Mistakes to avoid while buying residential projects in Mohali

So, you have worked hard for years and years now to be able to purchase your dream home in Mohali or are looking for flats in Chandigarh. But you design and end up living with desolation in your home as it did not turn out as you expected it to be. If you are in this state, disarrayed with a year of ending up like this then this blog is to ameliorate your far. There are just a few aspects that you should never miss your notice. Luckily, one might as well get just the right location for living considering the relative closeness to the office or workplace, ease of availability of transportation in that area, amenities such as food palaces, educational institutions, medical care centers, and others keeping in mind your as well as your family’s needs in hope of having an idea, perfect home. But most of the times, in pursuit of perfection and sheer excitement of getting the keys of your dream home in your hands can make you commit quite a number of such an irreparable mistakes which you might regret later.

So, we present before you some of the most common blunders that you can and should avoid to experience a blissful, happy life.

·      Miscalculation of the finances

               If you are looking for residential projects in Mohali and have planned to take a home loan then making a fair assumption or calculation of the monthly income would be the smartest choice for a well-prepared buyer. This marks the most vital step in purchasing a residential apartment.  Often interested buyers commit the mistake of purchasing such a place which makes them burdened with a lifetime of heavy monthly EMIs, adding an extra dent in the pocket with the additional costs of insurance and taxes. One can easily avoid this by getting a clear idea of what one wants with careful planning and calculation. Check if what you are seeking to invest in is even worth the price point or if that is what you are looking for. Avoid being in this situation by carefully planning a budget, fixing it, and then sticking to it.   

·      Overlooking documentation of all sorts viz paperwork, legal verification of land paper, approvals, and so on

              Authenticity and documentation are also undeniably one of the most chief factors that come to play while purchasing a property. If this is overlooked one might end up losing everything, both their hard-earned money and the property itself. So needless to say, make sure to check if the documents of the property are even legal, authentic, and up to date. If you are opting for a home loan the bank itself upon approval from the bank, the bank checks all the parameters, documents, certificates. It is even better if the approval is from a nation Nationalized Bank. You might as well consider handing it over to your legal consultant for a thorough verification check just to be sure and to be on the safe side.

·      Lack of research about the realty developer and the background of the builder i.e. Builder’s Reputation

               In this modern era of tech and advancement, even though you can do a quick “Google Search” about the company, inside out finding its whereabouts, it is always advisable to do an in-person field check.  As we have all heard seeing is believing, see for yourself by visiting the area of the development to get an idea if you are really paying for what you truly desire. Talk to the residents who have purchased the older projects, asking about the whereabouts of the projects is always a good idea. It would not hurt doing some field research, after all, it is the matter of your dream home, make no mistakes. It is always natural and safe to purchase from a reputed, skillful builder with experience and a good track record of previous projects. You must also preferably buy properties from RERA Certified companies. As per the RERA (Real Estate Regulatory Authority) Certification, a builder is expected to register the project under the board. This ensures customers protection against fraud throughout the period of development of the project. So, a company certified under RERA leads to the formulation of a system wherein project delays, costs, quality, and other such related aspects are dealt with transparency.  Also, be sure to check whether the developer is over-leveraged or not. Builders who are financially strong and able to ensure timely completion of the project within the given time frame. For other details about the company, you should directly contact the concerned office for more transparency and other details.

·      Ignoring and overlooking other norms of RERA

              RERA binds all the commercial and residential real estate projects with land over 500 square meters or projects with eight apartments to register with the Real Estate Regulatory Authority for even launching that project. The agent or the builder’s registration is mandatory as well which ensures that there be no unfair trade means, aiding you in identifying frauds.  As mentioned earlier there are many benefits of RERA Certified projects. Suppose if you are looking or are prospecting to invest in an upcoming project in Mohali and if the promoter fails to produce the possession on time then that company is liable to pay you the entire amount back if you wish to leave and cut the deal of agreement. If you wish to stay then the builder has to pay you interest for every month of delay till the possession is fully furnished and produced to you. 

·      Blindly relying on the Promoter/ Real estate agent/ Broker

While prospecting for a RERA Certified project does save you from some risks, for things to work completely for your advantage NEVER blindly trust the agent. Rather do your own research. It is likely and obvious that the agent is direly seeking cessation of the deal, being persuasive, confounding you with the glittering facilities and perks.  Most often the broker can themselves be an agent of the company who is developing the plot, looking for ways to close the deal.

So, while taking the suggestion/ advice of the real estate broker does not be completely dependent or be lured away by what they are selling.

·      Dearth of research and study about the market itself

The real estate market’s dynamics keep on varying.  Before investing all of your hard-earned money over the years onto a property that you have been eyeing for so long now, see if it is even the right time for making the investment or not. Research not only about the dynamics but also about the various aspects of the project from previous ownership, type to the background of the developer. 

Thorough research about these aspects of our dream home would surely turn out to be worth the effort. 

·      Overlooking associated hidden costs

Check if the given price lost by the builder marks the additional hidden costs which might be levied while handing over the apartment. It is probable that the builder will throw in some extra charges where you might be running on a fixed tight budget. The extra charges can be imposed on the given things:

» Plumbing Cost

» Wiring Cost

» Maintenance Fees

» Transformer

» Funds for Association

»Property Tax

»Club House Charges

»Water and Electricity utility supply charges

»Other legal charges

 

A prospective buyer will always diligently study all the factors before making an investment. But the real estate market is prone to risks and people make mistakes. It is also certain that these mistakes will cost you a lot of money. However, these mistakes can be avoided by keeping in mind the above-explained aspects to avoid a bad investment and to embrace a luxurious life in your dream home.

If you are looking for real estate projects in Mohali integrated with a dynamic lifestyle but are still confused then the projects from the VRS Group are the best for you. Every project crafted so far has been made keeping in mind the needs and aspirations of the customers ensuring utmost satisfaction, bringing dream homes into reality since its inception. VRS is a trusted RERA Certified company that has brought many dreams into reality giving their customers the dream home they wished for. VRS is also one of the leading real estate companies in Chandigarh with years of expertise in the real estate market.

 For more details about your dream home visit vrsventures.com.