If you are going to purchase a flat, you must consider these few things to get the best out of your deal. Let’s find out more.
Gold, the share market, and mutual funds are the superior options if you desire to invest your money. However, if your returns are at their maximum, you should invest in real estate. It will be an excellent option for you because it provides quick returns that are easily noticeable.
If you go into the outside world, there are a plethora of options available when it comes to flat purchases. The easiest way to figure this out is to choose the proposal that is the most lucrative one. You should also consider the underlying conditions and go through them beforehand to make a conclusive decision and make a list of things to check before buying a flat.
10 Things to Check Before Buying a Flat
Getting a Loan from a Bank to Finance the House
If you want your project to get financed by a certain bank, then you should have a good resemblance in their minds because a bank may appear partial when it comes to financing projects of different builders. For this very reason, you should keep track of the financing of your projects from a particular bank in which you want to invest.
Budget and Needs of Family
While deciding which flat you want to buy, two factors need to be taken into consideration. The first is the amount of money you want to spend on it, and the second is that it should align with your family’s needs. You can’t consider any one factor in isolation, and there must be a balance between the two. The money you are spending should be worth spending, and too much sticking to the middle is a setback too.
Locality or Neighbourhood
The locality is one of the most vital things to check before buying a flat that determines the price and availability of amenities near it. If you are purchasing a flat, then the first thing that will come into your mind is, “what about amenities that you can avail of while residing here?” such as “how far the market is,” “school”, and other amenities. The security that a locality proffers is also a crucial factor in choosing a flat.
Stage of Construction of Flats
You need to have a demarcation in your mind when it comes to “ready-to-move-in” houses and those that are “under construction”. For the projects under construction, you need to submit 15-20 per cent of the total cost of the flat to the developer for the pre-booking. On the other hand, if you want to possess a ready-to-use flat, then you have to manage your finances in a short period.
Compliance with Rules of RERA
RERA has its role when it comes to transparency in the administration of the property market. The expansion of RERA is a real estate regulation act and was recently set in motion in 2016.
The primary objective of the RERA act is to protect the interests of those who want to buy. This act also has the role of warding off malpractices in property dealings. It has specific guidelines and regulations that must be followed to ensure the deal is conclusive.
Completion Certificate to be Procured by the Builder
There is a possibility that the state might make it obligatory to acquire the completion certificate. Following this proposition, no one can enter a residential facility until the developer obtains an occupancy certificate from the local administrative and civic organisations.
Description of the Land and its History
Knowing the past of the land on which your building or flat is to be constructed is necessary. You should know all the facts, such as topography and soil type. You need to know this is one of the things to check before buying a flat and verify to ensure that there are no gaps in the system. The agreement mentions everything, such as rights, ownership, and responsibilities to maintain the property.
Charges Applied Additionally
The society in which your apartment is located does have sub-charges categorised into club membership, vehicle parking, development charges, power backup etc. These charges are typically associated with payment set-up and are paid at regular intervals. While transferring the property to your name, some charges like stamp duty and registration charges also need to be paid, calculated after the assessment of the total value of your property. It can be to your benefit if you already know these requirements.
Lawful Check of the Property
While looking for a flat, you should pay attention to the legal parts and check for the project’s legality.
You need to ensure that the flat you purchase is lawfully authorised and registered under RERA. Also, the developers of that real estate property must have all the necessary approvals and NOCs from the Area Development Authority, Electricity Board, Municipal Corporation, Sewage Boards and more!
So, to prevent any chaos later, it’s good to do the hard work before and go for legal background checks.
Agreement of Builder-Buyer
While choosing a flat of choice, you can book by paying a specific amount which is considered a token amount.
The developers will give you an allotment letter in return for the token amount. After that, there is a tripartite agreement between the builder, the bank and you. Before signing, you should thoroughly review the agreement to understand every point mentioned. In case of any doubt or confusion, you can raise the concern.
In any case, these are the essential things to check before buying a flat, in the absence of which you may face many difficulties while purchasing a home. In essence, we can say that several factors are of utility when buying a property, so it is advised to go to a professional who can help you and proffer you some vital information about flat buying.