My First Property Buying Experience

In this world, many things, you learn from experience. After school, college and university, you enter in the world classroom where you do mistakes and these mistakes become your lesson which you have to remember, if you have to get success.

 If you buy any property, it means, you are learning practical of real estate market and real estate market is part of financial market. It means, if you buy any property, you are learning practical of financial markets. Financial markets are the part of Finance. It also means, you are learning practical of Finance. Finance has big area of study and knowledge. Many people are doing Phd in Finance ( as real estate market specialization). Other side, there are many people who need not Phd degree but knowledge which is more helpful than any degree.

    • Now, one of important question, why am I sharing my experience. Answer is very simple. For buying any small property, you need 4 to 5 years hard earned saving. If you will do wrong decision, you will lose your money. So, before buying the new property, read my property buying experience. 
    • You will lose your time because you do not know what I am teaching to you through sharing of my experience. Your time is precious. It is irreplaceable resource. 

For this practical knowledge, I am heartily thankful to my property dealer who has big experience in this industry and during the time of deal.

1. Advance Must be Given on the Basis of Written Agreement

It is very good saying, our thinking and our health can change within second. If anybody does the promise that he has taken the money, he can speak lie that he did not take. If you have to give more than Rs. 1000 as advance money, please write clear agreement and mentioned that other person has taken it as advance for buying the property and if he will unable to give the property, he will give the double amount of advance money as penalty. Otherwise, you will waste, your time, your energy and other other person's time. I did this mistake but you must not do this mistake.

My Story ➟ 

 I paid Rs. 5000 advance money and did not get it in written that it is the advance money of property. Same person has only written advance money of same property but he did not have power of attorney. So, he could not complete my agreement. Now, he was not interested to refund money from his heart. With the help of my dealer and friend, I succeeded to get my Rs. 5000. So, in your case, you may lose because you can not challenge him in court if  you did not have written agreement.

2. Check the Road Width

If you are buying in new colony, its width must be 20 foot, otherwise, it will be your waste of money because every property owner will grow space in the front of gate, so, road will be 5 feet. So, better is not to buy such property, otherwise, you will face the problem.

My Story ➟ 

 I have taken wrong decision of buying 9 foot width of road but thanks God, one of my friend helped me to change my decision.

3. Whether Roads are Completed or Not

Sometime, roads are not completed. Due to this, there is so many difficulty to cross the road. Far is better than near uncompleted roads where you are buying property.

My Story ➟ 

I was buying the property in the road which were not completed. I estimated my vehicle repair cost which was 2 times more due to this. So, never take such wrong decision if you want to save your vehicle repair cost.

4. Location and Population

Location and population matter for your decision. You have limited money and you have big substitutes of properties. So, check the location and population. Big and low population is not good. Moderate is better.

My Story ➟ 

I was buying the property where the population is zero. Human being is social animal. Without human, what is the importance of my property. More population is not good, it will become crowd.

5. Whether Plot Owner has taken Loan Or Not on Same Property

This is very good question which you can ask from property owner. If he has taken the loan, you must not invest money in it because it is bound under pledge agreement. If property owner does not tell about this, ask the photocopy or registry and Fard. You can find same detail from it. You can take new fard from Suvidha Center.

My Story ➟ 

I was taken the property which is on pledge but I got its information from fard before buying. So, I rejected this offer.

6. Whether There is Stay on Property or Not

Sometime, there is quarrel of division of same property or any other property issue, so victim party takes the stay from court. Same information, you can find also from fard.

My Story ➟ 

I was buying the property which is on stay. Next page, this stay was off on court order. So, I bought it.

7. You are the Owner of Money Only if it is in Your Pocket 

My property dealer has told me that you are only owner of money if it is in your pocket. It is very true. So, think 10 times, take the advice of your friend and then invest your money in property.

My Story ➟ 

All the time when I did not bought, I felt relax because my money was in my pocket. I was its boss and on my order, it has given me the opportunity for buying best property.

8. Never Invest Your Whole Money in Property

You and me know accounting truth about property. As per accounting, property is not liquid asset. So, do not invest your whole money in property. Invest some money in

My Story ➟ 

Today, my friend is in hospital. He invested almost all the money in property. Due to lack of money, his family is unable to pay the bill of doctor. If you are ok, you can buy 100 property, so, reserve some money for doctor fees also as emergency.







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Accounting Education: My First Property Buying Experience
My First Property Buying Experience
Accounting Education
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