Identification of property / premises

While locating a property / premises one would require to consider location and other various issue in terms of proximity to availability of significant infrastructure facilities like access road, electricity / required power load, telephone / internet service provider, water supply, transportation (goods and staff/workers) fire station, police station, Bank, Hospital, municipal office and other connected to business infrastructure / facilities and offices.

While identifying an appropriate premises / property for his needs he should ensure that the structural conditions and technical aspects of the building are suitable to their business conditions and also can be modified for the future requirements.

Valuation

Ones one has decided to buy/ sell or lease / hire a property / premises, one would require to ascertain the value / rent to sell/buy or lease/hire property/premises.

Location of property/premises distance from the important infrastructure facilities would affect the sale/rent valuation of a property/premises.

Age of the building - new building would fetch higher values/rent in comparison to older property at a given location; however, this may not be the case everywhere.

Maintenance and upkeep - external and internal maintenance of the premises/ property play an important role in determining the marketability and value/rent of the premises.

Market presentation - (in case of builders constructed building, business park, commercial building) reputation of builder/developer also affect the marketability and value of the property.

Layout - the lay out of the property/premises in term of optimum space utilization may play role to appreciate value of the premises.

Furnished /unfurnished- (in case of office space) a furnished space with air conditioning, power back up, computer cabling etc get higher value/rent in comparison to semi furnished or bare space, however one has to keep in mind that the purchaser/tenant may not require the furnishing provided or as it is doesn't suit their requirement

Recurring cost - Outgoings cost like concerning authorities, municipal Tax, ground/lease rent etc also affect value of the property/premises.

Other issues there are many important issues effect capital value of property such like parking space, facing road or park, two - three and four sides open and vastu facing (10 out of 5-7 persons believe in vastu and few out of them ready to pay more money for as per vastu direction/ suitability of vastu property)

Its strongly recommended to buyer kindly find the reliable source to authenticate genuine value of property before making any commitment or agreement... you are buying a precious property let's make some R & D on it will help you in process of deal.

BUDGETING

Ones should have to know prevailing rates of property at different locations through property classified in newspaper; property portals & property broker etc. and one need to find out the market rate in the locality too.

While arriving at a budget it is necessary to determine the space requirement. Generally premises leased/sold, on the basis of build top/ super area in terms of per sq. ft or sq. meter (1 sq. meter =10.764sq.ft).

Procedure to purchase/buying

Ones the property is identified and the necessary dues diligences is observed, normally, the seller may expect 15-20% of sale consideration as earnest money and balance at the time of handing over the possession and the seller would get the agreement to sell stamped and registered by paying the relevant stamp duty, which is normally borne by the purchaser, after that as per agreed term written in the "agreement to sale" at the time of full and final payment the seller hand over the possession with all the property related documents, the seller and the purchaser would have to go to the sub-registrar's office to get property deed (sale-deed) registered and lodge the deed for registration

Possession

Ensure the following: Seller should hand over all the original documents Like title deed/ sale deed, completion / occupancy certificate, all amenities up to date bills payments receipts, if applicable, all the municipal taxes payment receipts up to date and before possession inspect the premises completely,

Take a possession letter from seller and ensure that you have put your own Lock on the premises and congratulation you have paid full sale consideration to seller and taken all relevant documents with your custody and get property possession. Now you are the absolute owner of the property and soon visit utilities offices and mutate water, electricity etc.. your own name.