Owning a luxury villa or a farmhouse is like a dream come true for many. Before one takes the plunge and readies himself to burn a big hole in his pocket, there are certain must-dos that should be looked into. It is crucial for the buyer to stay updated with trends. Once you break the big news, every family member, non-family member, elders, kids, relatives will have say. It is wrong to give them deaf ears, as some may know the trends. Yes, you will be surprised by how much kids know these days!
Property rates are sky-high, unlike in the past, Therefore, it is important to be a listener as well as an observer of trends. When you finally start visiting properties, ensure you check out every nook and cranny. In case the property has remained shut for years, it is a good idea to take an expert with you who will search for severe problems such as fungus, moisture retention, rodents, termites etc. Pests may also have made the villa their home. Ask the owner about pest control measures taken.
Buying a villa is costly affair. Therefore, it is best to start spending even before you have bought your villa. You wouldn’t want anything to go wrong. Hence, hire experts with oodles of experience who will help you build the villa at the most optimised rate. Legal experts, interior decorators will help you find out if there are any abnormalities with the property, physically as well as legally. So take your team along when you go villa hunting. The legal expert you hire should not be any way connected to the owner of the villa.
With villas come negotiations. Be fully aware of the latest plot rates. Establish strong rapport with the owner so that you can get into some beneficial deal even if he does not lower the cost. Lots of emotions are involved when purchasing the villa. However, once you are in the process, let your mind take control and not your heart. Be on the top of your game. Never let real estate agents pressurise you into a deal. Take your own sweet time. Be clear with your thinking and vision. Here, it is important to note that having a good real estate agent is an added bonus.
Search for the right ones. Always keep in mind that buying a villa or a farmhouse is just the first step. You would need an insane budget to renovate and redecorate your villa. You will come across some excellent properties that will give you the feel – “This is the one!” You will probably exceed your budget manifold to get the property, and then realise you have little left for repairs, forget decorations. Keep your budget in mind. Remember, even a less-expensive villa can be turned into a work of art.
Keep the selling price in mind no matter what. If you wish to sell off your villa after 10 years or so, keeping the selling price in mind will help you find out by how much the rates have fluctuated. The search for that perfect farmhouse or villa will take way longer than you expect. There are hundreds of villas coming up in the Whitefield area of Bengaluru. Explore as many as you can. Ehen buying homes, space and location are the biggest criteria, apart from the price. Choose based on what you wish for, peace and tranquillity or hustle-bustle of nightlife?
Always have your legal and financial aspects sorted out before taking the plunge. Ensure that you have the money with you. If you have to take a loan, first get those details in your head sorted. Legal aspects are vital, as one moment of indecision may lead to a lifetime of troubles. Beware of hidden and additional payments. You will be surprised to see how your budget exceeds beyond imagination. There are innumerable expenses to be taken care of once you have made the final payment.
There is no dearth of villas in Bengaluru, Whitefield being a prime location for luxury villas and farmhouses. This area’s location makes it a winner. Make sure to do a thorough background check on the developer. Established and reputed builders have all documents, certificates, approvals and permissions in place. If you are spending a fortune on a farmhouse or a villa, you better make sure that the builder is providing all modern amenities. This is where your experience from inspecting various properties will come into effect.
The list of legal documents that must be kept in place includes the sale deed. It has name of the present owner of the land, and also the process through which the owner acquired the property. Details about the series of transactions the property has undergone are also present. The original sale deed also mentions if the developer has registered the property. As a buyer, you also need to examine the titles deeds, that refer to the documents related to the property prior to the sale deed.
Other important legal documents that should be kept in place are;
1. Khata certificate
2. Tax paid receipt
3. Joint development agreement
4. Loans from bank
5. Encumbrance Certificate (EC)
6. Sanctioned building plan
7. Electricity/water bill/ receipt
8. Maintenance No dues
10. Sale and construction agreement
11. Registered previous agreements
12. Society share certificate & Society registration certificate
Understandably, the entire list of documents that the buyer needs to examine could become too technical. This is where a good real estate lawyer will help you out. Buyer should stay away from rash decisions, and first ensure that all legalities and financial commitments have been taken care of. On the other hand, once you have bought your dream villa and fully renovated and redecorated it, you will surely taste the nectar of success. But till then, hold on! You have miles to go before you can call a villa your home.