Buying an apartment or villa that suits our requirements fully, Involves a lot of risks as it is very important to check various factors that affect the quality of our stay and also determines the price that we have to pay. It can either be for living or can be an investment method. Depending upon the needs the mode of selecting a property varies.
Following are the checklist that should be considered before buying an apartment or villa:
Never Rely Completely on the Builder :
Like every asset, real estate also has ups and downs and thus one should think again if the builder says that real estate prices never go down. We should do a thorough research of the prices of the houses in the particular area we are looking forward to buying one. Prices of different builders must be checked before finalising one.
Reputation of the Builder is Important :
We should check the history of the builder and their reputation among the people who have already bought their houses. By visiting old buildings constructed by the same builder, we will be in a position to decide upon the quality standards followed by the builder. Generally, all genuine developer companies maintain their complete profile in CDs. So Consider this before buying the flat.
Legal Aspects :
Finding a dream home that one would like to possess and source of income to buy it does not mark the end of the buying process. Checking the legality of the apartment or the villa that the buyer intends to buy is very important. Authenticating the property documents gives a sense of security. Checking the required documents and clearing the doubts regarding it is very important because the property without proper documents is susceptible to witness government actions.
Project Location :
Locality, neighbourhood and accessibility to the necessary amenities like school, college, hospital and office spaces should be a major concern as it increases the resale value of the property.
If the buyer is looking for a house. The distance between the house and the office is an important parameter. Travelling long distances in the times of soaring fuel rates is practically not recommendable. Moreover, it also utilises the time one has to spend with his/her family.
The buyer should make it a point to check that the construction and finishing of the walls, paints used and electrical and plumbing fixtures used to fulfil the standards in par with the money paid. It would be mandatory to acquire all the required clearances from relevant authorities and government bodies before formally acquiring the house.
Loan Facility :
Finding the source of income for buying a house is a major step that should be addressed with at most vigilance. Buyers should keep in mind that a reputed and proven builder will make the process of availing the loan easy.
These builders register their projects with leading banks and if the banks approve of providing loans to the buyers interested in the homes built by the particular builder, it provides Approved Project Finance (APF) number to the builder.
When the customer applies for a home loan, they can just quote the APF number of the project, submit their documents and get the loan sanctioned. With the APF facility, the customer is free from the stress of collecting legal documents of the project and submitting them along with his own financial papers.
Ankita Aggrawal is a business architect in real estate industry. She has 5 years of experience and she has got knowledge about various real estate projects including luxury villa Projects in Bangalore, commercial properties, residential properties etc.