Tips and Tricks to help ensure that your property is ready for resale in the best way possible.
After a lot of searching, hunting and looking at properties, finally settling at one comes with a sense of relief. South Delhi is home to many great properties, and if you have found the one for you, then you have every reason to celebrate. From the process of finalizing things to gaining possession, there are a lot of systems to keep in mind. We have curated a list of things that can help ensure your property is in the best form possible and measures you can take to maintain its resale value, once you have gained possession.
- Property Title Documents- Property Title documents are extremely important as these are the sole proof of ownership over the property. Keeping these documents in a safe place and in your possession is quite crucial for bank and government purposes. The loss of property title documents can create a dent in the pricing and make the property extremely hard to sell. Property title documents that are neatly arranged and preserved along with electricity, gas and water bills, create a good impression on the buyer’s mind. This could even lead to them being ready to pay a higher price for your property, simply because you seem trustworthy and organized in your dealings.
- The System of Co-ownership in builder floors and how you can use it to your advantage- Most real- estate buildings in South Delhi follow a system of co-ownership between builder floors. This system although quite in place does not follow the mechanism of having an RWO for the same. Things could, therefore, be potentially challenging if there is a lack of understanding between the owners. It is extremely important to create good sync with fellow owners and try to maintain a community form of living. Your fair share of maintenance will contribute towards developing and re-developing the property to better standards and ensure house owners are satisfied with their property in the long run. The property will then be easier to sell while also ensuring that the pricing is not compromised upon.
- Supervision and Mediation- It is a good idea to have one person from among the co-owners to volunteer towards supervising the maintenance and construction of amenities within the building. If carried out on a rotational basis, this can give a chance to each of the owners to take initiative towards improvising certain elements of the property.
- Documents to be indicated while selling off the property to ensure authenticity- (i) Projects approvals which are verifiable from the corporation or the sanctioning authority’s office. (ii) Documents of Ownership and, (iii) Share certificates, authorized by the concerned society.
- Conversion of the property from leasehold to freehold- If in any case, you would like to convert your property from leasehold to freehold, this can be easily done. An authorization from the local laws is compulsory for the conversion to take place. For instance, properties under the Delhi Development Authority can be converted from leasehold to freehold by executing a Conveyance Deed but the same would not be applicable if the property is owned by the Noida Authority.
Property resaleability, in the present day-and-age is a crucial determiner for profit. Maintaining your house, ensuring the documents are well in place and having a good knowledge about the real-estate market can help you maintain the resale value for your house, while also ensuring that you have a good hold over it. All the best!