Tips to buy a resale property

DOCUMENTATION AND PROCEDURES:

All the documents that are applicable for a primary residential property sale would be required for a clear resale flat transaction, as well. The seller should be able to produce all original documents.

The buyer should establish the existence of a proper Society. The original sales deed and the Society share certificate are most important, since the transaction cannot proceed without them. Also, the buyer should bear in mind that in the case of a resale property , proper transfer and re-registration is necessary. The documents required for registration of residential flats, apart from the sale deed, include a letter from the society that reflects details such as the number of floors in the building, the construction year, the apartment's built-up area and the number of lifts in the building.

Also required is an assessment bill to the Society from the municipality in question, a NOC from the Collector if the building exists on Collector's land, a copy of the property card, and a receipt for the payment of registration fees. In addition, the buyer of a resale flat should ask for a clear ownership history if the residential property has changed hands before.
The local registrar will establish the authenticity of these documents. If one is buying the property via a home loan, the bank will run a routine due diligence .

ARE RESALE PROPERTIES ALWAYS CHEAPER?

Not necessarily. In the larger cities, new residential property supply is scarce or non-existent in many central locations. In such areas, there would not be a question of discounts on resale properties. Discounts are more prevalent in areas where the market is more competitive. That said, resale properties are sold either by the primary owners or by investors. As such, there is a higher possibility of flexibility in payment terms.

POINTS TO NOTE:

There are certain challenges that a buyer of a resale flat may face. This could include lack of proper chain of documentation, especially in cases where the property has changed hands more than a couple of times in the past. If the property is over 18-20 years old, it is possible that it was never formally registered in the first place. Registering it at the current point in time would put the onus of paying the stamp duty in arrears on the buyer.

There may also be additional expenses for repairs to masonry, plumbing , electrical wiring and fittings. Obtaining a home loan for a property which is anywhere close to 50 years of age can also be a challenge.

Finally, one should bear in mind that the Indian residential property market is in a constant state of evolution. One is unlikely to find the facilities and amenities that are available in the newer projects on the market in an older building.
Original source: articles.economictimes.indiatimes.com

Vaastu:Secrets of Living Healthy and Wealthy

Front door or the main entrance:

The most important part of a house is the main entrance, as the main entrance is known as the mouth of the house which brings energy inside the house. Also, entrance plays an important role in Vastu as it is the key source for energy flow.

Do’s

To attract wealth, it is better to make your front door look distinctive. Apply color which is different from the rest of the neighboring walls. The entrance should be clean and clear, it should look spacious. Also, the entrance needs to be well connected with the rest of the home so that the flow of energy can reach to each and every corner of your home.

Don’ts 

According to Vastu guidelines, it is always better to avoid buying property which has a door facing south-west direction. As negative energy enters the house from south-west direction and also brings in struggle and misfortune for the people who live in. The main entrance should not be blocked with any kind of things as it obstructs good energy inside the house. Avoid keeping slippers and shoes around the entrance as it dilutes the entry of positive energy which can get mix up with the dirt and the smell of shoes while entering your house.

Take care of your accessories: 

Clocks inform us about the perfect time. Ensure that all clocks in your house are working properly. If not, then it should be fixed as soon as possible. It means clocks that do not work bring bad luck to your finances. And, clock that runs slow signifies that are running behind your due dates. Also, if you are placing a mirror in your house, place in a position that will give the reflection of your cash box or locker. It is said that mirror helps doubling wealth and opportunities, according to Vastu guidelines.

Keep your windows open:

Windows allow natural lighting to enter the home. In Vastu, proper natural lighting and ventilation holds an important position. It is important to check that proper sunlight is entering into the house and also the house has good cross ventilation option. House with north or east facing windows are ideal as per Vastu guidelines, as morning sunlight brings positivity into the house. South or west facing windows are not recommended in Vastu as afternoon rays are not good.

In Vastu, it is advisable to keep the windows in sparkling condition to allow wealth as dirty glass is likely to restrict the money movement at your home.

Keep fish aquariums:

Fish aquariums play a positive role to attract wealth. It is better to keep aquariums at home for the smooth flowing of finances. You need to choose ornamental fishes or active and healthy fishes for your aquarium and ensure that the fishes are strong swimmer. The constant movement of fishes will help to bring the energy of wealth on a steady flow. Adding to it, always keep the water clean and aerated.

Placement of furniture:

People believe that obeying Vastu guidelines can bring peace and prosperity inside the house. Placement of furniture according to Vastu is also one important thing to look out. In a room, it is better to keep sofa set in south and west direction. When it comes to bedroom, bed should be placed in southwestern direction. Almirah with jewelry and valuables should be placed in southwest of the room leaving southwest corner and the room needs to be opened towards North. The most suitable place to keep dining table is the north-western side of the kitchen, dining room or the living room. To bring more concentration, study table needs to be placed in the North or eastern side of the room.
Original source: siliconindia.com