Things to keep in mind before buying a flat

Things to keep in mind before buying a flat

Buying a new flat or a house is one of the most crucial decisions of your life. As you are investing a lot of your hard-earned money on this, it is essential that you make an informed and smart decision. Also, as buying a home also often involves taking a loan, one has to be extra careful when making a choice.

We’ve listed down some important factors to keep in mind before purchasing a new flat:

1. Cost of property:

Probably one of the most important things to do before you start looking for a flat is fixing a budget. It not only helps you shortlist apartments and makes things simpler for you, it also lets you compare the price, area and amenities of the flat you are interested in with other flats that are in your budget.

2. Land record

After you have shortlisted your flat, you must do some research on land record. The land on which your flat is built is very crucial. Apart from researching about the topography of the land, you must also check if the land is clear of all dues and registered. Additionally, before buying the flat, the title deed must be thoroughly checked as the deed gives all details of the rights, ownership and obligations towards the property.

3. Reputation of the builder

As a buyer, it is your responsibility to check the history and market reputation of the builder. You can do that by visiting other projects completed by the same developer. You can also ask the company to share their profile with you. Another good way to find out how past buyers feel about the builder is by doing a little bit of online research.

4. Features, specifications and amenities

Builders lure potential buyers by promising to offer various features, specifications and amenities. However, it is important for one to understand which specifications are of actual use to you.

5. Location of the project

It is extremely important to look around the area that you plan to reside in. The amenities, distance from educational centers, shopping centers and connectivity. It is also essential to check if the neighboring area is safe. Also, it is important to keep the future in mind. What might seem like a good option today might not seem so a few months/ years down the line.

6. Carpet area of the flat

Most of the time, the built-up area listed by the builder is the entire area including shafts, elevators, stairs, thickness of walls etc. However, carpet area is the actual area within the walls of the flat. Therefore, it’s always a good idea to make sure you check what the total carpet area of the flat is before you purchase it.

7. Loan Facility

You should check in advance if banks are willing or not willing to finance certain builders. Usually, most reputed builder groups are registered with leading banks. Whenever a bank approves any project for home loan facility, they give an APF (Approved Project Finance) number to the builder. So, when a customer applies for a home loan, they can just provide the APF number along with his other financial papers and get loan sanctioned.

While the above-mentioned factors are important to consider before buying a flat, there are various other factors one must consider, however, they vary from person to person. At the end of the day, what matters the most is which house makes you feel like you are home.

Looking for your dream home? Search no more! Hallmark Builders have something for everyone. Whether you are looking for an apartment or a villa, a house in the heart of the city or one away from the hustle-bustle, you are sure to find your perfect home here. Visit http://www.hallmarkbuilders.in/ to know more about our projects.

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