KEY POINTS TO REMEMBER WHEN INVESTING IN YOUR FIRST APARTMENT
Investing on a new house or a flat is one among the foremost crucial decisions of ones life.
Hence one is required to keep all possible points in mind before taking the leap and
making a decision. As buying a house may additionally involve taking a decent amount of
loan, followed by monthly instalments flowing out of the income one must be extra careful.
There are a number of key factors to be considered while zeroing in on a brand new flat.
They are listed below:
1. Property Price:
The first step in selecting a house or a flat is to mend a budget. It makes it easier to
shortlist a house if you recognize what proportion you're willing to spend there on.
Compare the worth of the property in question with those surrounding it from various
builders to induce a thought if the builder has offered you a real quotation. There are some
ways where you'll get a comparative of properties within the area you're looking. Portal
listings, brokers of the realm or newspaper listings are such sources.
2. Flat’s Carpet Area:
Usually, a property’s area or the super built-up area that's listed is the entire area including
shafts, elevator space, stairs, thickness of walls, etc. However, carpet area is the actual
area within the walls of the flat. This area is 30% lesser than the built-up area. In some
cases, when a floor is shared between two owners, the value of the common spaces are
shared between the two.
3. Land Record:
The land on which your flat is made is extremely crucial. You need to research about the
soil quality and topography of the land on which the home is constructed. The plot
should even be further from all dues and be registered. Before buying a house,
the title must be verified and checked thoroughly. The deed gives all details on the rights,
ownership and obligations towards the property.
4. Legal Check of Property:
Ensure the property is legally authorized to be constructed on the plot it stands on. The
developer should have approvals and NOCs from Area development authorities, water
system and sewage boards, electricity[ boards and Municipal Corporation. However
if you're taking a home equity credit, the concerned bank will validate your property
documents before loan sanction.
5. Apartment Possession:
It has become a trend of delayed possessions of flats because of delay in commercial and
residential plans. As a buyer, you must have a transparent estimate of the timeline for
possession.
6. Builder-Buyer Agreement:
When you select a flat or house of your choice, you'll be able to book the same by giving a
token amount, reciprocally of which you get an allotment letter. Then, a tripartite
agreement is entered upon between the customer, the bank and the builder for the
remainder of the number. This agreement should be read and understood well before
signing it. All the clauses must be clearly understood and if any doubts, should be raised
at that time itself.
7. Location of the Flat:
Not to forget, it's very important to seem round the area where your first home will be
eventually residing in. The amenities, physical infrastructure and reach to all or any of the
fundamental places are important to be analysed. These factors will facilitate you to have a
peaceful living in the house. The flat should be in an exceedingly safe and secure place,
offering some security to families living within the flat.
8. Hidden and extra Charges:
Ensure that all the clauses of the documents are read well and penalty clauses be
understood. Additional expenses like GST, stamp duty, loan processing fee, registration
charges and every other charges should even be kept in mind.
Purchase your dream home with Vaishnavi Infracon one of the Top Builders in Hyderabad
having New Flats for Sale in Hyderabad.