Buying a flat has to be the most happiest moment of one’s life. It is the dream of many people to own a flat and buying your very own first ever flat is a feeling that just can’t be described with words. But buying one isn’t as easy as it sounds and there are certain things that should be checked and considered before making a decision. If you are about to buy a new flat and do not know what to do, worry no more! Team Urban Tree lists 11 reasons which should be considered before buying a flat!
Some of the important documents that you need to check before you decide for a flat are tax related papers (check if all the taxes are paid), completion certificate from the authorities and the No Objection Certificate (NOC) for the project. It is your responsibility to check with the builder and with local authorities about it. Internet could become an important medium for that purpose. On internet, you can read people’s reviews, about their experiences and if there are any legal issues that needs to be solved.
What is the Carpet area of the flat
Be clear on what is the exact ‘carpet area’ of your flat. Carpet area is actually 80% of the super area of the flat. Now, if you are not clear on these terms, you might find it difficult to make a right choice. Therefore, always confirm with the builder about the carpet area, and use this area in the calculation of your flat cost.
Tie-ups with banks
Buying a house is obviously one of the major decisions you take in life. And it will also require a lot of money. If the developer has tie-ups with banks, it becomes easy for you to get timely loans, sometimes even at a slightly lower interest rate. In case of no tie-up, the loan process might get tedious.
Possession date and clause for late possession
Real estate projects are multi-million projects and their successful completion depends on labor availability, raw material availability, local climate, documentation procedures, alterations in government’s rules & regulations and several other environmental factors. Hence, it is important for you to make sure what the developer is offering in case there is late possession. Because the bank EMI will start from the stipulated date, so you need to plan accordingly.
If amount not paid on time
Confirm with the builder about what happens if you are not able to pay your installments on time. A late fee is charged, which is 16% to 20% of the installment amount depending on case to case basis.
What competitors are offering
This is especially important for places where IT hubs or SEZ are developing. In these areas, generally a lot of real estate projects are underway at the same time and the estate owners float a lot of different types of schemes to attract customers.
Flat location from present and future perspective
When you buy a flat, you are making a trade off between money and features of that flat. If you are able to make a balance between the two, then you have made a good deal. It may also be possible that the area in which your flat is located is not at a prime location then, but develops well in the next 4-5 years. In that case, if you are getting a flat on a cheaper price, then it might not be a bad deal.
Basic amenities in the vicinity like schools, hospitals, workplace, gym, market etc.
Goes without saying that one should look for the basic amenities located in the vicinity of the flat you are planning to buy. These include good schools, hospitals equipped with all amenities, gymnasium, general stores, grocery store, transportation facilities and workplace at a short distance (if possible).
Living in areas where noise levels are high might not be good for your family and your own health. High noise levels can have many deteriorating effects on your body, apart from so many metal and psychological effects.
Timeline of the project
Be aware of the project’s timeline and choose the project according to your needs, keeping some buffer time in hand.
Ready to occupy homes
It’s always a dilemma to choose between expensive, yet less risky ready to occupy apartments or cheaper, but unpredictable projects under construction. The return on investment on projects under construction is more than ready to occupy flats, but a lot depends on the amount you are paying as rent. So, choose accordingly.
These 11 things are to be kept in mind before buying your dream flat.
If you are in the look out for a flat with luxurious amenities at a budget price, visit Urban Tree Properties!