Common Traps While Purchasing a Flat

Most people dream about buying a home of their own one day, right from their very first job. Since buying a home is an expensive affair, it requires a sizable amount of funds saved over a significant amount of time. However, buying a home isn’t as simple as going grocery shopping – it involves a lot more planning, researching and effort – aside from the expense!

There have been a lot of cases of fraudulent builders and agents who have trapped homebuyers by taking their money and disappearing, providing them with substandard homes, or even building on properties under dispute. The list of sham activities is long and a major reason why you should tread with utmost caution when buying a home. Just because a home looks awesome on a glossy brochure or some new swanky-looking apartment complex, don’t get carried away and buy your home on a whim! Tread with caution before investing in your dream home as there are many traps you could fall into. Here’s a look at some of these red flags:

Out-of-Line Property

There are some unscrupulous builders who aren’t bothered about how they obtain land for building. Quite often, the land used for building apartments doesn’t have the mandatory permits or is under dispute or there are some encumbrances attached to it. In such instances, the builder sells the apartments and moves on; afterwards it’s the apartment owners who have to deal with the insecurity of losing their home and hard-earned savings. To avoid falling prey to such shenanigans, insist on getting a copy of various building permits, design approvals, recent tax receipts of the plot as well as land title deeds. You can also go to the local Sub-Registrar’s office and ask for past land ownership records to ensure there are no liens or litigations attached to it.

Research

This is one step that many homebuyers easily forego and become victims to later. With easy access to online information, you should research on the property first. There are numerous online forums where people share their experiences for various builders to help guide you towards the right property. Verify the builder and the property’s documents before signing anything. Most big brand builders have a reputation to maintain and are consistent in using superior quality products and delivering timely on their promises.

Location

Don’t depend on online information or Google maps alone; take the time out to make physical visits to the location where you are planning on buying a home. And just because you love the flat doesn’t mean you should ignore its location. You shouldn’t take the builder’s word on availability of infrastructure or great neighborhood either. Scout out the area at different times of the day to check for traffic snarls, neighborhood pollution or crime issues. You should also be sure that the location serves all the needs of you and your family. Finally, do check if home costs are on the rise or decline in that location.

Fraudulent Dealers

To protect homebuyers from unreliable agents who are only interested in their cut of the profit, the government came out with the Real Estate Regulation and Development Act which makes it mandatory for all builders to register their projects with the RERA body. Once a property is registered with RERA, homebuyers can easily get quick legal redressal to any unscrupulous act by the builder. Hence, steer clear of real estate agents and builders that haven’t registered their projects with the RERA body.

Documents

Before signing on any sale document, do check for all the mandatory documents and paperwork pertaining to the flat you are buying. This includes plot ownership deed, design approval, building completion approval, Occupancy certificate, previous tax receipts, etc.

But if you are buying a flat in Thrissur by the much-awarded Vishraam builders, you can be sure you are safe and in for a transparent transaction experience. With the experience of having built over 45 projects across a span of 21+ years, the highly-skilled Vishraam team boasts of having constructed delightful homes for over 2000 happy customers. What’s more, every Vishraam home is strategically located in a well-connected area and comes fully-loaded with amenities that only serve to enhance your lifestyle.

Come visit a Vishraam home today and see for yourself!