Find the perfect home easily in your budget with this guide.This blog will try to cover the most important points you should not miss while looking for your dream home.
Go through all the documents on the land and the property. It’s difficult to understand for a layman to understand complex jargons such as title deed, land use, occupational certificate, approvals from local corporations. In case of a property concerned with resale it should cover paid property tax receipts, loan release documents from the concerned bank on the property.
You should also estimate on the total cost of ownership, including parking charges, stamp duty, registration, charges, new furniture/ furnishings that a customer may have to purchase. All of this can add to the cost of ownership by anywhere from 8% to 15% more or less.
The other factors which you should also factor-in while calculating the cost of ownership which you’ll be bearing over the years after purchase such as monthly maintenance charges, property tax, parking charges and so on.
It is important to understand about the final usable area of the apartment, We recommend to go for home inspection which essentially covers all you need to you about the property to are looking to buy. It’s most useful when buying a property which is ready for possession while also useful when buying a property under re-sale.
In the case of new construction, mostly the sale would be on super-built up area. Though under MahaRERA it’s mandatory to builders to disclose the area in Carpet Area. As it’s important for consumers to know with the liveable area they will finally get to use.
While buying a flat, one should keep in mind that parking is either stilt parking, which is in the basement of the building, or open parking. Also, find out from the builder if he’s selling the parking space. If you do wish to have a parking space. Do ensure that the specific space is allotted for each apartment. Open parking spaces without allotments will cause grief in the long run and conflicts might emerge eventually over a period of time. A lot of new constructions and redeveloped societies now have car parking with automated lift which essentially fits two cars in one space – one above another. Hence, either one is bound to move his car if the other one has to use his car and have their own pros and cons.
Speak with the people residing in neighbouring areas to get a clear picture and find out the situation of electricity, water supply and other availability of other essential services and all that you might need.
Make sure to find out the average pricing in the surrounding area. Speak with a few people to benchmark the current prices. You might get to know a prices of a few recent transactions from neighbours and brokers itself. Prices can change more or less 5% on which floor its situated and and the configuration of the apartment.
Understanding Construction Quality of the Property
A very important thing to know is if you are buying a property in a under-construction building, then visit buildings delivered already by the same builder to check out on quality of his construction. Feedback for the tenants of his previous constructions can help you get an idea whether the property was handed over on time and whether they faced any issues with documentation such as occupational certificates, etc. If the building still has to bring in water tankers even after a year or two of possession, then you might want to have second thoughts of investing there! Unlesss if your’re OK with it.
All-in-all its your decision to buy the property and you are the best person to know what best suits you. Whether your’re looking to buy a flat in a under-construction building or a flat under re-sale. This blog cum guide surely will help you get the best of returns on investment for you. Before possession, you might want to choose for home inspection services which can help you get reports of the flat which discloses hidden facts such as leakages, dampness, electric issues, etc. This report can prove to be a helpful document and can help you get these issues fixed ahead of possession and can also help in re-negotiating prices or altogether avoid a dead investment.
Signup for our newsletter for more helpful tips, guides & updates on properties and real estate.
(The writer is director of Propcheckup – A highly specialized startup into home inspection services )