Few Important Things to Remember before Purchasing a Flat

Buying a home is a dream for everyone, Most of the peoples invest their hard earned money for their dream, so its always better to take decision wisely and slowly because maximum peoples dont know much things about property related things. thats why Few factors are very important in the process of buying your dream home

1. Property Price :
The first step in selecting a house or a flat is to fix a budget. It makes it easier to shortlist a house if you know how much you are willing to spend on it. Compare the price of the property in question with the ones surrounding it from various builders to get an idea if the builder has offered you a genuine quotation. There are many ways where you can get a comparative of properties in the area you are looking. Portal listings, brokers of the area or newspaper listings are such sources.

2. Flat’s Carpet Area :
Usually, a property’s area or the super built-up area that is listed is the entire area including shafts, elevator space, stairs, thickness of walls and others. However, carpet area is the actual area within the walls of the flat. This are can be 30 per cent lesser than the built-up area or the area used to calculate the price of the property. In some cases, when a floor is shared between two owners, the price of the common spaces are shared between the two.

3. Legal Check of Property :
Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation. However if you are taking a home loan, the concerned bank will validate your property documents before loan sanction.

4. Possession :
It has become a trend of delayed possessions of flats owing to delay in commercial and residential plans. As a buyer, you should have a clear estimate of the timeline for possession. Usually, a developer ask for a six-month grace period, however there should be a valid explanation for the same.

5. Financing Banks :
You should be aware of the banks that are willing or not willing to finance certain builders. Owing to a bad reputation, some banks do not offer loans to some builders. So, it is very important that you check with the banks that are filling to fund the project you are planning to invest on.

6. Location of the Flat :
Not to forget, it is important to look around the area where you are going to be eventually residing in. The amenities, physical infrastructure and reach to all the basic places are important to be analysed. These factors will help you have a peaceful living in the house. The flat should be in a safe and secure place, offering some security to families living in the flat.

7. Hidden and Additional Charges :
Ensure that all the clauses of the documents are read in detail and penalty clauses be understood. The builder is required to pay you a monthly penalty in case you do not receive the flat’s possession within the grace period. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind.

8. Rent Feasibility :
Many people buy a property thinking they will use rent to pay EMIs. Experts say it is a wrong approach but in case you are not able to live in your own flat in that case you have to put it on rent so returns in terms of rent is also very important.

9. Actual site Inspection :
The layout in the brochure could be different from the reality. So, do a thorough site visit before booking the property. Interact with people in the neighborhood as they may know about any illegal occupation or other legal disputes related to the property.

10. Sample flat Availability :
You can always demand from the builder to show you a sample flat or property. This will help you get an idea about how your property or flat will look. You can also check the quality of the construction.

11. Ask about the Utilities :
Ask whether the builder is going to provide you with any inbuilt facilities upon the sale of the flat or not. These include kitchen and other furniture, electricity, etc.Being clear about some of the basic things will save you from lots of hassles and unnecessary surprises later on.

12. Bargaining Scope :
Last but not least point of the article, Money is very crucial thing in all the process, because we are investing our hard earned money in that particular property so its very necessary to consider bargaining scope with builder. if we have couple of good options are available with us then we must try bargaining for our saving, because 1% or 2% amount is also very huge amount with respect to property price.

So, This is our take and opinion regarding facts consider before property purchase.

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