10 Property Inspection Mistakes to Avoid Before Buying Home

Before buying a home, we do a lot of research work like location, size, rates and facilities. Next, we focus on legal documents like possession certificate, encumbrance certificate or home loan, but what we often forget is property inspection. And forgetting property inspection is a mistake we should never make as inspecting the home you are going to purchase is your right and of course, no one wants to feel disappointed after buying a home.
Even when we do not forget inspecting the home, we consider that we can inspect the home ourselves as it is a cheaper option. But hiring a professional building inspector is necessary as inspecting a new home is difficult and a professional building inspector knows where to focus on. But this is not the only mistake we people do regarding property inspection. So, to help you all in this article we will mention 10 property inspection mistakes that you must avoid before buying a home. Here, have a look at the blog!

Not Having a New Property Inspected
Never ignore inspecting a home before buying. No matter if the property has all the legal work done and passed all the formalities, you must inspect property by hiring a building inspector. So, check if the property is accurate in shape or does not have any problem with the exterior and strength. Don’t blindly trust the builder or the contractor as they are just the brand or have a good reputation in the market and have to maintain it by selling more homes. So, it is better to inspect your home rather than trusting builders.

Not Hiring a Home Inspector
Many of us ignore the fact that hiring a property inspector is very important. We obviously cannot inspect a home like an inspector can do.  A certified professional building inspector can help you in knowing the flaws that were hidden from you by the seller. Thus, hiring a home inspector is important.

Not researching the inspector
Many home buyers ignore to research the inspector properly, they go with any inspector that is recommended to them. But to check that the inspector who is going to inspect their home is very important. Because the property inspection is only as good as the inspector. And a good inspector can easily analyse the strength’s and weakness of a home and can easily explain it to you.
You should ask the inspector a few questions before hiring him to inspect your home and here we have mentioned a list of questions you should ask:

• How long have you been inspecting homes?
• What are your qualifications, training and certifications? (To check if he is a certified professional building inspector)
• What was your job before you were a home inspector?
• How many inspections have you done till now?

Not attending the inspection
Not attending the inspection is not at all a good idea, being present at the time of inspection is not mandatory but it is useful and helpful in the near future. Many people think only reading the inspection report can make the work done, but if you have not seen the inspection yourself, you won’t be able to understand it.

Yes, inspection may take an entire morning or afternoon, but setting the time aside, inspecting your house with the building inspector is the best way to learn about the budgets you need to spend in near future. You can ask questions of the inspector and you’ll get to know more about your new home. Even, a good inspector can give you a correct estimate of how much you’ll need to spend on the repairs or upgrades, which is actually very informative.

Ignoring the Inspector’s Advice
People often ignore the advice given by the inspector just to avoid the expenses. Yes, expenses might be troublesome for your pocket, but it won’t let you be in a big trouble in near future. Because once you have invested in the property, you cannot step back even if you find a big damage or defect that was hidden. So, gather as much information as possible from the inspector.
For example, if there are cracks in the walls or pipes and a special effort is needed to identify them, then an inspector being an expert, can judge the condition of walls and pipes like we cannot, and once the issue is found, we cannot estimate the budget or the way to rectify the issue, here, also the inspector can help us by giving an approximate budget that we have to spend to rectify the issues. And the best part about inspection is that you can get an approximate budget right away from an experienced building inspector and you can reconsider your decision of buying that house or revaluate your budgets.

Not doing the research yourself​
Trusting your home inspector is a good decision, but there are some minor aspects that you have to check yourself, like checking the space in the kitchen, maybe according to your requirement the kitchen is small, but as per inspector, the kitchen is of adequate size. Thus, to inspect your home you need to be present at the inspection and check your home with the inspector. Let inspector do the professional work for your home and meanwhile, you can check the basic requirements yourself.

Blindly Following Your Inspectors​
Do not blindly follow/trust the property inspector that you have hired, even though the inspector is well qualified and trained. Because even an expert can give you ideas on what needs to be rectified and replaced, but he cannot be 100% correct always, as you know your budget and requirements better. So, make sure to keep this thing in mind while negotiating for repairs. And if you are a firm believer of Vastu Shastra for home, then you must discuss Vastu directions and beliefs with the inspector or check it yourself with the best of your knowledge.

