5 Questions To Ask a Broker When Buying a House
Buying a new house is almost like giving birth to a child. There are a lot of emotions attached to your decision along with dollops of excitement about owning it, but it does not come without a sense of anticipation. It is always better to have all the checks in place before taking the big step. With a certified & RERA registered broker, a thorough check on the developer & property and by asking the right questions; you can zero-down on your next home without much hassle. Moreover, RERA intends to make real estate transactions in India as transparent as possible.
Do you feel the universe is conspiring for you to go for that house-deal? Wait! Deep Breaths! Have you gone over all the details of the property along with your broker? Here are some essential questions to ask when buying a new house, especially to your broker:
Why this developer/project?
A broker is the bridge between you and the seller and let us not forget they work on commissions. It is, therefore, important to guess the motive behind him suggesting a particular project to you. Is it with your interests in mind or is there some bias because of the commission involved? Our suggestion- stick to your requirements and enquire about the developer. Ask around, ask the broker, ask, ask, ask. You may even look for reviews online, which is the easiest with the advent of social media.
What is the layout plan?
As far as possible we suggest you go through the layout plan and understand if the house has been built in accordance. You do not want to end up with the frayed-end of the deal. Also, while you are at it, ask to see the sample flat. Most of the gated communities, today, necessarily come with a sample flat to get you an idea of what you are getting into.
What am I paying for?
As per RERA, each state a defined area for which you should pay for whether it is super built-up area / built-up / carpet area. The super built-up area may include the lobbies, dry balconies and the likes. Ideally, the carpet area is 70-80% (can vary) of the super built up area. Why then, should you pay more? Hence, a checkpoint.
What are the legal documents to be checked?
It is in the nature of some projects to get stalled. Reasons can be many, but the consequent sufferer is only you. Even in the case of a resale, do not hesitate to bring in a lawyer and get the documents checked thoroughly. Right from RERA Registration number, Occupancy Certificate, Completion Certificate, Title Deed et al. Also, you may want to insist on the home loan clearance documents. The last thing you need is to buy a property that is disputed, financially or legally.
When do I get the possession?
Apart from the obvious reasons for wanting to get hold of the possession sooner, there are tax implications too. For you to claim that tax exemption of Rs 2 lakh on the interest you pay on the home loan, you must get the possession of the property within three years. Moreover, if you intend to put the house up for rent, you’d only end up paying the EMIs without any income coming in without the possession.
With Provident Housing, however, you are in safe hands! We deliver what we promise and our flagship projects like Provident Central Park, Provident Neora in Bangalore or Provident Space which offers flats for sale in Hyderabad; are the testimonies to our above claims. We understand buying a house is akin to new beginnings and we make your beginnings as delightful as we possibly can!
Happy Home Buying!