Tag Archives: real estate

What you need to know while buying a home.

Buying a home is a big legal and financial commitment.

Now that we have got the attention of all the home buyers out there, let’s move on to the next question: What should one look for while buying a house? What adds the adjective ‘dream’ in home and in home buying experience? The exact answer varies in every case and for some, buying a house can be a more overwhelming process than for others. Here are a few pointers that will help:

Your home: Day and Night

The windows that let in so much light during the day may attract sly peeping toms at night. Your windows might open up to a peaceful view in the day time, but the seemingly quiet residential street may be just a hub for rush hour traffic at night. The park in the neighborhood might look unsafe/deserted at night. The shady tree right outside might be a brutal punishment during autumn. So check, check, check.

Talk to neighbors

More often than not, a helpful neighborhood is the key. You don’t want to be in a community where no one cares or knows about each other. Knock at doors and ask questions, how much ever silly they sound. Afterall you don’t want your kid to have no one to play with. Neither would you want to make STD calls to your best friend every time you have a gossip or some issues, right?

The sellers are the boss!
Get into the history of the house. What issues did the previous owners experience? Were the issues fixed? If you need something fixed, will you get help easily? After clearing your minutest doubts, get a home inspection done. Fix all the anomalies before you move in. Knowing what needs fixing can help you negotiate a lower price. If nothing, you’ll at least be prepared for costs you’re soon to incur.

‘Once the view, always the view’ is a fad.
Make sure you inspect your neighborhood area and buildings and you know what you are signing for. There could be tear downs that might restrict your awesome ‘priced’ view that made you sign the dotted line and purchase the house in the first place. You want to be prepared for any mammoth structure that could crop up close to your house and affect your light or the way your house looks or your view.

Taxes/ Land prices
In some areas, houses are re-appraised. What could feel like a great deal and a good investment may not remain quite so grand if the property taxes are re-appraised year after year.

Once you are done with the external factors, do a detailed internal introspection. Check the drains, the windows and the faucets. It’s your dream home after all. Don’t hurry up with your decisions or else it might turn into a nightmare.

Don’t let real estate developers spoil your home dream

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By Amit Shanbaug,ET Bureau

Satish Menon, 68, and his wife Vijaya, 64, have been waiting for nearly 12 years to move into their new home. In 1999, they had booked a 2-BHK house in Navi Mumbai, measuring about 800 sq feet. Even though the building is almost ready, they haven’t got possession of the house due to some legal issues.”The property cost was about Rs 7 lakh then. Since we had some savings, we paid most of the money to the developer,” says Menon. “Since the builder had not taken the requisite permission from the authorities, the building did not get any electricity or water connection. Then someone filed a claim suit and now, even though the structure is ready, the matter is in court and the developer has not yet given us possession to the property.”
According to his wife, Vijaya, the developer has been assuring them that they would get the possession soon. He is, however, not willing to refund their money. “We won’t be able to afford a 2-BHK at the prevailing rate. Some others who had booked a flat in the building are contemplating a legal case against the builder, but another case will only delay the possession,” she says.Do your homeworkThe story of the Menons is not an isolated case. Very often, home buyers are staring at a bleak future, with no light at the end of tunnel: legal issues, monetary problems… the reasons may vary. But many buyers, especially in upcoming projects, are often taken for a ride by developers, and only a lengthy legal battle ensures a refund of their money.

Home-buyers should first do some homework before signing a contract with a property developer, says Ravi Goenka, an advocate with Mumbai-based Goenka Law Associates. “It will be very difficult to get back your money once paid, as a lot will depend on the conditions mentioned in the agreement between you and the builder,” he says.

A customer, after zeroing in on a property, has to pay a booking amount to block the property, and also sign an ‘agreement for sale’ with the builder, points out Goenka.

“Customers are liable for refunds on the cancellation of allotment, but many builders include a specific clause pertaining to refunds in the agreement, which may or may not favour a full refund. The percentage of amount deducted could vary from 5-10% to 20-25%, depending on the developer and prevailing market conditions,” he says.

Source: Economic Times: http://economictimes.indiatimes.com/markets/real-estate/realty-trends/dont-let-real-estate-developers-spoil-your-home-dream/articleshow/9489040.cms