Not asking questions during the property inspection
Many home buyers hesitate to ask questions as they think the building inspector knows more than them. But, if you are hiring a building inspector then there is no issue in asking questions because after all, it is you who will be paying inspector for property inspection and asking questions related to inspection is actually your work during the inspection. Because you should ensure that you are getting the worth of your money that you will spend on buying a home. And by not raising questions, you could end up dealing with some serious structural problems later.
Also, before the inspection make sure to discuss your worries and checklist with the inspector, so that he can inspect the home in the way you want it to be inspected. By this way, the inspector can have a guess on the issues that matter to you more.

Focus on the exterior​
It is very common for a new or first-time home buyer to ignore the exterior conditions of the new home before buying as they consider that all those exterior problems are there only due to the house being a few years old. But, these home buyers surely regret their decision after buying the home and when they start living in it, with time they get to know all the major exterior flaws. The exterior flaws are surely caused by the old age of the house, but it can also be due to the fault in the construction and design of the house. Or even faulty plumbing of water leakage or anything like that can be such a reason for the bad exterior. The leaky plumbing can even lead to the growth of moulds, rotted woods and cracks. So, make sure to never ignore the exterior before buying a home.

Not creating a to-do list​
Each home buyer has their different requirements, guidelines and set of rules, as per which they want to buy their new house. Some people prefer preparing a to-do list for the things they want to discuss with the real estate agent or the building inspector, or the things they want to focus on while inspection, whereas some people do not make a to-do list. But, without any doubt, creating a to-do list is a very important aspect while buying a home. Because you cannot always remember each point and requirement that you are looking for.

A home buyer gets one single opportunity to inspect their new home before the purchase and you must not miss anything important and regret later. You can also get a meeting fixed with your building inspector and discuss or even create a to-do list with him. This way you and your inspector will have a clear idea of where you want to focus and for which conditions you can adjust. So, make sure to create a to-do list before heading for property inspection with the building inspector.
So, these were 10 property inspection mistakes you should avoid before buying a home.

Benefits and limitations of buying gated community plots

Since the introduction of globalization, the average income for Indians increased at a rapid rate, thanks to the explosion of information technology [IT] industry. As people are extensively migrating from one state to another due to their work, demand for residential properties and plots increased on a higher stage. This turned out to be the biggest boon for the real estate business of the country. In order to fulfill this huge requirement, the concept of buying gated community plots started making a lot of buzz.

However, buying a plot or home in gated communities comes with both pros and cons. Below, we’ll shed some light on what are the benefits and limitation of buying gated community plots for residence. But first, let’s discuss what gated community [GC] actually means.

What is meant by a gated community?

The term gated community is a brainchild of real estate developers. Even though it is not recognized by the government, gated communities are quite popular among the middle and higher middle class of the country.

Long story short, gated community or GC is an exclusive area of residential properties, in which public traffic and pedestrians are allowed in a strictly controlled environment. People living in GCs have access to day-to-day necessities such as schools, hospitals, fun and entertainment zones, ATMs, parks, etc. within the compound walls.

That’s not all, GCs also provide their own water treatment plants, roads solar electricity exclusively made for people living in the community only.

Now the concept of gated community is fully understood, let’s look at the benefits and limitations of buying gated community plots.

Benefits

Ensures complete safety

This is one of the most important benefits of living in a gated community. As GCs have restricted access for the public to enter, there will always be a professional security service in place to ensure authorized entry from the multiple entry points.

Taking the security to the next level, some GCs may also have closed-circuit television [CCTV] cameras, interconnected telephone lines to perfectly monitor people inside the GC premise.

You can live in the gated community quite safely in the night as all the necessities are available within the premises.  

Community development

GC is an extremely helpful place when it comes to socializing especially for children. As the children meet with other children of different cultures and backgrounds, children can understand what it takes to be in the community, where everyone will be different.

Gated community offers a play area and schools for children within the premises, they can easily socialize with other children of their age group.

This is a huge benefit especially in times where nuclear families are increasingly rapidly.

Provides office space

Similar to schools and hospitals, gated communities also offer office space at your own residence. This reduces your efforts of going to the work every day and helps in reducing fuel consumption significantly.

But keeping these benefits aside, buying gated community plot exposes you to various cons as well. Let’s dig deep into identifying what are those limitations.

Limitations

Issues with governmental agencies

Gated communities may need to face severe issues with various governmental agencies as the concept of GCs is still not recognized by the law. There are no clear instructions on sharing of private roads and parks with the government agencies, which makes the matter worse.

