Things you should know before buying an apartment
Purchasing an apartment building can be a great asset, as long as you invest in one that meets your budget and enhances your financial status. There are a lot of things to think about when you buy an apartment building. The answer to this may differ for every person as it depends on many variables like personal preferences, location or budget. Still there are certain things which are specific to flat purchase and are common, with no impact of your location choice like City Centre or Sub Urban and category choice like Affordable, Economical or Luxury.
Review the following steps before committing to such an endeavor.
Legality: It’s the most important thing to check before buying a flat. In every city there are local government bodies authorized to approve maps of any building. Buyer must check the approvals before entering into agreement or contract.
Budget/Add on expenses: Consumer should write down their budget carefully. Property cost is not the only the price you have to pay to the owner. There are also several add-ons which you should calculate. There are add-on costs like club membership charges, parking space charges, service tax, stamp duty, registration charges, home loan processing fees, electrification charges, transformer charges, preferred location charges (PLC), etc. Sum of all these expenses is your actual property cost. What are the maintenance charges? Many people don’t think at this aspect when they buy a new apartment. Find out how much is the maintenance charge, what is included and not included in the charge. For example, car parking charges may be separate.
Price: Well, in the end it all comes down to price. A buyer must do a complete survey about the prices in location/area in which he is planning to buy the flat/apartment. But there are certain variables which must be kept in mind before you make a decision on the basis of price. These are facilities in the building, specifications of the flat, location, possession date, quality of construction, etc. You must understand that the most economical buy may not be necessarily the best. Comparison should always be done between equals. Also if you like any property and you are not getting it in your budget, don’t just walk off, but try to negotiate with the builder/developer as I believe that you should not let go your dream home for 5-10% difference between budget and actual cost. You never know, negotiations might pay off.
Before you buy, research the market to make sure you are getting the value you want for your money. Talk to independent valuers and real estate agents, and check recent sales in the area.
Priorities: You should have a clear understanding of your wish list. One thing we must all keep in mind is that it’s difficult to get everything we want. As a consumer you should have absolute clarity on facilities or specifications for which we are ready to compromise and for which we are not ready to compromise. Priorities must be clearly defined and you should stick to it before making decisions.
Project Location: Decide on the area you want to buy an apartment. This may involve spending some time in that area or at least doing some research online.
It is not necessarily always that project on main roads have location advantage compared to the ones located on inside roads. Down the line, after some years you might realize that you have done the mistake by selecting Residential Project located on the main road because of increased traffic sound and commercial activities. Remember, you are buying a home, not an office. A valuable tip if you want to earn some time: check that the property you are interested in is close to the facilities you require, like grocery stores, schools, hospitals, public transport, shops, parks, work, gym, etc. When you choose to live in an apartment consider whether the building is close to clubs, cafes or other live music venues. What is the amount of passing traffic – will it be noisy at peak hour ? Will the noise affect your lifestyle? It is a good idea to arrange an inspection of the building during the evening or during peak hour traffic before you agree to the purchase. What are the security measures? For example, can anyone walk into the building? Are there any security cameras? Does it have a balcony so you can enjoy the view or afternoon sunshine? Or are you blocked by other buildings or facing the wrong way for the sun?
Look at the potential of each apartment building, not the decor. Many buyers get lost in the colour of the wallpaper or the layout of the rooms. When shopping for apartments, you need to look through everything that can be changed and determine whether the property has potential.