In India, buying a Real estate property is almost every person’s dream. Every person in their lifetime wants to own a property especially a residential ‘Home”. Purchasing real estate is considered as a smart and secured investment. If you are thinking to invest your hard-earned money in gold, share market, mutual funds, there are checks & balance available. But real estate is totally worth the investment as it has the highest return on Investment, particularly in growing economy like India. You also get to enjoy the real estate investment more as it is tangible and it is big. Once you’ve made up your mind to invest in the real estate property you need to sit back and decide what type of property you are keen to invest in. As per your convenience, you can make a choice in terms of size, location, area, neighborhood and conveniences like closer to office/shop or school or relatives.
Initial Step: Identify your interests and risks involved in the type of property you are planning to invest in. You need to follow a few steps to come closer to your decision making.
ü Shortlist some properties, do a competitive analysis; do not hesitate to go for site visits to the shortlisted properties. Ask tough and sometimes embarrassing questions to enquire about title, all approvals and schedule of completion.
ü Evaluate lifestyle needs: In current time, the decision to invest in a home is mostly governed by lifestyle needs. Hence, before making a final investment, we need to consider several factors such as the residential location, amenities, views, infrastructure status, surroundings, and proximity to commercial and recreational centers, transportation facilities, potential capital appreciation, developer, and most importantly, the budget and Building aesthetics
ü Flat Layout: This is important aspect to think about before you finalize the property. This becomes a family’s habitat for years & decades to come. The flat should provide comfort, joy and a sense of complete satisfaction. Do not fall for the saleable area figures as saleable area includes the common areas of the buildings in addition to the carpet area of the flat. Generally, the saleable area is additionally 35% to 60% over the carpet area. Look at size of each room as many times room size is so small that it looks like a box. Many projects provide very small bedroom of sizes like 80 sq. ft., enough to fit a double bed leaving no space for anything else.
ü Location of Property: The concept of luxury living is witnessing a paradigm shift. In present times, as the real estate industry goes through a strong resurgence, the one thing that has remained constant is the importance of project locations. A prime location, closer to Railway or Metro station, economic parks (CBD), recreational centers, educational institutes and hospitals besides closeness to extended family, should always be favoured and be an instrumental factor during decision-making. Involve your spouse and her choice for Home is crucial. Those believing in Vastu should also consult expert in the subject..
ü Do a complete background (about the Builder, Contractor, Architect, Structural Engineer, Advocate issuing Title Certificate etc.) Check by getting into every possible detail about their reputation, their past record of delivering quality project and in time with clear title. Sometimes it is better to check about their Debt levels as many Builders are highly leveraged and thus they run the risk of default.
ü Timing of Purchase is crucial as Real Estate market has cycle of uptrend and down trend. It’s best to buy when market is in a downward trend as you get good deal. The question is when?. Normally Real Estate market follows ups-cycle of 5-6 years and down for 3-4 years in a span of decade. We have to also consider special event like Corona virus Pandemic induced recession and avoid until dust settles down and not rush in to buying the property.
ü If you are buying Property for Investment, consider rental yield as compared to Interest that you would earn from safe Investment like NSC, which is currently at 7.2%, whereas rental yields are 2-3% for residential & 3-5% for Commercial property.
ü Get through the financial assistance if you require any in terms of funding (bridge, short term or long term mortgage) and try and get this pre-approved.
ü Rate of the property in comparison to the market trends in the vicinity and Expected rate of appreciation in the future
ü Make a proper offer and get it well-negotiated before you close the deal in your favour
ü After you have everything in place, you are just one step closer to make a final decision of Real Estate Investment.
ü Physical survey and access to the property: The buyer may undertake a physical survey and confirm the extent and measurement of the property. In the case of land, it is advisable to identify and demarcate the boundaries and access to the property and further, ascertain any other physical attributes that may impede enjoyment of the property.
ü Financial assessment and availability of capital: After taking into consideration the above-mentioned key factors, one should carefully analyse one’s budget, value for money and address the financial commitment during purchase, construction and post occupation.It is vital to remember that it is not only the Agreement Value to which the costs are accrued to. There has to be provision for taxes like GST, stamp duty and registration charges and common area maintenance costs. Miscellaneous costs such as parking, corpus, legal charges etc. should also be taken into consideration and many times you may be required to give advance of few months/years. Besides, today, no more an investing decision is withheld due to lack of financial resources. There are multiple banks and NBFCs which offer home loans and attractive schemes in tie-up with the developer. Home investors today can choose from the array of schemes and policies which are safeguarded by insurance in case of unforeseen incidents.
