Investing in a new house or a property is one of the most important decisions in anyone's life. People save a lifetime and then buy their home. Before purchasing any property, there are things that you should remember to check - a checklist of property buying or a Property Buying Checklist.

This checklist applies to any type of property, be it an apartment or a flat, a commercial property or just the classic wealth builder land.

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The Importance of the Checklist for Property Buying

Before buying any property, you should check various aspects of the property. Else you would be facing a loss. The checklist itself is critical and should be a tool for you. A Property Buying Checklist is a tool that saves you from loss and helps you make gains when purchasing real estate.

The Importance of the Checklist for Property Buying

A Property Buying Checklist offers multiple benefits. Some of them are:

• Saves you from loss: This is a major one since you do not want to regret later about losing your hard-earned money.
• Helps you make a gain: If correctly followed you can save your hard-earned savings and get the best value out of it.
• Peace of mind: You don't want to lose your valuable peace of mind over a real estate transaction. You can easily be happy and at peace when you follow the checklist.

Keeping in mind the above points we have outlined a Property Buying Checklist. You should check out before buying a flat or property in your life.

Points to check before buying any property

The following is the list of things to check before buying any property:

1. Title

Whenever you buy a property, the first thing you need to check is the title of the property. Whether it is a 1BHK, a commercial space or a parcel of land, the property title is the most important aspect.

If the title is clear of any encumbrances and disputes, you can safely assume the owner can sell the property.

2. Location

The location of any property matters. You can buy a property as a flat at an upcoming location and expect it to rise in value in the near future. The location of a property defines its rate and in turn, its valuation.

The neighbourhood and utilities matter. If the property is surrounded and well connected by several utilities, it will demand a higher price and higher rent. A property in the interior of a city or town without proper access to transportation cannot command a premium.

3. Price Range

The seller of the property will always start with a higher price in mind. Hence, most of the properties have the pricing as negotiable. You should check if the asking price is reasonable and valid.

You can go around the neighbourhood and in the locality to ask for the local rates. Most of the time people are willing to share the current pricing and the prevalent rents in that locality.

Price is a factor, you should be able to determine a fair value of the property you intend to buy.

4. Property Quality

In the case of residential and commercial properties, the quality of the property matters. An old building will not command the same value or price as a relatively new construction property.

People are willing to pay the right price for the right quality. In the case of an old property in a dilapidated state, the pricing even if fair is not agreed upon.

5. Carpet Area

Always check for the carpet area when buying a residential or commercial property. You can measure the carpet area through some back-of-the-envelope calculations.

The carpet area should be what is being told to you. Many a time, a difference is there between the actual carpet area and the stated carpet area. As a buyer, you need to check the actual carpet area.

6. Hidden or Additional Charges

Enquire about additional charges you may have to incur when purchasing a property. You can directly ask the seller about the charges.

In commercial and residential properties, these are additional building/society funds, maintenance charges or municipal taxes that arise at specific intervals.

In the case of land, this will be mostly government or municipal taxes that may arise due to changes in laws or due to changes in the municipal limits.

Conclusion

We have defined the Property Buying Checklist above for you to clearly understand and keep in mind. Property buying can be a tedious task but it can be eased.

To help you make the correct real estate decisions, we can complement you. Connect with us for real estate advisory services for residential, and commercial spaces in and around Mumbai, the financial capital of India.