Buying a house is a dream come true for many. It might be on the list of resolutions you have for this year or might have been there for many years. But when you finally invest in a residential property, there are quite a few more things to do to ensure the complete transfer of ownership of the residence in your name.
We will look at six things you should do after buying a house. Let’s look at each of them briefly.
- Make sure all your documents are in place.
After moving into your new home, ensure all original documents related to your purchase are with you and stored in a safe place. One of the first things you should do is check the Title deed and verify it thoroughly. Then double-check this. This is important because any change in the Sale deed requires an endorsement, which has to be signed by the previous owner.
Have a checklist of the documents and ensure you obtain them if you still do not have them.
Here’s a sample checklist for your reference:
- Title deed
- Encumbrance Certificate
- Patta / Khatta / Mutation (Certificate/Extract)
- Property tax receipts
- Utility bills
- Occupancy certificate
- RR/RTC
- Allotment letter
2. Transfer all utility bills to your name.
The next step would be to change the name on the light, water, and other bills registered at your address to your name. It would require an NOC from the previous owner. Ensure that correct details are updated, as changes are cumbersome and exhausting.
3. Update property tax records for the house in your name.
Registration and revenue are separate departments. Hence you should update your name as soon as you move into a new home. The process of updating revenue records is often tedious and manual, but you should get it done as fast as you can.
4. Submit your sale deed to your society or welfare association.
Get your name updated as a member, and request a share certificate issued in your name as soon as you buy a new home.
5. Set up insurance and maintenance.
Insuring your new home against risks isn’t a bad idea. It saves you from the trouble that may come in the future. You should also set up proper maintenance services like house help, a cook, or any other services you might require from the start.
6. Check if you need to file ITR returns.
Usually, if you purchase a new home, you do not have to declare it in the ITR. However, if your annual income surpasses ₹50 lakh after taxes, then you need to declare assets and liabilities, including new properties purchased.
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