area of walls. However, carpet area could be 15-30 per cent less than super built-up area too. Hence, it is advisable to buy a property based on the carpet area. You must also make sure that the same is mentioned in the agreement.

• Completion certificate

The builder is required to provide a competition certificate while handing over the house to you. This certificate is generally issued by municipal authorities which establish the building complies with its approved plan. This certificate is needed by you for the registration of your house and other government formalities.

If in case, the agreement does not mention the certificate, you must make sure that the agreement has a clause which states that the builder will provide the certificate while handling over the house to the buyer.

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