Big versus Small Developers: It is a general opinion that one should buy property from big, reputed developers as their schemes & construction quality is superior. Someway, buyers feel more reliable on them and are willing to pay more expecting superiority, timely possession, transparency etc. But, there are many small developers too who give equally good service. In fact, prices of the reputed developers are high to cover their marketing cost & branding. You are certain to get equivalent quality of flats from small or medium-sized developers. The most essential thing is to check their past records irrespective of their stature. So before investing in their property check out the projects they have completed. Get in touch with the residents living in their old schemes. Inquire with them if they got possession & occupancy certificate on time. Ask whether the process of builder handing over the conveyance deed for society formation was smooth or rough. See how the buildings are looking after a few years – whether they still look decent or have deteriorated rapidly. Check the monthly outgoing of those societies and if it is high what are the reasons for it. After this survey, you will surely get an answer as to how good the builder is.
Compliance under RERA:
In order to provide great transparency in the property market RERA Act plays an important role. RERA stands for Real Estate Regulations Act and was introduced in 2016 to protect interest of buyers due to many frauds and difficulties faced by them. The main aim of the RERA is to protect the interests of home buyers. Most of the time, developers are involved in various malpractices and property buyers could feel cheated. RERA helps the property buyers feel at ease as it specifies certain norms for the building and development of the real estate. The official portal of RERA provides information on the developers from all the states. RERA is mandatory for both residential and commercial real estate projects. The act provides several benefits to the home buyer. As a buyer, it’s your responsibility to check the RERA certificate and verify the RERA registration number. Request for the digital or the hard copy of the RERA certificate and keep it with you.
After the implementation of RERA, property developers are required to register with the authority and upload every detail of the projects. This includes title, approvals, agreements, delivery dates, payment schedules, finish, etc. This enables the customer to get a good insight into the project before making a purchase decision.
Following information, amongst others, will be available on the RERA portal:
a) Approved Layout Plan
b) Building plan sanctioned by statutory authority
c) Title documents and Title Report
d) Approvals including permission to commence construction i.e.
e) Commencement Certificate
f) Detailed cost estimate/valuation report from chartered engineer/architect (if applicable)
g) Building Layout, configurations and details of units including details of the unit sold
h) List of Common Area Amenities and Facilities that will be provided
i) Details of consultants on the project and registered channel partners/relevant associations
j) Litigation, if any
Approvals from statutory bodies: If there is any parameter that is of utmost importance while choosing a property, then it is this. Your property has no value if it has not got required approvals from the local authorities (municipal corporation or likewise). Sellers advertise in a most generic manner in one line “All approvals in place” as they are aware that nobody will go deep into the investigation of the approvals. When any project that is planned to be executed by Builder, it requires more than 100 permissions /NOCs from various bodies and during different stages of the construction and you should check them either yourself or through technical expert.
The list of approvals / NOCs is not exhaustive and varies from cities to cities. It is recommended to investigate the status of the approvals with the builder.
If the land had reservations & the developer claims that land usability has been changed with local authority permitting the same, then please ask for the proof for ‘Change in Land Use’ from the local body & State ministry of Urban Department, supported by valid approvals / NOCs covered in subsequent point. Further, inquire if the land is a freehold land or leased one. If it is a leased land see the contractual documents relative to lease – lease tenure, usability, other conditions etc.
Carpet area is important: Check the room sizes and the carpet area of the flat you are choosing. A carpet area is a usable area measured from wall to wall. In a layman’s language, it is that area where you can lay your flooring or carpet. Room sizes should be adequate for us to maneuver comfortably after all the furniture is placed. Room shapes should be ideally rectangle or square. At times developers concentrate more on building elevation/form to make it prominent in the locality but that can result in odd shape rooms or acutely angled corners were placing furniture is not possible. It just becomes a waste of space; yet paying for that area is inevitable since it gets counted in the carpet area.
Deviation of room size: It is very necessary to check the actual sizes of the rooms that are constructed. Brochures indicate room sizes uniform for all the units. However, they vary a bit as per the construction. A deviation of 1-2% is accepted as a standard norm because construction is never 100% accurate. There is always a construction tolerance of 15-20 mm applicable. So ensure that you pay for the carpet area that you get.
