In the property market, two types of properties are primarily available: The first is ‘under-construction’ properties, and the second is ‘ready-to-move’ properties, which are ready for use as soon as they are purchased. The biggest advantage of ready-to-move properties is that the buyer can either start using them immediately or rent them out to earn a monthly income.
Additionally, buyers of such properties do not have to worry about possession issues. Certainly, ready-to-move properties have their own unique advantages, but even then, it is essential to consider a few things when purchasing such properties:
Clear Title
In the property market, the term ‘title’ refers to the ownership rights of the property. A property itself does not state who its owner is; this information is only available through its documents.
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“If you are planning to buy such a property, the first thing you should do is visit the Revenue Office to verify the ownership of the property. Before making any investment, it is crucial to ensure that the person from whom you are buying the property is its actual owner. Often, the actual owner of a property is someone else, while another person sells it. Such an investment could become a nightmare for you, and your hard-earned money could be lost in no time,” warns Pradeep Mishra, CMD, Oram Developments.
Apart from the Revenue Office, property tax documents can also help identify the title. Additionally, if the owner has mortgaged the property with a bank, the bank can also verify the ownership. You can also seek advice from well-wishers who are knowledgeable about property transactions or hire a professional lawyer for a nominal fee to assist with the title search.
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Construction Age
After confirming the title, you should find out when the property was built and the quality of its construction. Typically, the lifespan of a construction in today’s time is considered to be 70 to 80 years. Keep in mind that the older the property,
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