7 Things To Keep In Mind While Buying An Apartment
- Legal Issues
- Square Footage Vs Price
- Included Services
- Construction Quality
- Home Loans
- The Sample Apartments Game
Tips And Advice For Buying An Apartment
Purchasing an apartment is an enticing option for most of the people. There are innumerable options to choose from, and an array of builders trying their level best to round up a portion of the pie. Now, it’s very natural that most first-time homebuyers look at investing in apartments rather than villas. This absolutely is down to the fact that apartments are cheaper than villas. But, buying an apartment has its own issues that one should be wary of. The boom in the real estate sector has seen many builders make tall claims to lure in prospective buyers, and many have fallen into this horrendous snare.
BUDGET: The main aspect to keep in mind while buying an apartment is the budget. For most people, buying a home is directly linked to taking out a loan. Make sure that your ambitions of buying a home are proportional to the income that you generate. Never make the mistake of stressing yourself with EMIs beyond your repayment capacity. If that means settling for a smaller space, then that’s what you should go for.
LEGAL ISSUES: If you do a simple Google search, and you’ll find that many have fallen into the false trap of investing with builders whose plots are entangled in a legal dispute. Make sure that you ask for all the necessary details relating to the plot of land in which the property is set to be developed, and cross-check the same with outside counsel to ensure that all the paperwork is in place for the structure to be developed.
SQUARE FOOTAGE VS PRICE: As soon as you shortlist a project from a builder of your choice, ask for a detailed site plan and the floor plan. Check whether the price being quoted is for the Super Built-up Area or the actual space that you’ll be living in. The Super Built-up Area includes the specifications for the common access area of all the units on a floor. Verify each aspect with care before going in for a particular project.
INCLUDED SERVICES: Many builders claim to have the best after-sales service for their projects. Which includes 24-HR maintenance, waste management, Home Inspection etc. Discuss with people who have invested in the same complex and verify if they carry out the mentioned services for that particular project with utmost sincerity.
CONSTRUCTION QUALITY: The construction quality, when it comes to buying an apartment, is another major criteria to be very careful about. If you are searching for homes from small-scale developers, then make sure that the building standards they follow are in sync with the approved protocols and guidelines set by the authorities.
HOME LOANS: Nowadays, most of the builders have an association with leading financial institutions to provide the best home loan rates for you. But you must take the extra step of doing a thorough search on whether you can find a better option elsewhere. While the standard interest rates are known to all, it would do you a world of good to research on the best options available.
THE SAMPLE APARTMENTS GAME: Nowadays, many builders try to complete sample apartments at their ongoing project to convince potential investors. One needs to be very clear with this, that the sample apartments are designed using the best possible utilization of area and quality interiors like cupboards and shelves. If you are satisfied with what your builder of choice has done and can replicate the same in your unit, then it is alright. However don’t take a call just looking at sample apartments. Take decision only on the basis of the living space they are offering you and if it that will satisfy your needs.