7 Things to Keep in Mind before Purchasing a Flat

7 Things to Keep in Mind before Purchasing a Flat

Buying a flat or house is one of the biggest investments in your life. It is something that you have been planning since a very early age. Years of planning and savings shouldn’t go in vain. This is why you have to keep every possible detail in mind before you take the big leap.

Below, we’ve put together a list of 7 important things to consider before purchasing a new flat:

The Price of the Property

Fix a budget! It’s the first step. This makes it easier to shortlist houses if you know how much you can expend. Look for online portal listings, newspaper listings and brokers from the area; they are the most credible sources.

Land Record

The land on which your flat is constructed is of crucial importance. You must know about the topography and soil quality of the land. Also, make sure the plot is clear of all dues and duly registered. The title deed must be verified.

Legal Check of the Property is Mandatory

You should always go for a property that is legally authorized. The developer should present to you the NOCs and list of approvals granted by Area Development authorities, Municipal Corporation, Water Supply and Sewage boards and Electricity boards. However, if you are taking a home loan, your respective bank will validate all the property documents before sanctioning the loan.

Possession of Apartment

Delayed possession is a trend nowadays. As a buyer, it is always better to have a clear idea about the timeline of possession. Generally speaking, a developer negotiates for a 6-month grace period, provided there is an exact reason for the same.

Builder-Buyer Agreement

A minimum token amount is needed to book a flat of your choice. On giving that, you will receive an allotment letter. After which, the buyer enters into a tripartite agreement with the bank and builder for the remaining amount. Ensure, the agreement is read carefully before signing it and well-understood. If any doubts, it must be cleared then and there.

Location

Look around. The location of the property matters. After all, you are going to reside in. It has to be up to the mark, at least as per your taste and preferences. Check out all the physical infrastructure, modern amenities and transportation facilities to all the basic places. These factors will ensure you a peaceful stay at your new flat.

Additional Charges

Read the documents and understand the clauses in detail. Take note, the builder will have to pay you a monthly penalty if he fails to deliver you the flat’s possession within the stipulated period. Look for additional expenses, like GST, home loan processing fee, registration charges stamp duty and other charges. It’s better to make a provision for them beforehand.

As endnotes, purchasing a house of your dreams is one of the biggest events of your life. Do check if it’s build using best TMT bars India. We always recommend using good quality TMT bars because they ensure strength and sturdiness.

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