Considerations To Make While Buying A Property


Considerations To Make While Buying A Property

Planning on buying a property? That should be good news! But, as good as it is, it is equally very complicated and crucial. While the entire process of buying a property is a critical one, there are many considerations that you need to make while buying a property, so that you don’t face any issues later on. There are many factors that may shake up your property buying plans for a while, which is why we bring to your attention certain elements so that you have them in mind while buying your property, and aren’t shaken up at any point in the purchase process. However, when you are making a deal with Vivansaa Group to purchase any kind of villas or apartments for sale in Sarjapur Attibele Road, there is nothing to worry about as everything you receive here will be valid and honest.

How much time do you have to make a decision?

How much time does the seller provide you to make a decision? If you see that the seller gives you enough time to consider all the pros and cons and approach him after you make a wise decision, it should be a good call. But, if the seller is in a hurry, and is pressurizing you to make a decision just quickly, consider it as a red flag. There could be some issues with the land, property, or anything associated with it, which is why he may want to get rid of the property at the earliest. However, there could be possibilities that the seller is genuine and has a valid reason for trying to sell off the property quickly. For example, if the seller is any NRI and wants to rush back to his country of residence, it is valid for him to make a deal as soon as possible. So, in such cases, you can always consider it legitimate. But then, be very careful as not all cases are so convincing. Thus, if the seller is in a hurry, try to find out the cause. If it is a valid one, consider moving forward with the thought process. If not, or if you are in confusion, it’s better to let the deal go.

How much money do you have available and how do you use it?

A deposit is always to be paid to the seller to confirm that you are going to buy the property. This deposit is generally 10% of the amount. After the deposit is paid, the sale agreement is created. And before the property is completely registered under your name, you will have to pay the entire amount. This is the general procedure that is followed. Then, there are other cases where you may be asked to pay a token amount just as immediately as a verbal agreement is reached. This amount could be from some thousands to some lakhs, depending upon the seller, the property, or other factors. But, the latter case is a little risky. It is unsafe to pay any amount of money until the sale agreement is created. Moreover, the government has banned paying more than Rs. 20,000 cash in property transactions, while also holding cash of more than Rs. 2 lakhs is barred. Also, remember that there are many big and small expenses that could appear while your purchase is on. Thus, you need to keep additional amount of money available. Things like registration charges, loan processing fee, stamp duty, and all other factors are not included in the property amount, so you need to consider an additional 4-5 lakhs available with you.

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