Issues with civic agencies

Similar to contradictions with governmental agencies, gated communities also need to face various issues from civic authorities. The builder needs to solve issues such as sewage, garbage management, and water facilities.

Although the owner of the house can get these services from outside, it increases the cost for home buyer significantly.  

Takes longer time to construct

As gated communities offer various amenities such as schools, hospitals, water, and electricity plants, it may take a longer period for construction. Sometimes, the builder may face various legal troubles, which increases the wait-time even further.

Key takeaways

Buying gated community plots is definitely a popular choice for the middle class. But it’s essential that you choose a right builder and have a look at plans to better understand the facilities the project is providing. This helps in understanding whether the gated community plot is worth to buy or not.

Doing your research also provides much-needed peace of mind and price assurance, which play a key role in the future.

Is There any Impact of GST on Real Estate

Real estate sector is one of the major sectors in India which is seen a source of employment and an income earning source for many people. We will discuss the effect of GST on various construction activities and whether the implementation of GST is beneficial to the real estate or not?

The first advantage with GST is the uniformity of tax structure in all the states and the elimination of taxes such as octroi, entry tax from one state to another, excise duty etc. Other than that the service taxes and the other taxes such as VAT were different in each state which are regularized and made the same with the implementation of GST.

Another advantage with GST is the transparency and accountability in the construction. The contractor or the builder in the real estate sector is at benefit through GST as the profit margin increases for them through the reduction and similarity of tax prices. 

When it comes to the consumers or buyers, there is not much change because the prices of the land or building is decided by the market value and based on the prices in a particular locality. But this scenario may change soon due to the implementation of GST on the sale of land and constructed properties.

When we see the impact of GST on the construction material, there is no much change in the prices of bricks, cement, iron etc. as there is only a marginal change due to the implementation of GST on these materials. The transportation of material used to make a lot of difference in the construction due to octroi and various other taxes which is not there now. 

When we look at the impact of GST on home loans, there is no change in interest rates and stamp duty as GST is not applicable to both. The processing fee which is a onetime payment has a slight increase of 3%. The lenders whether it is banks or other financial institutions will charge for EMI default. This charge on the delay of the payment goes up by 3%. The lenders have some benefit through GST brings tax savings for the lenders.

The slab rate for the buyers while buying properties and land can be 12% which is not yet decided, but this rate can be a burden on the buyers because of this slab rate. The slab rate on the properties may vary for properties above and below 1 core. If this is implemented then buyers can get affected if the charges in properties are more.

The conclusion on whether is it beneficial to implement GST in the real estate sector is that there is no huge difference in the prices of the construction material. The builders, lenders are on the beneficial side due to the implementation of GST. There is no impact on the buyers of the land or constructed properties which may change in the future when the GST is implemented on the land or constructed properties.

5 Factors That Enhance the Beauty of a House

The beauty of a house increases many folds through some factors. If you want to make your house beautiful implement these factors if they are not already there to enhance the beauty of your house.

1. A pleasant garden

A garden enhances the beauty of a house whether it is in front of the house or at the backyard. The small independent houses and the apartments make it difficult to have a garden in the house. But the patios and balconies in the house, apartments can be used to arrange some plants and turn them into a small pleasant garden.

2. Flooring of the house

Flooring is one of the important factors that determine the beauty of a house. So be generous and plan for a flooring with a wide variety of marbles, tiles, wooden flooring etc. if you are building a new house.  If you already own a house then renovate the flooring to enhance the beauty of your house.

3. Water Features

The water features whether it is a small pond, a table top fountain or a cascading water fall if your house can accommodate improves the aesthetics of a house and makes it pleasant. The small houses and apartments can have a small tabletop water fountain or a decorative pot with water and some flowers in it.

4. A view

A house with a beautiful view is much more preferred than a house without a view. It may not be possible for everyone to have a view such as mountains, sea etc. But it is possible to choose an apartment that has a garden or some trees, plants in the apartment building. It is better if you choose an apartment flat has a view of the plants or garden in the apartment building. If you have an independent house or planning for one then plan in such a way that the plants or the arranged garden can be seen from the kitchen window or the bedroom windows.

5. Home Decors

Home decors whether it is a painting, a wall hanging, a small statue, a flower vase with beautiful flowers enhances the beauty of a house many folds. Decors need not be expensive and they can be bought within budget. Some him decors can be made as a DIY by a family member interested in the crafts which even more increases the beauty of the house.

