10 CHECKLIST TO KEEP IN MIND BEFORE BUYING AN APARTMENT
Buying a property is a biggest decision of your life. It’s the major and the most important investment and will take up the majority of your savings. Therefore, it becomes extremely important to make sure your investment is safe. There are few things to be remembered while buying a house, flat or property.
The answer to this may differ for every person as same is dependent on many elements like personal preferences, location, budget, etc. Still there are certain things which are specific to flat or an apartment purchase.
1. Carpet area v/s Total area
Real estate companies and property dealers always quote the total area of the flat and use this measurement for calculation of the price of the property.
Carpet area is the area within the walls of an apartment, which is the actual floor area of the flat. The carpet area is usually just 80% of the total area. The total area consists of common spaces such as staircase, lobby, elevator space and shafts. Also, the thickness of the outer walls of your house comes under the consideration of total area.
2. Real estate builder’s background check:
An extensive research and verification of a particular builder is always recommended. The verification here involves looking into his past or current projects or even post queries and reservation on the various online real estate forums.
3. Location of the project:
The location of the property plays a pivotal role for investment. While selecting any location you should check for basic conveniences like grocery store, schools, hospitals, public transport, etc.
4. Features and Specifications:
Every Builder gives a host of distinctive attributes and requirement to attract buyers. The important part in this regard is to understand which features & specifications are of real use and which are inessential.
5. Loan Facility:
Majority of real estate builders are associated with major banks and NBFC’s to provide customers with Home Loan facilities. An approved bank home loan facility for a project provides APF (Approved Project Finance) number to the builder. The loan gets sanctioned by quoting the APF number of the project.
6. Site Checkup:
A thorough visit to the locality is essential before booking the property. The outline and design in the property brochure could be different from the veracity.
7. Infrastructure Plans:
A close vicinity or reach to the latest infrastructure is mandatory when looking up for a property. Metro and rail connectivity or any other big infrastructure development in future linked to the location of the property you intend to purchase can amplify the return on investment enormously.
8. Legal Documentation:
It is advisable to always check for legal documentation of the property. This should be verified with a registered office by taking encumbrance certificate (EC) .
9. Add On expenses:
When buying a property, there are lot of add on expenses which you need to keep in mind. These may include costs like club membership charges, parking space charges, service tax etc. Some of the builders only charge basic sale price (BSP) for the property.
10. Plot Registration:
After finalising the property, the very next step involves you to register it with the concerned authority and become its lawful owner.