Think before you buy

PROPERTY

We need to be careful while investing money in buying a home. Several aspects need attention. A Dyuti offers some tips to help you make the right decision.

Large hoardings advertising property launches and new projects are bound to draw your attention in any city you live in. You are tempted to ask yourself if you want to own one such property. Your savings encourage you to think along those lines and regular rent-paying doesn’t appeal anymore.
 
You’ve decided it’s time to buy your own apartment. But, before you embark on your dream-home-finding mission, bear these aspects in mind. First and foremost – don’t hurry. Take time to discuss with your family the basic amenities and the locality you want to buy a house in. Also, note your requirements like proximity to school and workplace, health care centres, bus-stops and safety. Don’t ignore problems from surrounding commercial establishments like noise from late night bars and restaurants, fumes and so on.

An actual visit to the area during peak-hour traffic will practically demonstrate whether air pollution is within endurable limits. Also, bear in mind the indispensable amenities and those which you are ready to forego. Further, pay attention to security features like camera, balcony, sunshine, shade, parking facilities and luxury features like spa, swimming pool, gym, play area, sports facilities, etc. Decide which floor is the optimum one for you and your family. Next, check if the drainage system is alright.

Budget factor

Most important, what’s your budget? Remember, the resale value of a flat tends to deteriorate with use. It’s only if you are buying an under-construction apartment that its resale value will appreciate until completion time. Subsequently, such increase is small and limited to a short period and that, only if the area is an upmarket one.

Scout for property in the neighbourhood you wish to reside in after accounting for all the above. A preliminary newspaper ad-search bolstered by online investigations to obtain virtual walkthroughs and photographs of the property you desire to acquire besides confirming credentials will do the trick.

Experience matters

Speak to experienced buyers to glean information about potential problems and speak to property owners of other projects by the same developer to know about the extent of satisfaction the developer is capable of providing besides loopholes you are likely to encounter in the agreement.

Now, talk to independent valuers and real estate agents about ongoing market rates to confirm that the apartment is reasonably priced rather than relying solely upon the builders’ words. Never cross the budget you’ve set for yourself however enticing a particular property may seem. Choose with care the financial institution you wish to avail the housing loan from. Research through websites of reputed banks and institutions to know about their lending terms and conditions, interest rate periods and extent of loan they provide. Talking to other apartment-buyers and owners is also a good idea. Usually, second-hand apartments fail to secure maximum loan coverage of the apartment-price.
Also make sure the institution has no problem providing loans for securing the property offered for sale by that particular developer and whether the developer allows you enough legroom in approaching the loan-provider of your choice.

Is the apartment under construction as yet? If so, you’ve the advantage of determining many aspects like type of flooring, location of windows, wall-colours and so on. If you are a vaastu-believer, you have the opportunity to make the desired changes. It pays to adhere to vaastu principles despite disbelief for it has a say in assuring satisfactory resale value. Secure the nod of a qualified architect or engineer about construction standards and quality. Actual pre-purchase inspection of the property is necessary.

Document verification

Which documents do you need to examine before deciding to buy a particular apartment? First, take the help of a qualified lawyer in this task. He must ensure clear title of the property besides required approvals from the municipal authorities, the water supply and electricity boards. Also check if the constructed area is in tandem with the approved floor plan or if there are any unpardonable deviations. It’s wise to have a thorough check of the flow of title besides the agreement                    between the developer and the landowner. Obtain a draft of the agreement, read and re-read it thoroughly.

Does your lawyer identify any problems? Go by his opinion. Moreover, find out from the actual construction plan about the area allocated to passage, lift, hallways, etc, and whether it encroaches upon the total apartment area promised to you.

Now, what about the financial nuances in the agreement? Check whether the price is inclusive of maintenance charges, electricity and water charges and car-parking fees (find out if parking facility is prevalent). Ensure that there are no concealed charges. Clear possession date should be mentioned in black and white. Make sure there is no insistence upon a particular financial institution to avail the housing loan. Read through every document before signing it. Remember, this isn’t an exhaustive guide. There is always scope for further deliberation and info-gathering.

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