7 Critical Things Every Flat Buyer Must Keep in Mind!
Looking to buy your Dream Home? Here are 7 of the most important aspects that you must look into for coming to the best possible decision.
As the old idiom goes the most important aspect of any real estate investment its location as it will be the single most important factor determining the future value of your property. Apart from an easily accessible location, please ensure that it is located near social and civic amenities like shopping centres, banks, hospitals, schools, hotels, restaurants, airport, railway station etc.
2. Approvals/ Builder Record
While choosing between different projects for selecting a real estate apartment, it is essential to see the past record of the builders so as to ascertain if they have a track record of timely delivery of projects or not.
Also, please do ensure that they have all the required approvals including:
Land Title Deed
CLU Approval (Change of Land Use)
Local Body (Municipal Council) Clearance
Fire Department Clearance
Electricity Board Clearance
Pollution Control Board Clearance
3. Quality of Construction
Please do check and compare the construction quality of the projects developed by various companies by comparing the actual flats (not just sample flats), previous buildings constructed by the developers and talking to the existing residents.
4. Features and Specifications
It is very essential to enquire about the brands & features being used inside the flats. Features from global & national brands generally have better quality as compared to locally made brands and better aesthetic designs as well. Also, please do ensure to differentiate between essential features like modular kitchen, washroom fittings, electrical switches, UPVC windows etc. and other features that may be of purely aesthetic importance.
5. Area of Flat/Size of Rooms
Most builders sell flats based on super area, however due to the ambiguous nature of its calculation, its better to compare flats based on the carpet area as well as the room sizes as seen when you physically visit the actual flat being sold. Sample flats can sometimes not give the exact picture. (For further details regarding this please read our previous blog post)
As everyone will definitely be having a price budget in mind, please do remember to enquire about all the additional costs of a flat like car parking, club membership, PLC etc as these might lead to a significant increase in price over the basic sale price of the flat.
7. Common Amenities
Please do enquire about the status (operational or not) of the amenities being offered like car parking, clubhouse, gymnasium, security, power back up etc. and the estimated time post possession of these becoming operational incase they are not already.
1. Loan Facility
Please find out about the banks which have approved a particular project and provide loan options
2. Actual Flat vis-à-vis Sample Flat:
After visiting a sample flat for a particular project, it is essential to visit the actual flat as well because the sample flat maybe designed in a way to make the rooms bigger or have certain features that might not be available in the actual flats. More over in many cases the sample flats are not a part of the actual construction and have been created as stand alone units. Therefore do take an informed decision only after visiting the actual flat that you are purchasing.