Buying property online – What you need to know

Today we are treated to a plethora of options when it comes to trading in real estate online. Whether you are buying or selling a property, looking for an agent or just learning about pricing patterns in your area, the online listings and real estate websites provide deep insights into the demand-supply of the real estate market. Many people prefer online as a way to avoid working with brokers.

If you are planning to buy property online, then there are few things that you need to keep in mind to ensure that your purchase happens in the smoothest manner possible.

  1. Check the legal approvals and licences – Once you find the property that you want to purchase, first check the paperwork. You will need to check for the RERA registration of the property, the approved plans, environmental clearance, parent documents of the land, title holder of the land, commencement approvals, encumbrance certificate, completion approvals and other related documents to water supply, electricity supply, etc. If you are buying a resale property, then check the status of the property taxes and ensure there are no pending bills. You also need to check that the property is not pledged to any bank.
  2. Bank financing the project – It is important to have banks that have pre-approved this project for loans. There are many projects that do not get funded by banks and if you are looking to finance your buy using a home loan then it is important to buy a property that comes pre-approved.
  3. Verify the total cost – Generally, all costs are not mentioned at the first go. There will be several additional costs that need to be clearly stated. Even the registration fee for the property will be a significant amount and it is important to know the total cost so that you can judge how much can be financed through loans and how much you will be put forth from your savings.
  4. Verify the builder – Carry out an extensive verification of the builder. Check if the land on which the property is being developed belong to the builder or is in a clear joint development agreement with the landowner. You can also check for testimonials and ask around to understand if the builder is reputed. You can even check on his previous construction to check for quality and pace of completion of the project.
  5. Size of the apartment – Check if the listed area is the carpet area, plinth area or super-built up area. There can be a significant difference between the three and for your understand only the carpet area is the one to consider as that is the actual size of the inside of your home without the common area additions.
  6. Check the social infrastructure of the area – The presence of workspaces, socials, hospitals, metro stations, and retail centres will increase the value of the real estate in the future.
  7. Check the average pricing of the area – You can find the average pricing of the area in order to judge if you are getting the best price. You will easily find comparative prices and growth of prices online on real estate tracking sites.

The most important point to remember is that you should never rush a property purchase. It is slow in comparison to other forms of investment. So be patient and take you time and do your research right before making your purchase.

At Pin Click we have our virtual property expo called UpperCrust which enables real time streaming to give an immersive experience to the buyer.

About Manik Kinra

Trying to build something awesome @ Pin Click #realestate. Earlier, created a large & 1st in India #crowdsourced design community @ Jade Magnet.

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