The New Home Buyer’s Checklist

Did You Know

A home is our emotional and physical anchor. This makes the decision to buy a new home one of the most important decisions in our life. Therefore, before we sign off on a property, we must spend time evaluating legal hygiene, location, size, amenities, etc. Since there are a host of factors to consider, it helps to have a handy checklist ready when shortlisting properties.

Basic Checks

1. Make sure that you check all the documents. These include:
A) Title Deed: Does the builder have a right to the property? Or does he just have development rights?
B) Release Certificate: If the property you are buying is being resold, ensure that all loans taken against the property have been cleared. Get the Release Certificate from the bank.
C) Property Tax Receipts: If you are buying the property for resale, make sure to collect property tax receipts.

2. Check the list of banks financing the project. Since many developers have a lot of unsold inventory, they may not have funds to finish their projects and may not get loans from banks. This may result in you not getting your home on the promised date. So find out which banks are ready to invest in the project before making a decision. You can then approach a bank that offers the most attractive interest rates in case you are planning to purchase it on a home loan.

3. Check the developer’s past record. Verify the background by examining the builder’s past projects and making online enquiries. Also, make certain the land on which the property is being constructed isn’t under litigation.

4. Reconsider your future home’s size requirements. Buy a house that can accommodate your future needs. Is there enough room for children when they grow up? Is there storage space for all the knick knacks every family tends to collect over a period of time? Try and imagine if the house will fulfil your needs a few years down the line. After all, it is difficult to buy a new home at each stage in life.

Convenience Checks

1. Location. However attractive your home maybe, if it is very far from your place of work, it is usually a bad idea. Be practical. If you spend 4 hours a day travelling, you will be too tired to enjoy your dream home.

2. Proximity to essentials. You don’t want to spend an hour travelling to buy a kilo of onions or inconvenience the elderly and children in your family when you aren’t around. A couple of well-stocked grocery stores are essential. Also make sure there are good hospitals, schools and colleges in the vicinity.

3. Safety above all. Make sure the neighbourhood is a safe one. The residence you are considering should also come with advanced security systems and security personnel.

4. Signs of nuisance. You don’t want sounds and smells to spoil the pleasures of living in your dream home. Look around for tell-tale sign such as marriage halls and open kitchens of restaurants in close vicinity.

Lifestyle Checks

1. R & R. Even if you are not a social butterfly, you need to step out once in a while. Make sure your new home is within reasonable distance of more than one restaurant or club.

2. In-house Entertainment. Select a property that has an entertainment infrastructure. If your society is equipped with a pool and a good clubhouse, weekends will just whizz by.

3. Friends for neighbours. If you have friends and family staying close to the property you are considering, it is a brownie point. They can give you tips about the neighbourhood, and you can have each other’s company.