Try these tips and increase the beauty of your house. If you are planning to a build a house, it is better to buy a residential plot in a gated community as they come with landscapes, trees, lawns etc. Buying a residential plot is also a good investment option or if you are planning to build a house in the future.

Checklist for Buying A Property

Buying a property whether it is a residential plot or a house or a farmland is always the best investment option as the appreciation in real estate is higher and faster when compared to any other investment options. Before buying it is always better to check some points so that buying a property does not bring a major financial crisis.

Checklist for buying a property:

Having a separate budget based on the type of property

It is a time of celebration when it comes to buying a property but it is also a time to do a lot of thinking about the investment to be made on the property. It is very important to stick to the budget and do not get carried away by other factors such as the appreciation of the property etc. If you are taking a loan then plan in such a way that the EMI does not exceed 30 percent of the salary.

Choose the lender properly

If you are planning to buy a property through a loan then check the online websites for comparison. Here are many online websites which compare the interest rates and EMIs. This helps in procuring a loan to buy a house or residential plot at competitively lower interest rates. Choosing the lender correctly helps a lot in easier repayment of the loan.

Choose the location to buy a property

If you are planning to buy a residential plot or a house or land, then choosing the location plays an important role. Some locations have higher growth rate and appreciation when compared to some other locations. Many factors such as the proposed industrial development, upcoming IT hubs etc.  May play a role in the growth of property values in a location. So keep yourself updated about the future developments and choose a location that has higher chances of development.

Check the credibility of the seller and the property

With much litigation in properties as selling a property owned by another owner, selling a Government land, selling a property by a single owner when there are multiple owners for the property, checking for the credibility of the owner and the property is really important before taking the final step if buying. Enquiring about the property in the local administration offices helps in knowing about the details of the property and who exactly does the property belong to.

Think of buying a property through the option of joint ownership

This is a decision that should be made by both the husband and wife if they decide to buy a property. Applying for a loan by both the husband and wife can help a great deal in tax deductions. And with the reduction of tax on woman's it can be profitable if you can buy a property with a joint ownership option and by applying for the loan by both wife and husband if both are earning.

Hope this checklist helps in buying a property in a safe and secure way. Happy buying everyone!

The Reasons That Make Amravati A Desirable Place to Live!

Amravati is the capital of newly formed Andhra Pradesh. The current Government of Andhra Pradesh is very keen on making Amravati as a smart city. The central Government has also released huge funds for the development of cities in the Andhra Pradesh.
The current State Government of Andhra Pradesh has many development plans for the new capital city. The various development plans for Amravati will indeed make the city a smart city with all the World class facilities making it a desirable place to live a comfortable life.
Transportation from one place to another plays a major role in deciding the Real Estate prices in any city. Amravati is being planned for intelligent transport system which makes transportation a much more efficient one. Power is another issue which helps in the development of any city and the efficiency in monitoring the power usage benefits both the consumers as well as the Government. The appliance level monitoring of power usage is a very efficient way to monitor the usage of power and the city of Amravati is planning to implement this.
Pollution levels are another major factor which determines the overall well being of the people living in the city. Amravati city is planning to introduce E-vehicles in the city and the charging infrastructure for the E-vehicles which make the city a pollution free city.
The new city of Amravati is planned with green parks and the interactive smart street furniture makes the city a comfortable and high end one which will make the Real Estate prices soar in the city. A city is considered well planned when the parking facilities are well planned and the city of Amravati is being designed with smart parking which will make it a well planned city.
Waste management is another factor which makes the city clean. The city of Amravati is being designed with smart municipal waste management system which makes the city a clean city. The energy resources such as the energy used for cooking are a basic amenity. People in the city can lead a comfortable life if the basic amenities are well implemented in the city. The city of Amravati is being designed with smart gas distribution network which makes it the most comfortable one for the people living in it.
The city of Amravati is being planned with integrated command control center, smart education for the students in the city, public bicycle sharing, bus rapid transit system etc. which gives the city a edge over all the other cities in the country. The pathways in the city and convenience for the people living in the city and the city of Amravati is being designed with roller-skates friendly pathways which makes it a people friendly city.
The amenities and the other facilities like tourist destinations, wellness centers and other recreational centers in Amravati make it a well planned city and a tourist destination for many others. The holistic wellness center, floating markets, ferry service across inland canals makes Amravati a desirable place for people to live a comfortable life as well as for investments.