Consider Before Buying a Flat

Things to Consider Before Buying a Flat

Staying in a rented apartment can be a little tiresome and inconvenient at times. The rules and regulations can get on your nerves. Moreover, you can’t do anything as you wish. Your tenant is always right behind you, watching over your activities. Sounds a bit scary, right? It’s high time to buy a new apartment of your own. But you have some things to consider before buying a flat!

Looking around the city, you can see hundreds of beautiful structures standing with poise. Who wouldn’t want to live in an establishment like that? However, the outlook is not always everything. You have to think of some important issues in advance if you are thinking of buying a flat. These simple yet necessary points will ensure that you find the perfect future hub.

Unfortunately, many of us tend to forget that, and live in regret for the rest of their lives! To avoid that mistake, here are some points for you at a glance.

What You Should Do Before Buying a Flat:

1. Fix Your Budget:

The first step to buy your own flat is the amount of money you are going to spend. The range could be anything from modest to extravagant. But once you have an estimated number, it gets easier to look for apartments that fit into your financial plan. You can also figure out if you will need any bank loan in the long run.

2. Location:

Placement of your staying place is a crucial element for your convenience. You would want to live in a zone with close access to the market, hospital, malls, etc. If you have any preference, look around the place to see suitable residences for you. If you have come across to a lucrative apartment, crosscheck with the surroundings to ensure it is in a secured range.

3. Flat Price:

Flat prices vary depending on the area. Your desired apartment would cost more in a suburb, while in a metropolitan it will be much lesser. Get to know about the average costing per square fit. If you find a place of your liking, go around and check the value of other flats. Compare the price with updated market value to decide if the builder is giving you a favorable figure.

4. Carpet Area:

You may get confused between the super built-up area and carpet area. The former includes the entire space covering lift, shaft, stairs, etc. and the later involves specifically the floor within your flat. Always make sure you know about the exact area you are paying for. Because the carpet area can be 30% less than the total built-up area.

5. Check Legality of the Place:

Check if your selected apartment area is government approved and is free from any legal issues. These days, illegal buildings on unauthorized properties are not rare at all. You don’t want to be dragged into the litigation process for the rest of your life. Hence, to avoid such unfortunate issues, do it first before anything else.

6. Features and Amenities:

Every builder offers some specific features and services for the flat owner. While some of these can be very lucrative, you must think if they are providing what you want. Make a list of your own requirements and then compare them with the building's facilities. If the majority of the list matches, then this would be an ideal option for you.

7. Safety Measures:

You can never compromise with the security arrangement of your home. Landowners will definitely offer some features regarding the security of the building. Make proper inquiries about the safety measure of the apartment management system. See if they have satisfactory security service, CCTV surveillance, fire alarm, emergency exit, etc.

8. Bank Affiliations:

House loan is important if you don’t have sufficient balance in your account. Most banks provide loans to the clients of reputed builders. Have a look at the banks linked with your landowner. The affiliations will confirm the builder's reputation as well. If your builder has no such bank for backup, then you should reconsider about purchasing their flat.

9. Dealer-Buyer Deed:

When you are ready to buy the flat, you will have to sign an agreement with token money. This will contain all the provisions regarding your ownership of the new flat. Hence, you must carefully read the deed before signing. See if the papers are giving you the rightful authority, articulated clauses, sense of transparency, etc. if you find anything slightly doubtful, do not agree to it and ask them for a do-over.

Buying a flat is not so complicated if you do some research about it beforehand. But it is a lifetime agreement, so you must choose your options wisely.

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