The view outside your flat: This is a selling point that is hot favorite by the builders. “Sea facing flats”, “Flats overlooking the green fields/hills” and similar panoramic views become a USP of any project. With the help of advanced software’s & computer-aided renderings, developers even showcase you during the sale inquiry, the view that you would get once you occupy the premises. We all become excited and we get emotionally attached to the property. While a good view enabling adequate daylight & ventilation is absolutely necessary, one has to be very careful of the ‘view’ aspect. While you would be certainly happy with the view that you may get, you just need to ensure that you would enjoy it permanently or at least for the long term.There have been instances where the customers have paid a premium price to achieve a great view from their windows but within couple of years, their view got obstructed permanently because of a new building getting constructed on the land adjacent to their building/premises. Here you can’t blame the builder too because things outside his plot, is not under his control. So, if you are vouching for that great view at a premium price, ensure that there are no chances of development that could obstruct the view and even if there are any in the future, see that the daylight, ventilation & privacy will not get compromised.
Specifications & Materials: When we intend to buy an electronic gadget, say a mobile phone, we tend to go deep into its specification such as Operating system, processor, storage capacity, battery life, etc. All this study is carried out for a gadget that costs mere thousands of rupees and is with us for few years. Contradictory to it, a purchase like a property which runs into lakhs and crores of rupees & which could be with us for decades and may for life, is finalized on the aesthetics and other generic. We hardly get into the details of the specifications like make or brand, warranty, technical parameters, rating of that product and whether better quality material is available and what is the cost difference. We seem to be satisfied with just the high-level things which are provided to us such as wooden flooring, granite kitchen platform, wooden doors, vitrified tiles etc.
But we ignore the specification of those materials. For example, what type of wooden flooring, can it remain durable with daily floor mopping, what type of wood is used for wooden doors & frame, what brand of vitrified tiles is used, how the waterproofing is done & what is the technique used. All such questions need to be asked to the Builder or their technical staff. With Google providing answers to any question, it does not seem impossible for you to get into details of materials. Builders generally limit their capital costs incurring on the interior finishes or items that become a part of the customer’s possession. They simply ignore the aspect of operational costs as the money goes out of the resident’s pocket in final furnishing. The materials that are used as finishing items of the flat costs are always bargained to fit in the budget and hence may not be of the highest quality or the one that cut downs its maintenance. They are all standard products that the developers get at a very low rate due to bulk ordering. Assess the items that have been proposed and if that would require frequent maintenance / periodic replacement etc.
Fire Safety (In tall buildings): Tall buildings are sprouting up because of a lack of space in the city and availability of higher FSI. It is also an economically viable option for a developer to go for tall buildings within a city where the development charges are high. Buyers too are excited to live in a tall building where they can enjoy great views, daylight & ventilation. But what one doesn’t take seriously is the fire safety measures or evacuation strategy in case of emergency. Builders do provide the firefighting equipment & fire egress stairs since they are to be provided as per the building codes. However, one should ask the developer, the evacuation strategy envisaged in case of an emergency. Ask them the fire rating of the walls and concrete structure. Fire rating means the time taken by materials to succumb under the event of a fire. Ideally, it should be rated at 1-2 hours. Check the refuge area, where in case of emergency, residents are supposed to gather and stay safe till the fire personnel come and evacuate them. Do take a look at the fire staircase & if possible, do descend by it. This is because, in case of fire, you are supposed to use the staircase & not lifts. Recently there was a case of fire in a high rise building in Mumbai, where people died because they were stuck in an elevator so you should feel comfortable while getting down. Ideally, the builders should provide the firefighting gadget – water sprinklers in individuals flat too so that in case there is fire, it is arrested by sprinkler burst. But very few builders are committed to such precautionary measures as they understand the importance of safety. Others limit their scope only in common areas like lift lobbies and foyers.
