Things to remember while buying a new property This Diwali

Date : Oct 15, 2014

Buying a property is definitely a high point in life, be it for yourself or just for investment. Most of us are extremely excited during this process as it is a sign of progress.

A lot of people invest in property during Diwali, what with the builders laying out a red carpet for investors with make-believe deals and discounts that sound great. However, while we are all happy and excited about this new move, it's always better to be sure when buying real estate. Here are some things to watch out for and never ignore while buying a property.

Don't go for anything that sounds unbelievable
How often have you heard this saying —'There's no such thing as a free lunch'? Remember everything comes at a cost, sometimes dearly. If you find a property too appropriate and the deal too lucrative, it's time to sniff out the details. Make sure you research the market before you start house hunting, so that you are fairly aware of the rates. Do not opt for anything that sounds too good to be true. Even if you buy a property through distress-sale (that usually come at a lower cost), make sure you check and recheck every single detail — right from the documents to the history of the flat to the seller.

Be careful of aggressive sellers
Whenever you decide to buy a new property, you'll find several real estate dealers going overboard to get your deal done. Never fall for people who seem too pushy and aggressive, as there are a lot of real estate agents who have a tendency to use smart sales tactics to lure you into a not-so-good deal. They will lay out a red carpet of some 'now or never' offers that might sound overwhelming, make sure you do not fall prey to these tactics. Don't hesitate to say 'no' if you think a particular seller or dealer seems suspicious.

Believe your instincts
Your instincts are of utmost importance when it comes to making an investment that involves a huge amount of money. Make sure not to go ahead with if you smell something suspicious in the whole thing. Small things like constant delay in getting complete documents, seller's absence in meetings, society being aware about the seller, etc. are strong signs of something being wrong about the property.

Be wary of incomplete and excessive documents
Make sure all the property documents are in place before you decide anything. Incomplete documents are a sign that something is not right, ask the seller for all the documents of the property before you go ahead. Similarly, if you find a lot of extra documents, many of which are irrelevant to the property, there is a danger of being misguided.

Beware of quick deals
Any deal that happens in a jiffy needs to be looked into carefully. Property investments involved risk as it involves a lot of money. There are usually several layers of people who are involved in a particular deal just to make some quick buck out of it. Hence, take as much time to research the property, consult an advocate and show him/her the documents. If you think someone is trying to push you for a quicker settlement, step back.

Source And Coutsey By :- http://timesofindia.indiatimes.com/life-style/home-garden/Things-to-remember-while-buying-a-new-property/articleshow/44811336.cms