Buying a property—whether it’s your first home, a vacation spot, or an investment—is one of the most significant financial decisions you’ll ever make. It’s exciting, but it can also be overwhelming if you don’t know what to look for. While listings may highlight the best features, there’s often more beneath the surface that can affect your long-term satisfaction and financial well-being. Whether you’re considering a property for sale in Salem or elsewhere, make sure you go through these 10 crucial checks before signing on the dotted line to avoid costly mistakes and future regrets.
1. Legal Ownership and Title Deed
The first and most important step is to verify the legal ownership of the property.
What to check:
- Title deed should be in the name of the seller.
- The title must be clear and marketable, free from disputes or claims.
- Verify that the seller has the right to sell the property.
Why it matters:
Without proper ownership documents, you risk buying a property with legal complications that could take years to resolve—or worse, lead to a loss of your investment.
2. Property Location and Neighborhood
A property’s location affects not just your lifestyle, but also the property’s long-term resale value and rental potential.
What to look for:
- Proximity to schools, hospitals, public transport, and shopping.
- Future development plans in the area.
- Crime rates and general safety.
- Noise levels and traffic congestion.
Tip:
Visit the area at different times of day to get a feel for the neighborhood dynamics.
3. Builder or Seller Reputation
If you’re buying from a builder or developer, research their track record.
Things to check:
- Previous projects and delivery timelines.
- Quality of construction in past properties.
- Customer reviews and ratings online.
- Any ongoing legal cases against them.
If you’re buying a resale property, get to know the current owner and ask why they’re selling.
4. Property Documents and Approvals
You should request a complete set of legal documents to ensure the property meets all local municipal and legal standards.
Key documents include:
- Encumbrance certificate (shows financial/legal liabilities)
- Occupancy certificate
- Building plan approvals
- Environmental clearances (if applicable)
- Property tax receipts
Consider hiring a real estate lawyer to verify all documents thoroughly.
5. Physical Condition of the Property
Don’t just admire the aesthetics—look deeper. Whether it’s a newly built home or an older resale, a thorough physical inspection is essential.
What to inspect:
- Structural integrity (walls, beams, flooring)
- Plumbing and water pressure
- Electrical wiring and fittings
- Roof condition and water seepage
- Pests or termite damage
Hiring a professional home inspector is highly recommended.
6. Property Valuation and Pricing
Never go by the listed price alone. Overpaying could hurt your return on investment later. Conduct a market comparison.
Tips:
- Compare similar properties in the same locality.
- Use online tools or real estate agents to assess fair value.
- Consider the property’s age, size, amenities, and facing.
If you’re taking a home loan, the bank will do a valuation—but do your own research too.
7. Loan Eligibility and Financing
If you plan to finance the property through a home loan, check your loan eligibility and the builder’s approval with banks.
What to do:
- Get a pre-approved loan to understand your budget.
- Verify whether banks are willing to finance the property.
- Understand the EMI, interest rate, and repayment period.
A builder refusing to work with banks could be a red flag regarding legal or construction issues.
8. Utility Access and Infrastructure
Even if a property looks good on paper, it must be livable and functional from day one.
Confirm availability of:
- Water supply (municipal or borewell)
- Electricity and backup systems
- Sewage and drainage systems
- Internet and telecom connectivity
- Gas pipeline (if applicable)
Some properties might not have all utilities operational, especially in newly developed areas.
9. Monthly and Maintenance Costs
Always account for the ongoing expenses after purchase.
What to check:
- Monthly maintenance fees
- Property taxes
- Society or resident association charges
- Sinking fund contributions (for apartment buildings)
Knowing these costs helps you evaluate whether the property fits your monthly budget.
10. Future Growth and Resale Value
Think beyond just your immediate needs. Consider the property’s long-term potential.
What to consider:
- Planned infrastructure (roads, metro, commercial hubs)
- Demand trends in the area
- Builder’s or area’s appreciation rate over the years
- Exit options if you plan to sell later
A good deal today might not be a smart investment tomorrow if the area lacks growth potential.
Final Thoughts
Buying property is not something to rush into. It’s easy to fall in love with a beautiful house or a seemingly perfect location, but careful evaluation is key. Think like an investor, act like a detective, and double-check everything.
If possible, consult with real estate professionals—lawyers, values, agents, and home inspectors—to make informed decisions. A small investment in expert advice now can save you lakhs (or more) in the long run.
