There can be several roadblocks to finalising the deal to buy your dream home.
What are these roadblocks?
Unclear documents
This is an important factor. Incorrect or incomplete documents are the bane when buying property. Make a check list of requisite documents – if any property doesn’t have any relevant document, keep away from it.
Inflated prices
There are multiple instances where prospective buyers discover at a later stage that the prices quoted by the seller are inflated in comparison to the rest of the properties in the area. Until the sale deed as not been signed, you have the option to back out of the deal in case the seller is not ready to negotiate the cost.
Defective construction
Every prospective home owner is advised to thoroughly inspect the property in question before signing on the dotted line. In the course of such site visits and inspections, if it is found that there are defects in the construction or the quality of materials used, it is wise to bring it to the attention of the seller and request changes. In the event that the changes are not made, one can decide against buying the property.
Inadequate permits
In order to construct homes in India, builders and developers require specific permits. These permissions need to be sought before building the project so as to avoid running into legal trouble at a later stage. If your developer does not have the permits required, you need to reconsider your intention to purchase property from him. A home is not an investment that you would want to take lightly, after all.
Rejection of financing
As we mentioned earlier, not every process is obstacle-free. One major source of worry for home buyers is applying for a home loan. At times, despite adequate care being taken, home loan applications can get rejected. In such situations, the prospective buyer would be unable to go forward with the purchase.
What is promised versus delivered
It is becoming quite common for first time home buyers to realize that the final project promised by the developer is very different from what is being delivered. However, it is important to understand that as a buyer, you are entitled to receive what has been promised in documentation. You can refuse to take delivery of the same unless it meets agreed-upon specifications.
Buying a home has to be a carefully thought out meticulous process. Skimming over details and settling on properties will only lead to disappointment and possible legal trouble at a later date. Steer clear of those possibilities and opt for peace of mind.