Important Things to Consider Before Buying a Flat

Due to the scarcity as well as the increasing prices of land, people are heading towards buying flats in residential societies or in individual apartments. Depending upon personal preference, choice of location and the budget, one chooses to buy a flat. However, there are certain factors/things that are specific to the purchase of a flat, irrespective of the location. These things are elaborated in detail below for one’s better understanding and use.     

1.       Legitimacy: Before buying any flat, the first and the foremost thing that one needs to take care of is its legality. A building, constructed in any city, needs to be approved by the local government authorities of that city. A buyer must check this legal approval, before signing the agreement or the contract.

2.       Market Reputation of the Builder: As a buyer, it is your prime responsibility to check the history and the market repute of the builder. A buyer can check this by visiting the old dwellings, constructed by the same builder. Generally, all good companies, in real estate field, maintain their complete profile in different digital forms. One can also check the social media sites of the builders to know their popularity among customers.

3.       Competitors: Before buying a flat, a buyer needs to do a thorough research on the buildings constructed by different builders in the same locality. By seeing different projects, a buyer can better analyze the things and is in a good position to take right decision in terms of quality, facilities and the price.

4.       Location of the project: This factor varies from person to person. Although, while choosing a location, a buyer needs to check its closeness for the facilities like grocery store, schools, hospitals, public transport, etc.

5.       Features and Specifications: Features are the facilities associated with the building, like no. of rooms, attached bathroom, balcony, etc. Specifications are the facilities and amenities provided by the builder in the apartment, like water supply, electricity, security, lift, stairs, good-quality bathrooms, parking, etc. If you are buying a flat in a residential apartment or society, the list of facilities and amenities also include swimming pool, gym, kids play area, banquet hall, indoor games, party lawn, to name a few.

6.       Price: For a buyer, it is necessary to do a thorough research regarding the prices of the flat in an area/location. Before making a decision on the price, a buyer needs to check all the stated facilities of the flat, construction quality, etc.

7.       Budget and Additional Expenses: Before finalizing any property, a buyer needs to calculate the overall budget. The cost of a property not only involves the price of the building, but also there are several other additional costs. These additional costs include club membership charges, parking space charges, service tax, stamp duty, registration charges, home loan processing fees, electrification charges, etc.

8.       Area Calculation: At the time of buying any residential flat, a buyer comes across three terms i.e. Carpet area, Built up area, and Super built up area. Carpet area is the area within four walls of the flat; built-up area is the area, which includes carpet area and area occupied by walls of flat; and super built up area is the area, which takes into account carpet area, built up area and proportionate of common areas. Usually, builders charge the price on the basis of the super built up area. So, a buyer must understand the right calculation.

Author info:
John Brow is a freelance writer.His articles on topic like residential apartments guide are published on various online platforms.