Tips for buying property online

[ecis2016.org] Listed in the article are some rules that a buyer must follow, while buying a property online

Not long ago, the internet helped consumers to reach a certain point in their home-buying journey. Mostly, one would do all the research using online tools and then, physically visit the sites and finally conclude the many businesses that are part of the purchase process. The advent of new technologies, have helped buyers to complete almost all of the purchasing process. However, considering the large amount involved in the transaction, buyers preferred offline proceedings.

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However, with the Coronavirus pandemic making humans particular about social distancing, this approach could witness a change. Today, buyers are not only firming up their purchase plans using online channels but are also making active purchases with the help of the internet. In the times to come, online home purchases could become more of a norm, rather than an exception. In such a scenario, it would be pertinent to set some ground rules, to ensure that you do not get into a bad deal.

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Always undertake a site visit

Virtual tours of homes give you a complete idea about the property. Technology has reached a level, where a buyer can actually feel like being physically present at the premise, through a virtual tour. Nevertheless, the buyer should physically visit the house at least once, before s/he takes the final call, as there are many things a virtual tour may or may not cover.

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Choose a trusted brand

This thumb rule remains true, irrespective of the mode of the purchase – online or offline. Frauds are common in the real estate sector and scammers employ various tricks to con buyers of their hard-earned money, especially if the transaction is being carried out online. Hence, buyers should be wary of attractive deals from unknown sources. One should only deal directly with builders or real estate agents with impeccable track records.

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A brand does not become a trusted name, because you regularly see their advertisements on television, featuring celebrities. Go only with established brands, preferably with listed companies, to keep the purchase problem-free.

Amid the COVID-19 crisis, several messages have been sent across to the builders, from the government and other sector stakeholders, to reduce prices. However, most developers have refrained from cutting prices. At a time when developers have not done this, despite the fact that a majority of them are under tremendous pressure, with demand coming to a halt due to the lockdowns, unbelievably great deals should be viewed with suspicion. There is only so much discount a genuine builder would be willing to offer you.

Ensure that the property documents are in place

Even though one now has the luxury of concluding property transactions completely online, you still need to be in physical possession of the property-related documents, to prove your ownership. Although you may be able to find your dream home online, or make the payments using online channels, or get your home loan approved online, your ownership over the asset is no good if the property documents are not with you. Hence, ensure that the documentation is done properly and registered.

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