Investing in a new house or Ultra Luxury Apartments in Bangalore is one of the most crucial decisions of your life and is probably an idea you have been nurturing since a very young age. Years of saving and years of planning cannot be let go at the right moment when you make the final decision. Hence, you are required to keep all possible points in mind before you take the leap and make a selection. Although some of the key factors to be considered while zeroing in on a new flat or house is location, possession date and price, there are some more precautions while buying a new flat:
Property Price: The first step in selecting a house or a flat is to fix a budget. It makes it easier to shortlist a house if you know how much you are willing to spend on it. Portal listings, brokers of the area or newspaper listings are such sources.
Flat’s Carpet Area: Usually, a property’s area or the super built-up area that is listed is the entire area including shafts, elevator space, stairs, the thickness of walls and others. However, the carpet area is the actual area within the walls of the flat.
Land Record: The land on which your flat is built is very crucial. You must research the soil quality and topography of the land on which the house is constructed. The plot should also be clear of all dues and be registered.
Legal Check of Property: Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards, and Municipal Corporation.
Apartment Possession: It has become a trend of delayed possessions of flats owing to delay in commercial and residential plans. As a buyer, you should have a clear estimate of the timeline for possession.
Financing Banks: You should be aware of the banks that are willing or not willing to finance certain builders. Owing to a bad reputation, some banks do not offer loans to some builders.
Builder-Buyer Agreement: When you select a flat or house of your choice, you can book the same by giving a token amount, in return of which you get an allotment letter. Then, a tripartite agreement is entered upon between the buyer, the bank and the builder for the rest of the amount. This agreement should be read and understood in detail before signing it.
Location of the Flat: Not to forget, it is important to look around the area where you are going to be eventually residing in. The amenities, physical infrastructure and reach to all the basic places are important to be analyzed. The flat should be in a safe and secure place, offering some security to families living in the flat.
Hidden and Additional Charges: Ensure that all the clauses of the documents are read in detail and penalty clauses are understood. The builder is required to pay you a monthly penalty in case you do not receive the flat’s possession within the grace period.
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