Things to Consider While Buying Flats in a Metropolitan City
With the booming business in real estate department and property acquisition, buying flats in a metropolitan city has reached a new height. Especially with the improvement of Financial Budget 2016 and its implementation, several home seekers have started to become home proprietors. However, without considering important facets while dealing with the purchase of flats, it would be extremely poor investments to indulge in. Following are the few factors to keep in mind while buying flats:
- Authorization and Permits : when you’ve selected your preferred residential complex, you should be careful to check the initiation credential for work, ecological consent and sanctioned construction procedures. Other documentation to authenticate are land title status, owner rights/developmental rights of the builder, title deed, release certificate, property tax receipts, check encumbrance receipt, land usage verification and local body approval.
- Site Inspection : The site is always fabled up to a paradise. Therefore, it’s prudent to substantiate the property by thorough inspection and asking the locals of the nature of the neighbourhood; the good and the bad.
- Financing Banks : Many building projects are not financed by any banks. The properties remain unconstructed because of lack of finance. So after finalising the property, enquire which banks are ready to finance the project and step ahead with the one which offers you loan at low interest rates.
- Substantiation of the Builder : The land on which the complex is built on maybe under trial. Check its lawsuit status and verify the builder’s authenticity by examining their previous projects.
- Apartment Size : the brochure always claims the flat size by total area instead of carpet area, which is extremely deceiving. It will be a smart decision to check the area yourself before signing the contract.
- Bank Plans : Research extensively when it comes to bank loan repayment plans. There are several clauses which we tend to overlook and later on regret. Make sure to make a completely informed choice while making a decision.
- Total Cost Calculation : The basic cost doesn’t count as the final cost. The final cost includes internal/external expansion fees, parking or club or legal duties, preferential location charges and service tax. Calculate the entire fees and come to a final number.
- Rent : If you’re under the impression that you’ll rent out the flat and pay EMIs with the rent. The plan is a no-go because finding a prospective tenant may take a while.
- Register your Plot : Concerned authorities must be notified about purchase of your plot and register it. This helps in you acquiring the property in fine, legal print.
3 BHK flats near Metro cities are often flashy, lucrative deals. The above mentioned points should be kept in mind while making the purchase.