Things to keep in mind before buying a Flat

Things to keep in mind before buying a Flat

Since there are multiple check-lists floating around on the internet on buying flats in India, this blog post helps you to check all the essential points to buy a perfect flat with no risk. Lets’ check out all these points:

Check the Approval & Licenses:

Always check the builder’s paperwork ranging from commencement certificate for work, environmental clearance and approved building plans and other agreements like Title Deed, Release Certificate, Property Tax Receipts etc.

Check the Infrastructure Plans:

Metro connectivity or any other big infrastructure development in future linked to the location of the property you intend to purchase can boost the return on investment tremendously. Also, ensure that the property is not close to any polluting industry.

Stop Looking at Other Houses:

While buying a house/flat never look at other houses, that are a big mistake. You should decide what is your perfect budget and needs to buy a home/flat.

Carpet Area:

Always ask about the built up area. The builder charges on a rate per square-foot. So you should know the cost of per square foot you’ll be paying.

Completion of the Project:

You must ask the developers the deadline of the given projects and when developer handover the flat. It’s important because there have been many cases where the project gets delayed indefinitely, which brings a big loss to the buyer in terms of paying EMI.

List of Banks Financing the Project:

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. So, it is very important that you check with the banks that are filling to fund the project you are planning to invest on.

Verify The Builder:

It’s also very important to verify the builders,it is recommended that you do an extensive verification of the builder. You could verify its past or current projects or even post queries on the various online real estate forums.

Check Basic Amenities is Fulfilling Your Needs:

Amenities is very important that makes your life easy, you must check all the amenties that are provided by the builder and also check is all these amenities is fulfilling your needs… then after you can make further decision.

Demand for the Sample Flat:

When the project is under construction, you can demand for a look of sample flat that matches to your flat requirement. The living room area, Bedroom, Bathroom, Kitchen and other areas are important to consider. You can also check the quality of construction, material used.

Payment Plan:

Every developer has different payment plans which are important to consider. Builders generally have tie-ups with bank and financial institutes to offer loan under low interest. So you can compare the interest rates of banks.

Stick to your Budget:

Set a budget before you buy a home and make sure that you abide by it. Remember that your EMIs are not the only expense you have apart from the down payment made at the beginning. Registration charges, brokerage fee, maintenance charges, and GST are some of the other expenses you should be kept in mind while budgeting your home purchase.

What are the maintenance charges?

Many people don’t think at this aspect when they buy a new flat. They will generally cover the municipal tax, property tax, assessment tax, water charges, common electricity charges, elevator charges and charges for hired help, like the garbage cleaner and security. Find out how much is the maintenance charge, what is included and now included in the charge. For example, car parking charges may be separate.

Chandra Towers is one of the leading real estate developers in Varanasi with the mission of Providing Affordable Housing Since 1989. One of our projects is coming with the name of Chandra Anandam in Shelmalpur, Harahua, Varanasi which is the part of Affordable Housing Projects in Varanasi. For more details contact with us to buy 2 Bedroom Flats in Varanasi.

Contact Us Our Experienced Expert will solve all your queries by their vast knowledge and assist you to take decision to buy a Flat.