Five Things to Watch Out for When Buying a Home
Before Buying Property, Safeguard Against these Common Dangers
Jul 9, 2009
For most people buying property is a once-in-a-life dream come true, and it’s easy to get caught up in the enthusiasm and rush into the purchase because that particular bit of earth is just what is desired. Buying a home is, however, serious business and the prospective buyer needs to do a thorough check of several things before laying down his money.
Before Purchasing Real Estate: Check Who is the Legal Owner
The first thing to do is check the true ownership of the property that is being considered. Is the person selling the owner or a representative or a relative? Are the ownership documents in his name? Is the property address the same as that in the document? If the property is abutting forest or any kind of public land, also check if there the entire extent of property shown to you really belongs to that address, or if there has been an encroachment into forest or public land. It is necessary to know that the extent of land on ground tallies with what is shown on paper, not more, not less.
It might be worth the expense of getting a legal opinion on the authenticity of the ownership document, since it will save you years of ongoing trouble if you purchase a property that is not quite what it seems.
Before Buying Property: Check if there is Legally Valid Access
Access is arguably the most important point to check once it is clear that ownership is authentic. While this may not be a problem in large towns and cities, where every property and door number opens on to a road, it might be different in suburbs, boroughs and in the countryside. Landholding in earlier times involved large tracts of land, and it was not uncommon for one holding to access a road through another property. Today, however, that is unacceptable.
If access for the property being considered is by any chance through another property or through public property, this needs to be put on record, with some kind of inalienable agreement with the owner of the neighbouring property. If the access is through public property, it needs to be documented as an integral part of the ownership document.
Before Deciding on a New Home: Check with the Neighbours
It’s always a good idea to meet prospective neighbours. While it achieves the aim of being sociable, it is also a useful practice since neighbours are likely to spill the beans on any hidden secrets about the property, previous owners, long-term problems and history of owners. Check out also that there are no existing boundary disputes: while the total area may tally with the documents, nobody wants ongoing tussles on the dividing line.
Before Clinching a Property Deal: Check Out the Proper Value
Asking around is one way of locally verifying if the value of the property quoted is indeed a true value, or whether it is high. If possible, get someone else to visit and find out in the guise of a third party. Also check with official guidelines which should be indicative. Do not rush into the purchase because the place is a dream; it’s a question of a lot of hard-earned money.
Before Investing in a New Home: Check if Vitals are in Working Order
Make it a point to spend some time wandering around and checking those little details. If it a residential property, make sure the windows seal properly, the central heating is efficient, the plumbing works all the way. Think it through completely, and make sure that what needs to works, works. If not, remember that means spending on repairs, so it merits a discount on the price.
However attractive the property, don’t rush into the purchase. Take it slowly, visit a couple of times, check, check and check again, and then go ahead. When the decision to buy is finally taken, it will have been worth the wait.