‘Luxurious’ and ‘Affordable’ homes: Developers have started a new trend of marketing their schemes like the one that provides ‘Luxurious flats’, ‘Ultra-Modern flats’ and even ‘Affordable homes’. While it is an individual’s choice of deciding how should be his lifestyle and gaining luxury with hard-earned money is no wrong. But buyers have to be prudent in knowing what ‘Luxury’ is being offered. Understand whether the luxury is being offered as a spacious flat with a large carpet area or a standard / compact size flat with finishing items with high-end specifications. Generally, luxury is having a spacious flat which will satisfy your needs & also give you good resale value. The other aspects included in luxurious schemes are amenities, spas, concierge services and many more. While this can be a treat for people who really desire such facilities, for middle-class buyers it can become a big liability because once the builder hands over the scheme to become a society, then the overheads in maintenance can shoot up many folds. So luxury will always come at a high cost and one has to decide about it with a long-term financial implication. On the other hand, affordable homes are marketed with a certain attractive price tags. But they are located far from the city center. So the purpose itself gets defeated. Flats can be termed ‘Affordable’ if they are within the municipal limit of that city with good public transport & convenience factors. But that is generally not the case. It is located far away in areas that have good low rates if you buy resale flats. Further, the specifications used for building materials can be substandard to reduce the overall construction cost. So it is better to check the specifications of all the materials. While doing project for Affordable” homes, Builders do get some Income Tax benefits of tax exemption on their entire profits and buyers should bring out this fact while negotiating the price. Even Buyer would get some benefits offered by RBI in financing your mortgage loan.
Some important points about the Property, project
ü Infrastructure around the project/building – electricity, water line, telecommunication line, sewerage disposal line, storm water drain line, etc.
ü Potential development around the project
ü Facilities around the project – Public transport, hospitals, schools & colleges, markets, police station, etc.
ü Track record of the builder – visit past completed projects
ü Availability of funds for the builder to complete the project – whether it is a self-funded or bank-funded project
ü Evaluate the probable outgoings once society is formed. More the facilities, the higher the outgoings.
ü Availability of adequate daylight & ventilation.
ü Does the planning of the building/project provide comfortable access to senior citizens & handicap people?
ü Good quality of finishing materials – flooring, kitchen platform, bathroom fixtures, windows, doors, paints, etc.
ü Guarantee on waterproofing for bathrooms & flats below the terrace.
ü Do periodic site visits to check the progress and workmanship quality.
ü Ensure a safe handover of the project from a builder to make a cooperative society or Association under state law.
ü While buying a resale flat, ensure that the water supply is provided by the corporation / local authorities and not by tanker water. If that is the case, then either OC is not available or the water supply line to the area is not available. That will shoot up your monthly outgoings.
It is a settled legal principle that a person cannot convey a better title, than what he himself has. As a first step, the buyer should undertake due diligence, to ascertain the existence of the title with the seller, the nature of the title and its marketability and the ability of the seller to convey clear and marketable title, free from encumbrance. Documents, for a period of 30 years, if not more (and where documents are not available, for minimum period of 12 years), must be examined and the seller may be called upon to provide the following documents / information:
This is the final step of a property purchase. You should have some knowledge about the paperwork and the legal documents required for buying a commercial or residential property. Property documentation is the most crucial work in the entire process of buying and closing the deal. The documentation process involves an intensive mix of a legal, statutory, and regulatory framework. In most cases, a buyer is not aware of all the essential documents required for the purchase of a property. You need to collect and thoroughly check all the documents. Completion of the detailed procedure will ensure a sense of safety and security to the buyer as the investment will bring satisfaction and peace.
ü Title documents of the property: Government order for grant, succession certificate, sale deed, gift deed, will, partition deed, etc., evidencing the transfer of title over the years, culminating in the vesting of property with the seller.
ü Nature of title: Leasehold, freehold, or development right.
ü In case of the seller claiming development rights to the property, the development agreement and power of attorney, executed by the owners in favour of the seller.
ü All title documents being duly stamped and registered at the office of the jurisdictional sub-registrar of assurances.
ü Khata registered in the name of the seller.
ü Information on pending or past litigation.
ü Availability of original title documents with the seller.
Verify the identity and authority of the seller: Similar to verifying the title to the property, the buyer should also ascertain the identity of the seller and any specific conditions, governing the ability of the seller to convey the property. The following instances may be noted for illustration:
· Residence status and nationality of the seller, in case of an individual and whether consents from government authorities are required for the sale. This is also required for determining TDS % as TDS provisions apply
· Identification of all owners, in case of properties held jointly and % of their ownership. In that is not specified in the document then it is taken equally.
