MONEY9: The real estate market, which has been struggling for six years, is getting back on track.. First note, Then GST and then Kovid snatched the market ronak. The dust had settled in the houses that were being sold. But the picture is changing now. Houses in the hope of a dream home Sale Is increasing.
Some changes need to be made before the house can be sold. Such as keeping the house clean, getting it painted, making necessary repairs. The help of a professional can be taken to prepare the house for sale. However, be careful not to incur any unnecessary expenses. Complete the paperwork attached to the property. Pay the outstanding electricity bill and house tax.
Pradeep Mishra, founder of broking firm Homents, says there are two ways to find out the true value of a property. If the building is self-constructed, get its strength checked by a structural engineer. Then you will know how many lives are left in the house. What is its value to date? You will incur a construction cost accordingly. Now let’s talk about land rates. You can contact the local property dealer for the current rate of land.
You need more than luck to succeed in affiliate business. Mishra, the founder of Homents, says that first of all you have to decide the terms and conditions of the sale transaction. If the property is a housing society then NOC has to be obtained from RWA. If the flat is under construction then the developer will give NOC. If the registry is done then NOC has to be taken from the maintenance department of the society. Along with this, documents like transfer deed, house tax and new electricity bill, identity card and address proof should also be prepared.
Old ways of finding a buyer for a home, such as talking to neighbors or friends, do not always work. In such cases the help of companies providing services related to real estate can be sought. Don’t worry about brokerage if you are seeking the advice of a professional who has a good understanding of the property market. You can also take the help of online platforms.
You should contact the bank when selling a loaned property. After repaying the bank loan, you get back the original documents of the house. You can pay the bank by collecting the amount received from the buyer and the money from your own resources at the time of agreement to sale. If the buyer also takes a loan from the same bank in which your loan is running, the bank transfers the loan internally and deducts the home loan money from the seller and gives the rest of the money.
If the value of your property is more than Rs 50 lakh, a TDS of one per cent will be levied on it. The buyer will deduct one per cent TDS and issue a TDS certificate to the seller. This amount will be deducted from the seller’s payment. In addition, if you sell your property within two years, the profit on such transaction is considered as short term capital gain i.e. STCG. On the other hand, the benefit of selling an asset after 2 years is considered as long term capital gain i.e. LTCG.
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