Do These 5 Things to Secure Your Home Purchase
Buying a home is the journey from researching, shortlisting and finalising your forever home. Often the purchase is considered the be-all and end-all of the process. However, the buying process extends a few steps further to ensure your home and its safety.
Follow the following steps to sort financial and legal affairs and stay stress-free as a homeowner:
Registration and Documentation:
Upon becoming a homeowner the first thing you must do is to officially transfer the property ownership to your name in place of the previous owner. The property registration process takes place at the local municipal authority or sub-registrar’s office. The crucial step to getting the important paperwork authorised and legally verified like the sale deed, title deed, property tax records, etc. This step will play an important part in making you the rightful owner of the property.
Utilities and Services Transfer:
Make your move to the new home hassle-free by mandatorily transferring utility services such as electricity, water, and gas in your name. This can be done by submitting documents to the various service providers to update the billing details.
Make sure that any previous dues from the seller/ owner can be settled prior to the name transfer. Another thing to keep in mind is the payment schedule so you don’t have any issues later while paying or late fees and all correspondence and bills are redirected to your new address.
Home Insurance and Security
Home is your most valuable asset and insuring this property is more than securing your investment but also a move to safeguard your future and that of your loved ones. Home insurance will protect your property from unforeseen events like natural disasters, theft, fire, and more depending on which insurance you pick. Every insurance has different terms and conditions that you must focus on before choosing the one that meets your needs.
In terms of safety, physical security also plays a vital role, so assess and upgrade the security measures. Wherever needed install locks, alarm systems, and security cameras if not already provisioned.
Update Personal Records:
It is not just the property papers that need an update, your personal records should also reflect the new address. Make sure to check official documents and paperwork like – Aadhar cards, voter ID, passport, etc.
Inform official authorities and public service providers like banks, post offices, and other financial institutions about your new address to prevent confusion later on. If the need be then the updates are also required on vehicle papers and licences.
Property Tax and Maintenance Charges:
Spend some time understanding the property tax regulations and ensure that you pay the house tax on time. If you live in a society then chances are there will be additional charges you would give every month like maintenance. Proper maintenance is quite necessary as it prevents and solves major issues in a jiffy. But, it is crucial on your part to enquire about any surcharges early on. Stay updated with these financial obligations to prevent any legal issues.
It is also advised often to have a dedicated emergency fund as homeowners never know when a new expense for repairs can arise which can be a major blow on your budget if unplanned.
Seeing this list may seem daunting but at the end of the day, this will save a lot of trouble in the future and with ensure a smooth transition to the new property. At the least, you are avoiding legal and other disputes that many people face owing to the lack of papers etc. This is especially helpful if you are moving cities and your new life will be free of hurdles because all the paperwork and security measures are taken.
