One of the most important decisions you will make in life is investing in a new home or apartment, which is probably a thought you have been mulling over since you were a very young child. Saving and planning for years cannot be abandoned when the time comes to make the ultimate choice. In order to avoid making a mistake, you must consider every angle before making a decision. You should take additional care because purchasing a home may also require taking out a sizable loan, with subsequent monthly payments deducted from your salary.

Before purchasing apartments, keep these 9 things in mind.

Property Price

Setting a budget is the first step in choosing a home or apartment. Knowing how much you are willing to pay on a house helps you narrow down your list of potential purchases. To determine whether the builder has given you a real quote, compare the price of the property in question to those nearby from different builders. You can compare properties in the area where you are looking in a variety of ways. These sources include portal listings, local brokers, or newspaper listings.

Flat’s Carpet Area: 

Typically, the listed super built-up area or area of a property includes all shafts, elevator space, stairs, wall thickness, and other features. However, the actual area within the flat’s walls is the carpet area. This area may be 30% smaller than the built-up area or the area taken into account when determining the property’s price. When two owners share a floor, it’s possible that they will split the cost of the common areas.

Land Record:

The property on which your apartment is constructed is quite important. You must conduct research on the land’s topography and soil composition before building a house there. In addition, the plot needs to be registered and free of all debts. The title deed must be thoroughly examined and verified before purchasing a home. The deed outlines every aspect of the property’s rights, ownership, and obligations.

Legal Check of Property:

Verify if the building is entitled to be built on the land it occupies. The area development authority, water supply and sewage boards, electricity boards, and Municipal Corporation should have granted the developer approvals and NOCs. However, the relevant bank will validate your property paperwork before loan sanction if you’re getting a home loan.

Apartment Possession:

Due to delays in the development of commercial and residential plans, it has been a trend for apartment possession to be postponed. You, as the buyer, should be able to clearly estimate when you will take possession. A developer will typically request a six-month grace period, but there should be a good reason for doing so.

Financing Banks:

You ought to be aware of the banks’ willingness or unwillingness to credit particular builders. Specific banks won’t lend to some builders due to a negative reputation. Therefore, it is crucial that you confirm with the banks providing funding for the project you intend to invest in.

Builder-Buyer Agreement:

You can reserve the apartment or house of your choosing by paying a nominal fee; in exchange, you will receive an allotment letter. The remaining sum is then agreed upon in a tripartite agreement between the buyer, the bank, and the builder. Before signing, this agreement should be carefully read and understood. All of the provisions must be understood without a doubt, and any questions should be brought up right away.

Location of the Flat:

Don’t forget to take a tour of the neighbourhood where you will eventually be living. Analyzing the facilities, physical infrastructure, and accessibility to all essential locations is crucial. You will be able to live in peace in your home thanks to these elements. Families living in the apartment should feel somewhat safe and secure because of the location of the apartment.

Hidden and Additional Charges:

Make sure you carefully read and comprehend all of the documents’ contents, especially any penalty clauses. If you don’t get possession of the apartment during the grace period, the builder is compelled to pay you a monthly penalty. It’s also important to consider other costs like GST, stamp duty, home loan processing fees, registration fees, and any other fees.