Property is the way to increase
your prestige as well as your wealth and that is the big reason that in India
everybody is keen to invest in property but it is not that everybody makes
profit in property investment. There are some people who burn their hands by
ignoring some important things and issues. Following are some big mistakes and
their solutions that you must follow.
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1) Lack of Motive - There should be a motive behind the buying of
any property. Are you buying a particular property for your own dwelling
purpose or just for investment? It should be clear in your mind as there is
difference in both. For investment you can buy property anywhere but this is
not the case for staying purpose. For making money you can take interest in
commercial property also. There is lot of return in it but it should be done
carefully. If your motive is clear then you would surly get returns or profit
otherwise your investment would be of no avail. For example many people invested
their hard earned money in purchasing the shops in malls in Delhi presuming to
get good returns but they did not get any good profit out of them.
2) Selection of right place - This is the matter where people are
deceived. Consider wisely about where you have to purchase property and what
your budget is. Save from purchasing many properties at a place. Think about
different portfolios like you do in share marketing. The place should be
according your requirements so if you want to stay there you should know about
the types of people living there, what facilities are there etc. Or if still
you are purchasing for investment purpose then consider about the rate of
appreciation per year at that place. For this get the details about geography,
history and possible plans in futures at that place.
3) Unchecking of title of property - You should know everything
about the property you purchase like who has the possession or title of that
property. Check properly all the papers of property and ensure no court case is
filed against that property. If you feel any confusion then take experts
advice. Your money is safe in the presence of legal papers as many of fraud
cases regarding land and property are in the lack of right property papers.
4) No information about Govt. authorization - If you are going to
purchase a flat then it is very necessary to know whether the builder has right
to start the construction or not. For this you should get information from DDA,
GDA, Awas board and if you don't get any satisfactory answer then take the help
of RTI. Govt authorization is of many types like starting of construction,
passing of property map, payment of property, completion certificate of
property etc.
5) Loan on property - Get the information if any loan has been
taken on property. If it is then you will be liable for paying that loan.
6) Information about the seller - get all the information about the
person you are purchasing property from. Purchasing property or flat from
well-known builders makes less chances of fraud.
7) Lucrative and fraud advertisements - People are easily taken in
lucrative advertisement of properties. In these advertisements there are lots
of things which in reality don't exist there. So be careful against these
advertisements.