Some Important Things To Note Before Buying A Flat

27 Jan 2021

When you invest in a new apartment or flat, you are lending credence to a dream that you nourished for a very long time. This has been made possible after many years of saving and proper planning. Hence, you will be better off if you keep all possible points in scope before you take the plunge and buy your dream flat. Here are the most important things to consider;

  • The price of the property: You need to have a budget before you select a flat or apartment. Shortlisting an apartment becomes easier if you know beforehand how much you are willing to spend on it. In order to ascertain whether the builder has given you a genuine quotation, you should compare the price of the apartment with neighboring ones by different builders. There are multiple ways in which to get comparative prices of adjoining properties, namely newspaper listings, portal listings as well as other brokers operating in the area.
  • The carpet area of the flat: In the usual case, the area of the property or the super built-up area takes into account the whole area including elevator space, the thickness of the walls, shafts, the stairs, and some other considerations. But the carpet area is the area of the apartment within the walls of the flat. This area can be as less than 30% of the built-up area that is used to calculate the property price. If the floor happens to be shared, the common space price is shared between the owners.
  • Land records: It is very crucial to know what kind of land your apartment is built on. Spend some time researching the quality of the soil and also the topography of the land. The plot needs to be registered and also be clear of all kinds of dues. Before you go ahead and buy the apartment, check and verify the title deed. The title deed will have all details on the ownership, rights, and obligations of the property.
  • Legal check: Before you buy the apartment, ensure that your property is authorized legally to be constructed upon the plot where it now stands. The builder is required to have all the NOC’s and approvals given by the area development authorities. Also check for NOC’s from the sewage board, water supply department, the electricity board as well as the Municipal Corporation. In case you are taking a loan for the apartment, it will be the duty of the bank to validate your property documents and you can rely on them to do a good job of verification.
  • Possession of the apartment: Sometimes, in rare cases, the possession of the flat or apartment gets delayed because of a delay in residential and commercial plans. Being a buyer, you are entitled to have a clear understanding and estimate of the possession timeline of your affordable housing in Gurgaon. The developer might ask you for 6 months of grace and should have a legitimate reason for the delay.
  • Financing from banks: There are banks that will be willing/unwilling to finance some builders. Because some builders have less than spotless reputations, banks shy away from them. Hence it becomes very important for you to check in advance with the bank regarding your prized property.
  • The agreement between builder and buyer: You can book an apartment of your choice by paying a token amount in return for the allotment letter. Thereupon a tripartite agreement is drawn up between the builder, bank and the buyer for the rest of the apartment value money. You should read and understand this agreement before you go for Mahira homes in Gurgaon sector 63.
  • The flat location: When you choose Mahira homes in Sector 103, you are paying for prime property. The physical infrastructure, amenities of the apartment, and proximity to the important places make it a very good investment for you.
  • Additional charges and hidden charges: Examine the different clauses of the documents give to you so that charges and penalties can be understood in totality. Keep in mind any additional expenses like stamp duty, GST, the processing fee for the home loan, and apartment registration charges.

If you keep the above things in mind when you take possession of your apartment, you will be saved from a lot of headaches and worries that may result from not being attentive to the apartment choice and purchase procedure

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