In the property market, two types of properties are primarily available: The first is ‘under-construction’ properties, and the second is ‘ready-to-move’ properties, which are ready for use as soon as they are purchased. The biggest advantage of ready-to-move properties is that the buyer can either start using them immediately or rent them out to earn a monthly income.

Additionally, buyers of such properties do not have to worry about possession issues. Certainly, ready-to-move properties have their own unique advantages, but even then, it is essential to consider a few things when purchasing such properties:

Clear Title

In the property market, the term ‘title’ refers to the ownership rights of the property. A property itself does not state who its owner is; this information is only available through its documents.

“If you are planning to buy such a property, the first thing you should do is visit the Revenue Office to verify the ownership of the property. Before making any investment, it is crucial to ensure that the person from whom you are buying the property is its actual owner. Often, the actual owner of a property is someone else, while another person sells it. Such an investment could become a nightmare for you, and your hard-earned money could be lost in no time,” warns Pradeep Mishra, CMD, Oram Developments.

Apart from the Revenue Office, property tax documents can also help identify the title. Additionally, if the owner has mortgaged the property with a bank, the bank can also verify the ownership. You can also seek advice from well-wishers who are knowledgeable about property transactions or hire a professional lawyer for a nominal fee to assist with the title search.

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Construction Age

After confirming the title, you should find out when the property was built and the quality of its construction. Typically, the lifespan of a construction in today’s time is considered to be 70 to 80 years. Keep in mind that the older the property, the lower its price will be compared to newly-constructed properties. You can get a fair idea of the property’s age by talking to the residents in the area or property dealers working in that specific locality. If you wish, you can also take the help of a structural engineer for this purpose. Nowadays, several professional companies can provide you with an accurate assessment of a building’s quality and its future.

Basic Amenities

It is important to assess the availability of daily shopping facilities where you plan to purchase the property. Authorities and builders generally include provisions for convenient shopping in their projects, where you can buy everyday items.

“In the absence of this facility, you might have to travel several kilometers to meet these needs. In this era of online shopping and various apps, people often overlook convenient shopping options, only to realize later that the online shopping companies they relied on do not deliver to their location or charge extra for deliveries. Similarly, you should also consider the availability of educational institutions in the area. While you may not need schools or colleges at the time of investment, it is essential to consider future needs when purchasing a property,” suggests Mishra.

Welfare Association

It is advisable to find out if there is a Resident Welfare Association (RWA) operating in the area where you plan to buy property. In the absence of an RWA, you may have to rely on others for minor household repairs and security issues.

“Generally, RWAs take care of tasks like electricity and plumbing work. They are also responsible for security arrangements. Security is a primary concern when investing in any property, so it is crucial to evaluate this aspect carefully,” says Mishra.

By keeping these factors in mind when purchasing a piece of property, your investment will certainly be well-justified.