The property is an excellent way to increase your wealth along with your status, and that is why everybody in India is interested in buying a property, but it is not that everyone has the advantage in it. Many people are also like that because of making some mistakes; they burn their hands on it. There are eight similar mistakes and how to avoid them.
1. Lack of goal: There should be a motive behind real estate investments. Are you buying a house for yourself or just for an investment? You must have this clarity in your mind. There is a lot of difference between these two.
2. Choosing the right place is a big issue: When you buy a property, invest by thinking correctly and seeing your budget. Avoid buying lots of properties in a location. Think of different portfolios like stocks. The place should be such that you are well-meaning, if you want to live there, then find out how people live there, what facilities are there, and so on. If you are also buying property for investment, then see how much appropriation it will have in that year.
3. Do not check the title of ownership: When you plan real estate investments, you should know everything about it, such as who has the right to own it. That is, who has the title? For this, you should ask for documents. Also, see if there is no lawsuit on that building. Your money will be safe from the right papers because most cases of land or property fraud are in the absence of permanent papers.
4. Knowledge of government permission: Not knowing the permission of the government if you are going to buy property, see if the builder has been allowed to start construction or not. For this, the concerned departments like DDA, GDA, Housing Board, etc. should inquire and if they do not get a satisfactory answer, then support RTI.
5. Is any loan availed on the property: Find out the loan on the property that no loan is availed on the property. If this is the case, then the responsibility for its payment will be on you. It will not be easy to know, and you may have to work hard for it. Many builders have lent their investors in such a way.
6. Information of real estate consultant:- The information of the seller from whom you are buying a property, how are people! It is also important to know this. When purchasing a flat from a builder, please see how many houses he has built. It shows its potential. Also look at the company’s balance sheet. It leads to his financial situation.
7. Advertised: Properties with very deceptive advertisements are printed, and people get into a hoax. There are plenty of things in these ads that are not there. Then there are many things which do not mean too much. Obtain this information, whether or not you will get the fittings you see in the houses mentioned in the commercials.
8. Know the rules and regulations: Do not know the rules and regulations, where you are going for real estate investment, get information about the rules and regulations. There are different laws in many cities. There are many types of legislation and regulations in many housing societies.