Important things to keep in mind before buying a flat
Investing in a new home or flat is one of the most important decisions of your life and is probably an idea you have been cherishing since you were very young. The year savings and year plans cannot be abandoned at the right moment when you make the final decision. Therefore, you need to keep in mind all the possible issues before you take a leap and choose one. Since you may need to borrow a good amount to buy a home, then the monthly instalments flow out of your income, so you need to be extra careful. While there are some important things to consider when vacating a new flat or house, such as location, date of occupancy and price, there are some other conditions to consider when buying a new flat. These are:
Property value:
The first step in choosing a house or flat is to set a budget. This makes it easier to shortlist a house if you know how much you are willing to spend on it. If the builder provided you with an actual quote, compare the value of the property in question from different builders to get an idea. There are many ways you can get a comparative advantage of the features of the area you are looking for. Portal lists, area brokers or newspaper lists are such sources.
Carpet area of the flat:
Typically, a property area or super built-up area that is listed is the entire area, including shafts, elevator spaces, stairs, wall thickness, and more. However, the carpet area is the actual area within the walls of the flat. This could be 30 per cent less than the built-up area or the area used to calculate the value of the property. In some cases, when a floor is shared between two owners, the common space price is shared between the two.
Land records:
The land on which your flat is built is very important. You must research the soil quality and topography of the land on which the house is built. The plot should be clear of all debts and registered. Before buying a house, you have to check the title deed in detail. The document gives all the details of rights, ownership and obligation towards the property.
Legal check of property:
Ensure that the property is legally permitted to be built on the plot on which it stands. Must have approval and NOC from Developer Area Development Authority, Water Supply and Sewerage Board, Electricity Board and Municipal Corporation. However, if you take out a home loan, the bank concerned will verify your property documents before approving the loan.
Occupancy of the apartment:
Due to delays in commercial and residential planning, it has become a trend to become the property of delayed flats. As a buyer, you should have a clear estimate of the occupation timeline. Typically, a developer asks for an extra six months, but there should be a valid explanation for this.
Financing Bank:
You should be aware of banks that are willing or unwilling to finance certain builders. Due to a bad reputation, some banks do not lend to some manufacturers. So, it is very important to check the banks that you are meeting to fund the projects you are planning to invest in.
Manufacturer-buyer agreement:
When you select a flat or house of your choice, you can book it with a token amount, in exchange for which you receive an allotment letter. Then, a tripartite agreement is signed between the buyer, the bank and the manufacturer for the remaining amount. This agreement should be read and understood in detail before signing. All clauses should be clearly understood and if in doubt, should be raised at this point.
Location of flat:
Don’t forget, it’s important to look around the area you’re going to end up living in. It is important to analyze the facilities, physical infrastructure and access to all the basic places. These things will help you to live a peaceful life at home. The flat should be in a safe and secure place, providing some security to the families living in the flat.
Hidden and extra charge:
Make sure all the clauses in the document are read in detail and the penalty clauses are understood. The builder will have to pay you a monthly fine if you do not get possession of the flat in the extra time. Additional costs such as GST, stamp duty, home loan processing fee, registration charge and all other charges should also be kept in mind.
Buying a home should be one of the momentous events of your life.
