Due diligence is at the center of Home buying
December 9th, 2020
After being confined to their home for 8 months, prospective homebuyers have started to coming out for site visits, once again. This has led to an accelerated sale of homes nationwide. They are mainly looking at spaces with a designated study room or small home offices, automated doors & lights and co-working spaces in common areas. However, all this is possible due to the thoughtfulness of trusted developers who are factoring in the amenities that are needed during these times by the customers. Investment in a property either for your own use or for business purposes is a vital decision and it should be done with due diligence. Due diligence in real estate transactions refers to effective standards that should be adopted by each homebuyer before executing an agreement. By conducting due-diligence, homebuyers can evaluate the risks associated with the property they are planning to buy. Homebuyers can review the documents and ensure that the property does not have legal encumbrances. In easy words we can say that it refers to the owner doing his homework before signing the deal. One must allow a great deal of their time and attention towards studying the various property options, deals and offers provided, the neighborhood, compare facilities provided by different developers and the likely appreciation of the property in future.
With due diligence forming the core of a good practice, here is what the prospective homebuyer will get:
· Value for Money – Investment in real estate is the most lucrative, safest which results in high returns. Also, real estate value grows at exponential rates compared to bank interest or gold appreciation. Earlier, people were generally restricted in buying gold as a form of investment. Nowadays, homebuyers have understood that investing in property is a secure form of investment for their future, as well as for their children and generations to come.
· Legal aspects– Homebuyers bestow their trust in credible developers that comply with legal formalities and policies. Adhering to the RERA Act, The Registration Act, Land Acquisition Act among other laws is of utmost importance. Filing updated and accurate documents is also a very crucial task. Hence it is important to do a thorough check on their background before entering into any agreement.
· Property type– With WFH being in- vogue the world over, homebuyers are looking for the ideal home that can incorporate their personal and professional lives. Luxury as well as affordable housing is in great demand among homebuyers. Developers have also witnessed increased traction in plotted lands and integrated townships.
· Final Decision- The homebuyer can arrive at a sound judgment after scrutinizing all the available options and legal formalities required in the process of buying an apartment/home.
With an eye for detail and compliance to the legal formalities, a homebuyer can walk towards his dream of buying a new one. For many couples, buying a home is a new step in their lives and they can create this process into a memorable experience.
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