· Where the seller is a company, trust, partnership firm, society, etc. The constitution documents of the entity are necessary to confirm its ability to own and transfer the property, besides ascertaining that the person executing and registering the sale deed is duly authorised. Obtain “Approval Letter” from applicable authorities like Charity Commissioner, Board, Partners, and AGM Resolution of Society etc.
· Orders from the competent court, permitting sale of the property and appointing a guardian, where the property is held by a minor or person of unsound mind.
· Verify Power of Attorney and authority of Builder and whether it is registered with appropriate stamp duty paid. Unregistered or Notarised POA is not valid as per SC judgment
Sale Deed, Conveyance
This is the very first document which is prepared in the anticipation of the property sale. The Sale Deed is one of the most important documents. A sale deed is the core document that acts as a legal proof for the sale and transfer of ownership of the property when sold by the owner. The deed consists of the detailed information of the property which is mutually decided between the buyer and the seller. The agreement consists of details like terms and conditions, purchase price, area, adjoin property details indicating exact location and so on. Many Builders give Agreement to sale and that is not final hence you should look at “Sale Deed” or “Conveyance Deed” which is known with different name in many parts of India. Builders also give allotment letter when you book the property and make token payment and ensure that your advance is refundable in case you find anything negative about the project. Allotment Letter is not “Sale Deed” and has very limited use as many times, Builders give multiple Allotment letter to many people for the same unit.
Features and Properties of the Property Sale Deed or “Conveyance Deed”:
· A sale deed has to be mandatory registered in sub-registrar office in whose jurisdiction the property is situated.
· The sale deed has to be mandatorily registered within 4 months from the date of execution.
· If you fail to register it in this time period you are liable to pay a penalty or else the sale deed registration stands invalid.
· The sale deed is also known as a title deed or mother deed or conveyance deed or Sata Khat.
· If you are planning to sell the same property in the future, this document holds the utmost importance.
· The sale deed establishes the documented proof of ownership of the property.
· Before executing the sale deed the buyer must verify if the property has a clear title.
· The seller must settle all the statutory payments subject to the agreement like water charges, society charges, electricity bills, property tax, and maintenance charges before executing the sale deed.
Mother Deed: Mother Deed is also a parent document. This legal document helps in tracing the antecedent (chain of past ownership & transfers/transmission) or the original owner of the property. In case mother deed is not available you must make sure that certified copies are available with you. Certified copies can be taken from the registrar’s office authorities. Being a buyer of the property proper verification of this legal document is mandatory. This document will be the only evidence of purchase and transfer of the property in favour of the buyer. In the future, if ever you plan to sell your property, mother deed helps in the sale and thereby establishes the new ownership for the property. If you are purchasing a brand new property then you do not need to ask the owner for the mother deed. The first buyer of the property needs to have this document. Mother deed denotes the list of ownership if the property had various owners. The change in ownership of the property could be through sale, gift, inheritance, or partition.
Title Search Report: Even before you are executing the sales deed, you must carry out the title search. Firstly you need to identify who is the current owner of the property and then further when you have all the details deed comes in the picture. It is called a title deed, this legal document is also known as a sales deed, gift deed, etc
No Encumbrance Certificate: While you are performing the title search of the property, you can even check the encumbrances of the property at the sub-registrar office. You must know if the property is free and clear from the legal dues. All the background concerns of the property can be solved at the office. Verify if there are any third party claims and mortgages on the property. To obtain the encumbrance certificate you need to submit a copy of the sales deed at the sub-registrar office.
Conversion and land-use permissions: With increasing urbanisation and merging of revenue lands with urban conglomerates, conversion of property for non-agricultural use assumes crucial significance, since several state laws restrict purchase of agricultural property by non-agriculturists. Secondly, the buyer must examine the Master Plan and satisfy that the property is developed in accordance with the zoning plan – such as residential, commercial, industrial, public/semi-public, parks and open spaces, etc. Where actual use is different from the notified zoning, obtaining orders from the Town Planning Authority permitting change of land use is mandatory. Collector issues approval of the Conversion land use certificate or ‘NA Certificate”.
No Objection certificate (NOC): Wherever necessary, no objection certificate must be issued by the seller and the copy must be handed over to the buyer. With the no-objection certificate, NOCs of the infrastructure facilities like electricity, sewage, gas, water, environmental clearance, and safety approvals have to be provided.
