Buying property in the Tricity area (Chandigarh, Mohali, Kharar, New Chandigarh and Panchkula) is exciting but a very significant financial decision for people. Tricity region has a booming real estate market and modern infrastructure, it offers incredible opportunities for buyers to choose from different options available including choices in location, type of property or even the builder they trust. However, understanding the complexities of property transactions can be daunting without proper knowledge. Many homebuyers end up making common mistakes that lead to unnecessary stress or even financial loss.
Let’s look at the top 10 common mistakes people make and how to avoid them:
Since there are cities from two states(Haryana and Punjab) in the Tricity area with unique zoning laws, construction rules, and guidelines. On top of that Chandigarh region has its own unique zoning laws, rules and guidelines since its a Union Territory. So understanding local regulations can be a difficult task if you are exploring more than one city to find the one that suits you the most. Moreover, ignoring these can result in legal complications later. Always verify the land use, building approvals, and any restrictions before buying.
People sometimes don't confirm if the property has a clear title. This is one of biggest mistakes you can make. Always insist on checking ownership documents and ensure there are no disputes or legal cases tied to the property.
Ensure that the builder has received all mandatory approvals, including the RERA (Real Estate Regulatory Authority) registration, environmental clearance, and occupancy certificate. These documents will protect you from fraudulent deals.
Location is considered the king when it comes to real estate. Buyers sometimes focus on the property’s interiors but ignore its location. Check the neighborhood’s connectivity, safety, and access to essential services like schools, hospitals, and public transport. When new properties are constructed, these are generally in areas that are developing, this means that the amenities like schools, hospitals and general infrastructural development of the area will be followed by the emergence of population in that area. So, make sure you ask your advisor for the details on the overall development of the area in the next 5 years.
Many buyers focus only on the property’s price tag but forget to account for additional expenses like registration charges, stamp duty, GST, and maintenance costs. You might also need to invest in buying new furniture or decorating your new house as per your taste. All of this should be considered in the budget. Calculate the total cost to avoid budget overruns.
In Tricity’s growing real estate market, many new developers emerge regularly. Research the builder’s track record, project history, and customer reviews to ensure reliability.
Whether you're buying an under-construction or a ready-to-move-in property, inspect it thoroughly. Check for quality of construction, plumbing, electricity, and amenities. If possible, visit the site multiple times before making a decision.
Finding the right property can be tiring. Since one has to research on the available options, visit the site a few times, check up the legal work, check for the quality of construction, understand the amenities that are offered by different builders and compare them. All of this work can be sorted by hiring the right real estate agent. They will help you find the best options according to your needs and save your time and energy from being wasted on checking the wrong options. Real estate agents have the knowledge and connections to find you the best opportunities and also get the best price for you.
Buyers often overlook their loan eligibility or choose financing options hastily. Compare interest rates, processing fees, and repayment terms across banks and financial institutions to get the best deal.
Buying property is a long-term investment. Don’t rush into a deal because of the fear of missing out. Take your time to evaluate multiple options and make an informed choice.
Avoiding these common mistakes will ensure that your property purchase in the Tricity is smooth, secure, and satisfying. Do your homework, stay patient, and consult professionals when needed. Happy house hunting!
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