Property Terms to Know Before Buying a Property
Getting a basic understanding of significant property terms will make the process of property buying easier and may save you a lot in the future.
Purchasing your own home is a dream of many people. It is one of the essentials of good living. It is a massive financial decision and one needs to make sure that they invest in a good house. As much as it is important to know the location of the property, the developer whose project you are investing in, the inspection of property and amenities provided along with it, it is also important to know basic terminologies being used while making a purchase decision.
Figures and terminology can be misleading and even deceiving occasionally. To make an informed decision, homebuyers need to understand and get acquainted with the property jargon used by developers. Until you begin the home buying process, getting a basic understanding of significant property terms will make the process easier now and may save you a lot in the future.
If you are new to the real estate market and want to buy a home but aren’t familiar with property terms and concepts related to property, you don’t need to worry about it as SBP Group is here to help you understand all the essentials terminologies before you make any buying decision.
You must have heard about different types of areas while looking for a property such as a carpet area or built-up area etc. These areas usually indicate the space available in the house. Following are the detail information about different types of areas to clear out your confusions:
Understanding these property terms for areas is important to know exactly how much area is available for you to stay in. Also, remember that developers are obligated to include/report the carpet area of all units in their brochures and websites. Paying attention to the space offered to you for a living is very important and helps you in making a purchase decision.
Besides that, as we know that buying a property involves a big financial decision and most people rely on home loans to purchase their desired property, you also need to understand financial terms involves with real estate:
Knowing these financial terms will help you when you are applying for a loan as well as when you are finally making the purchase.
Another term which you need to know is “Inspection”, once you have decided on a property you want to invest in you need to make a home inspection. It is a visual and mechanical inspection of a home to detect defects and determine the condition of the home.
Once you have selected a house you want to buy, you need to make sure that every document related or required for purchase is with you. Some of the essential documents you should know about are as follows:
For every homebuyer, it is essential to know about these documents and to verify whether the developers are complying with all the laws or not. Besides that, if you are interested in purchasing a property you need to know all these property terms and abbreviations used for it so that you can invest in your dream home without any worry.
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ABOUT THE AUTHOR
An employee in a real estate company