Purchasing a flat is a huge investment, both financially and emotionally. I remember how invested I was and it took me almost a year to figure out the right deal for I was clueless about where and how to start. Since I have been through the process myself, I can give you a checklist of important things to consider to arrive at a better decision quickly.
- Location
The foremost criteria is the location of the property. We should have a few options open with us. A few things to take care of are the topography, soil quality, and neighboring property types. A property will have an inflated price in a fully-developed area, whereas, you can find a good deal where the development is still underway. Such properties see a rise in their value over time.
Before buying a flat, ask the builder/seller about the net carpet area of rooms, terraces, etc.
- Connectivity & Convenience
Once you are satisfied with the location of the property, run a quick check for the connectivity and convenience bit around the flat. Availability of public & private transportation such as buses, metro, railway stations, cabs, etc. will make daily commute easier for you, so look out for that. Research around basic amenities such as schools, hospitals, offices, malls, entertainment centers, gyms, etc. as well, check if the social infrastructure, mobile connectivity, fire safety, etc. are in place or in planning.
- Builder Check
Run a background check of the builder. Check for his past records, i.e., previously completed projects, project delivery timelines, reviews from previous buyers, etc. Go deeper and try to search for their association with any Builders Association Group. If you are planning to apply for a home loan, your bank will run a check on your builder which will be helpful as well.
- Property Valuation
Do extensive market research to know the actual property rates. Find out the resale value of your flat as well to ensure it pays off well in the long run if you decide to sell it off.
- Budget & Loan
Of course, set a budget and plan your finances. It is better to have a cap for the upper limit. Planning your finances include the cost & payment for registrations, legal documents maintenance, taxes, and deeds, etc. apart from the cost of the flat.
- Documentation
Once you mark the above-mentioned points off from the list, focus on the overall documentation and legal procedure involved. Ensure personally that you have acquired all the necessary documents, clearances, agreements, NOCs, from the concerned authorities to avoid getting into trouble later on.
Hope this answer helps you find your dream flat.
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How to purchase a flat?
Narendra MISHRA
426 Views
1
4 Year
2021-02-14T06:36:37+00:00 2021-02-17T09:44:20+00:00Comment
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