Buying a property involves a significant amount of one’s hard-earned savings. For some, saving can be sufficient while for others, bank loans are the source for paying the remaining amount. Therefore, it becomes extremely necessary to make safe property investments. Nowadays, people are more convinced with the concept of shifting to metropolitan cities like Delhi, Mumbai, Bangalore or Jaipur. It won’t be a shocking thing to know that people are more likely to buy a flat rather than a house because buying a home is way too costlier than flats. With so many upcoming and existing projects it is obvious to get confused. Thus, this article will help you to know the 5 most important things to consider while looking for a flat
An allotment letter should always be provided to the buyer once they have paid for a flat by paying a token amount. After this, one must enter into a tripartite agreement with the builder and the lending bank for the remaining amount. At this stage, a builder-buyer agreement is signed amongst both the buying and selling party. It is always recommended to read the documents and understand the clauses before signing. For instance, seller sometimes can insert a clause that gives power to them to increase the rates at the time of possession. The agreement includes clauses that include unforeseen market conditions.
2) Location and infrastructural development
Analyzing the location of the project is a very important part too. A buyer should always take care of some factors like the social surroundings and physical infrastructure offered in the project. Don’t forget the connectivity part, try to look for a location that has easy access to the metro station or to other public transportations. Location is the key reason I looked for flats in Mansarovar while shifting to Jaipur. A project that has ready amenities in it helps you to settle in easily.
Industry estimates show that a considerable number of residential and commercial projects are getting delayed. Buyers should always take a realistic assessment of project timelines. The timely completion of all the residential projects depends upon many factors like funds, the supply of materials and etc. Thus, developers end up extending the time until six months for the final delivery of the project.
4) Additional charges
Apartment prices include many other charges such as parking, development, club-membership charges and many more. The payment schedule is inclusive of all such charges and is collected within regular intervals. You also need to pay some extra charges like stamp duty and registration charges which are collected in accordance with the property value. That can vary according to the region. So, you should always consider these charges and prepare yourself according to the same.
5) Staff and Maintenance
Last but surely not least, consider checking the staff behavior of your building. Do they seem to be helpful and welcoming or not. Also, you can also analyze whether you feel safe amongst the staff member or not. Doesn’t matter if you are buying an expensive or mid-range apartment. Your safety is a very important thing that you should not forget to insure. The next thing is to check the cleanliness and safety of the apartment. Considering that your colleagues and friends will surely pay a frequent visit to your new home. Also, it has a very big impact on your living style. Quality living is what you should be looking for.
Although looking for an apartment that suits your needs may seem to be a difficult task. However, the above points will help to ensure that your apartment search is good. I hope that you found all the above points to be relatable and helpful. In case of any doubt do let us know through your comments below.