Commencement certificate (CC): The property developer receives this certificate from the Town Planning department. The entire plan, layout, and structure are scrutinized by the department. The commencement certificate is issued to the builder once he clears all the required NOCs ensuring the payments and he can commence the construction of building as per approved plan.
Property Tax Receipts: Tax receipts should be taken to ensure the up-to-date payment of the property tax. The buyer can make direct inquiries with the local government to check if the seller has paid the property tax regularly. The buyer must ask the seller to provide latest original tax receipts (this will also form part of Sale Deed as annexure) and go through all the details like the taxpayer’s name and the date of payment. It is appropriate to go through the property tax receipts of the past 3 years for added caution.
Khata / Extract Certificate: “Khata” means an account in English. It is an account of the person owning the property. There are two types of khata - one is khata certificate and the other is a khata extract. Khata certificate is mandatorily required for the registration of the new property or for the transfer of ownership. Khata Extract is required to be obtained for the property details from the assessment registrar. Khata is known for its different names in different cities. In the revenue extract, khata is referred to as Khata A and Khata B. Basically, khata is an entry in the record of local municipal records or sub-registrar of property. Khata also confirms that the apartment is constructed as per the approval. Khata certificate is obtained after paying the tax for any new registration. Khata Extract provides all the details of the property like the name of the owner, size of the property, the type of the property, annual vale, and the last date of assessment is mentioned.
General Power of Attorney: A power of attorney is a legal instrument wherein, one person gives another person an authority to act as a legal representative on behalf of the property holder. The person holding the power of attorney can make lawful legal and financial decisions on behalf of the property owner. He is even allowed to do the sale or purchase of the property if required. In India, POA is compulsorily required to be registered with property Sub Registrar. Notarised POA is not acceptable as regards any Property as per SC judgment.
Specific Power of Attorney
A specif power of attorney allows a person (the principal) to authorize another individual (the agent) to use the authority for very specific purposes like seeking approvals,. The agent can act on behalf of the principal only under specific, clearly defined circumstances and cannot deal with transfer of property. Normally Specific Power of Attorney is notarised and not registered.
Construction approvals: For purchase of apartment or land with constructed building, the buyer should also scrutinise the building plan / layout plan sanctioned by the local municipal authorities, along with approvals issued by government, statutory and regulatory authorities, for providing infrastructure facilities, water, sewage, electricity, environmental clearance, fire safety approval, etc.
Occupancy certificate (OC): It is mandatory for the seller to obtain the OC from the competent authority, prior to conveying the property. Use of the property, without obtaining occupancy, exposes the buyer to penalty under the applicable building bye-laws, besides the risk of demolition of the property.
Possession Letter: Possession letter has to be provided by the developer to the buyer. The date on which the possession of the property is granted has to be issued on the letter. In case, you are planning to apply for a home loan, the original copy of the possession letter has to be given to the bank. In subsequent sale transaction also, Possession Letter forms part of title document.
Property Card: The buyer must check if the property card which the sellers hold contains proper information about the details of the property.
Allotment Letter: If you are planning to apply for a bank loan to purchase the property, the buyer can get the allotment letter from the property owner. The document has to be submitted to the bank in its original form. It ensures the payment of advance money paid by the buyer and confirms the loan amount is equal to the unpaid amount which is required for the purchase of the property. In respect to Property sale by Government bodies like MHADA, CIDCO, they only issue Allotment letter and that only acts as Sale Deed. Such Allotment Letter has to be properly stamped.
Market (Government) Value of the Property: The buyer has to pay regular stamp duty just like the owner of the property needs to pay the property tax. The stamp duty is paid on the agreement value of the property or the market value whichever is higher. Market value means the price at which the property could be purchased in the property market on the date of execution of the instrument like stamp duty. This is also called as Reconer rate or Circle Rate. Every State Government updates market value regularly keeping in mind latest transactions and market trends. Post Possession know-how: The process does not end as soon as the house is purchased, but one needs to be careful also post possession. It is essential to make sure all your documents are stored well along with adequate certified photocopies. Also make sure all the relevant paperwork/official documents are updated with the new details with all authorities concerned
To sum it up, buying a home comes with a lot of emotions and a lifelong security. Hence, homebuyers need to acknowledge the magnitude of this and do the due diligence required to carefully plan their decisions, to enjoy the perks of being a home owner.