Buying or selling of property may be the usual matter for the property dealers, but it is a critical matter as far as individual is concerned. Normal people don’t know the right or wrong while indulging in the property’s buying or selling activity. Some of the tips can save your precious time and efforts. Always remember that commercial attitude or occasional attitudes towards selling or buying the property matters. It may be that the person indulging in the property for the very first time does not have the business-oriented attitude and sell the property less than the market value or buy the property at higher rates. But as far as the businessman is concerned, he/she will look after all the aspects related to the property and then proceed. Some important tips must be kept in mind while deciding to sell or buy the property. The property may be in rural or urban areas. They are the main concerned people who take all the headache of property management tasks.
Points to keep in mind
Based on practical experience, some of the points are enumerated below for your reference:-
Type of property: The most important point is that you should examine the type of property. The property may be that you decided to buy for residential purpose but is of commercial purpose. Likewise, some agricultural lands can also not be utilized for residential purpose or commercial purpose. You can buy the land and hand it over to anyone for commercial purposes but directly for agricultural commerce only. If you are selling any agricultural land, make sure that the same is written on the sale deed. Otherwise, according to some courtiers’ laws, you will be penalized for hiding the fact from the buyer. Either buying or selling, it is your responsibility to make your property clean from any dispute. In case any case is pending in the judiciary against the property, you should not go ahead with selling the same. Likewise, while buying any property, you must check the legal aspects and ensure that the property is registered in the seller’s name in the official records. In case the seller has made the registration deed in the name of the purchaser but does not has his/her name in the official records, don’t go ahead. It may be that records have not been updated and you should wait till then or search another property accordingly.
Documentary shreds of evidence: It has been seen that the places near industrial areas or outskirts of the developed cities, the population expands. The price of the property keeps rising in these areas. Accordingly, in these areas, people keep the trend to sell the property frequently. In this fast-moving period, often it happens that the name of any buyer could not get registered with the official machinery, and he/she sells the property to another person. It creates a disturbance at a later stage. So it will be better if all the documentary shreds of evidence are well searched before final purchasing of property.
Own financial capacity: It is one of the most important points that how much money you can afford. It is different that you have selected some property to buy, but your wallet’s weight will finally decide. Price of the property may be higher than your budget. In this way, it will not be better to purchase the same and money managed through a loan. Cut your coat according to the cloth.
Loaning facility: Always keep in mind that the financial institutes are there to provide the loaning facility. It may be that the individual does not have adequate money and need financial help from different agencies.
Online buying: Always beware of the fraudulent activities as buying or selling property is not a baby game. It may be of your hard-earned income of the life. So be careful in selling or buying the property online. Without physical viewing, verifying the next party’s credentials, without ascertaining the legality of the property, don’t go ahead. Always take suggestions from a senior member of the family or any professional company in this regard.
Identifying bad real estate properties
Investing in real estate investment seems to be the most luring offer for the customers who would like to invest in the same. Still, just like how one can earn quick money with real investment, they can also fall into difficult situations where people will have to lose their hard money badly. The idea may seem quite interesting on paper, but it may not come out as a good option to do when it comes to investing in reality. There are various kinds of properties in the market. Some are good while some are bad and while you are searching for properties or is in the middle of finalizing some purchase/sale of the property, it may require the investor to go through lots of paperwork, heavy fees and huge loans to meet deals of such investment. The biggest mistake an investor can make while investing in property is the chances of signing a deal of bad property. A property may seem to be a profitable investment, but the reality might be different, and they should make sure to avoid such deals which can lead to huge losses for them. An individual needs to judge bad property, and below mentioned factors would help an individual take the right decision timely.
Another important factor that will help an investor decide if the property is good or bad is its paperwork. The company must make sure to find out if complete papers support the property’s existence, ownership, registration, and legal existence. Such papers ensure that property is a good property, and there are no underlying risks with such purchase. The investor can thus decide on the purchase of such property.
The factors stated above will help an individual decide if the property subjected to purchase is good or bad, and if the same should be considered for investment.