Weekend Homes - More than just a getaway
Another reason why weekend homes have been gaining popularity over the last few years is the sheer amount of money and patience required to purchase a house in a metro. An investment in a weekend home is a relatively cheaper option and gives the tranquility that one might be craving for. However there is a laundry list which one must make before investing in a weekend home.
• Location: The basic thing to keep in mind while investing in weekend homes is the location. This very important aspect also determines the price of the property to a great extent. The property has to be within close proximity to the primary place of residence so that it is reachable in a short time span. It should have more appealing surroundings.
• Proper background check on the builder and agent: A background check will reveal the quality of the projects the builder has undertaken in the past, the kind of materials he uses, adherence to quality standards etc.
• Security: There are all chances that these homes might be located in off-beat locations which makes a background check on security issues very critical. The builder has to pitch in with additional security systems in such a case.
• Encumbrance-free property: This is important in case you are buying the property from a builder/seller who does not have a good and marketable title as it could lead to unnecessary litigation and legal hassles. Title of the property has to be clear. Check with the registrar’s office if the sale deed is in someone else’s name.
Further, If you are buying the house directly from the builder, you need to keep a note of these documents
• Allotment letter: This will have details of the agreed price, payment and construction schedule, house plans, delivery date and the builder’s liability in case of late completion or problems after possession.
• Original sale deed: If you are buying the property from a private developer, you need the original sale deed between the developer and the first buyer.
• Payment challan: This is the proof of the payment deposited in the account of a seller by the buyer in the bank.
• Possession letter: from the urban development authority or the seller
• Lease deed in original: This should be a registered document.
• Completion certificate: It confirms adherence to municipal requirements and eliminates chances of demolition of the building.
If you are buying the house in a second sale (as in not directly from the builder), then you need to get all the documents which were exchanged between the first buyer and the developer.
These include:
• Registration certificate: Of the cooperative group housing society
• Allotment letter: A similar document containing price details, project timelines
• Payment receipts: These are previous receipts that show the full amount that has been paid to the society at the time of getting allotment
• Possession certificate: by the local authorizing body
• No-dues certificate: given by the housing society that shows there are no further dues so that there are no hidden charges that crop up later
Source : 99acres
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