Things to Keep in Mind when Buying a House

Are you looking for houses for sale in Hervey Bay? Buying a new house can be confusing especially if it’s your first time purchasing residential property. Buying a house I a major investment and one which a person makes just once or twice except for real estate investors who do it almost on a regular basis. The following is a list of things which you should keep in mind when buying a new house.

Conduct a market analysis of the rate of the property

You know how much the house is going to cost, now make sure you do a comparative market study to ensure you won’t be paying more. Also it can help you steer clear of property which isn’t actually worth investing in.

Take a look at several other properties in the area get to know how much they are going for. You might need to visit different contractors and brokers to get a good idea.

Get all the information about the property developer

There are so many scams out there that you just can’t help being a bit more careful. Make sure you know that the developer has an impeccable reputation and can be relied upon. Most Hervey Bay Real Estate companies will have these on file.

Check whether the housing scheme is licensed and registered

Get to know that houses you are interested in buying have been granted a statutory certificate for work commencement. Whether it’s a licensed project or not.

Check the carpet area of the house

The carpet area refers to only the area which lies within the walls of the house. The complete size of the property includes the total area which includes the staircase and the lobby of the house as well. the carpet area can be around thirty percent less than the total area of the home so get to know how much exactly are you paying for and whether it’s worth investing in a property that size or not.

Get to know the timeline of the possession of the property

Delayed possession of property is a growing trend these days. So be mart and get to know the timeline of the possession of the property. It is necessary to register the property before actually taking its possession. Also if you don’t get the possession within time, the builder is liable to pay you a monthly penalty for all those months till when the possession is delayed.

Make sure you get the following documents from the builder

Get hold of all of the following documents during possession. These include

  • Letter of allotment
  • The original sale deed
  • A challan of the payment
  • Letter of possession
  • The original lease
  • Registration certificate

Before you take possession of the house, make sure all these documents are in hand.

Last but not the least get a clear copy of the sale agreement. It contains all the information about your home and also about the previous seller and all the necessary records re mentioned in it.