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Do The Research While Purchasing Real Estate Online

    IndianMoney.com Research Team | Wednesday, April 20,2016, 06:39 PM
 

Life is all about discounts. You want to buy a good smart phone at a cheap price. What do you do? You compare the price of the smart phone model you want to buy, across a number of e-commerce Companies. You then purchase the smart phone from the ecommerce Company, which gives you the highest discount.  You can also purchase a laptop in a similar way. You will be surprised what you can buy online these days….You can even buy a motorbike online.

Let’s take things to a whole new level. What about buying your house online? Is this possible….

How can you buy a house or property online?

A number of reputed developers advertise their properties on e-commerce websites. You have to visit these e-commerce websites where you can buy property, just at the click of a mouse. You can search for the property, based on the size of property you are looking for, the price you can afford and so on. All of this, without taking a single step out of your home. You can also see a 3 D model of the house you are buying, online. You have interactive features, where you get the feel of the house you want to purchase, real time. You feel you are staying in the house for real.

You are happy with the property. Now all you have to do is make a token payment online (also called earnest money), to show you are serious in making the purchase. This amount is not refundable unless you are not allotted the house you want. Due-diligence is very necessary while purchasing any property. You have to check property papers, before making your purchase. If you are buying a home online, you can do most of the due-diligence online itself. You can then make your purchase offline.

How to do your research before buying a house or property online?

Use Social Media and the internet search

You have to first check the reputation of the builder, who is advertising on the e commerce website. You have to go through other buyers opinions on this builder. You can do this by checking other buyer’s opinions through Facebook, Twitter and real estate forums. What do you learn about the builder from social media sites? You get information on the quality of construction (how good the builders projects are), does he complete the projects on time and his reputation in the real estate industry. You can visit the websites of courts to check and see if there are any cases against the builder.

Do your due diligence offline

Visit the project site of the builder

Do not be in a hurry to lock your purchase. (Sign on the dotted line). Buying a property is not something you do again and again. 

Visit the project site of the builder. See how the construction is progressing. There is a difference in checking the builders project online and seeing it in real life. If you see the project by visiting the project site and ask the right questions, the chances of you getting cheated, are pretty low.    

Check if the builder has the necessary approvals

You need to check if your builder has all the necessary approvals for the construction. You purchase your apartment online. No problem….you need to check the documentation. The title need should be clear and marketable. Check other documents such as commencement certificate before making your purchase. Get the documents of your house checked by a lawyer before you make the purchase.

Project must be pre approved by major banks for home loans

Banks would be willing to sanction you a home loan, only for certain projects. Reputed banks do a due diligence check on the property, before sanctioning your home loan.

These are good times… These are great times…. Homes being sold online? Who would have thought of this a few years ago?

 

 

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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