Are you trying to value your property for the first time, or are you looking forward to buying a property? Then you have to be afraid of not understanding how real estate works. Or in the worst case, you are not even sure whether you have paid too much for a property. We can understand your concern and have therefore provided you with a list of measures you can take before you value or even buy a property.
During this time, most people rely on an appraiser or real estate agency to get the information they need. But I want to remind you that there are also many fraudulent papers that may tempt you to buy property with a dispute or overpayment. So what can you do to alleviate these fears and reduce the risk of falling into the trap? That is why self-help is the best help you can get and we are here to guide you through it.
How to prepare for masked property valuations
Before we start with the long list of precautions you can take, we ask that you understand and prepare for the evaluation process. First of all, you have to do your own research. Many people are currently doing this thanks to the internet and real estate apps. Still, there are 40% of buyers who couldn't find out that their property valuation was masked. How can you narrow down your research to the most precise? Don't believe in real estate websites at first. Real estate companies powder the current status of projects to increase their value. Therefore, check all the details they provide on the Internet and compare them with similar properties on other websites. This gives you a rough idea of the average selling price.
Connect with the owner and plan a preliminary visit to the house. When you meet in person, the owner can speak more openly about the details of the property, such as age, area, and recent renovations. You can also visually inspect them along with other aspects such as location and other amenities. Now you are ready for the next steps. Now you have to think that it takes a lot of time to find a suitable home and it takes a lot of effort to visit every property you like. Yes, you are right, but once you have the basic idea of visiting one or two properties, you can use the idea from now on to evaluate properties. However, there are other measures you need to take, which we'll discuss in the next section.
The top five precautions to take when evaluating property
- The first precaution you need to take is to test the clarity of the title. Every property is entitled to an individual and a unique title of the owner. You can also check the authenticity by studying the documents and looking at the original documents.
- The power of attorney plays an important role in the purchase / sale of a property and in property valuation. A property is often sold by someone who has the power of attorney and not by the owner. However, you need to make sure that the rightful owner is present when evaluating or buying the property.
- Real estate and bills can also help you with your property valuation. For example, you might want to look at NOC records and property tax fees or lease renewal fees to assess actual value. This reduces your risk of paying more and increases the value of the property. Sometimes the agents hide or miss this point, and later on after the transfer you have to face the consequences.
- Income tax fraud is another aspect that you need to check. You need to find out if there is any tax on or for the property and the seller's tax return report. If the seller is NRI, taxes are deductible, which you can find on the government's official tax websites.
- Finally, make sure your payments are properly documented and have tax returns.
So these are the precautions you need to take when evaluating property or even buying a property.
