10 Tips to Keep in Mind when Buying an Apartment in India
Buying a flat or an apartment for the first time must be a rare experience for everybody as it brings new hopes, dreams, and expectations for the new home owners. People are so overwhelmed by this experience that they often do not care about technical points which they should consider when buy an apartment. It is true that buying an apartment is not an easy task as it involves taking care of number of issues. Buyers must take care of all issues right from the beginning, so that they can avoid any issues after buying an apartment.
If you are going to buy a new apartment in India then you must be very careful about the following things seriously:
1. Location is super important
The location of an apartment is very important & you should be careful about it. You must buy an apartment at a location, where from all utilities are available within walk able distance. It is because you would be growing old very soon & at a certain age, you cannot afford walking large distances everyday to manage your affairs.
2. Budgeting is the key
This is another deciding factor which you must be very careful about. You must set a budget for yourself and then start looking for an apartment. You must set your budget considering your income and expenditure that is going to come in the future. You must try to stick to your budget but, with few minor changes.
3. Construction parameters to consider
This is a technical matter & you must obtain all information about the features and facilities that is going to be available in the apartment that you are going to buy. As a buyer you have the right to know how safe you are in your apartment.
4. Legal disputes to avoid
These disputes can cause problems to the plot of land on which the apartment stands. You must make serious enquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. You may even ask for documents to support the claim of the builder over the plot of land in which the apartment is situated. The construction company or the promoters are bound to satisfy all your demands.
5. Area of the flat (both carpet area and absolute area)
As the price of flats is soaring higher and higher daily, you must be careful about the total area of your flat. You must demand a detailed site plan for the building from the builder.
6. Bank loans you can take
If you can manage to pay for the apartment on your own, it is good. Otherwise, you would need to look for bank loans. Some contractors provide assistance in this regard as they have legal tie-ups with various banks.
7. Expected time possession
As a buyer, you must enquire about the expected time of possession of the apartment or flat. Most of new flat buyers find it difficult to wait long before taking possession of the flat. They want it to happen as soon as possible.
8. Comparing the price of property
You must not be impatient while buying a flat. You must plan your buy in the best possible way. You can look at multiple apartments and consider their advantages & disadvantages. You must look for the best flat at the best pricing. While comparing the prices, you must also compare the facilities and amenities.
9. Do not finalize by looking at the sample flat
It is a common tactic of promoters or construction companies to try to convince buyers by showing a Sample flat. It is highly probable that the Sample flat will have better features than the flat you are going to buy. It is actually a trap which they use to fasten customers. You should rely on the blue print of the sitemap and on nothing else.
10. Keep all options open
It can be harmful to close all buying options. Don’t get possessed by any particular apartment. Evaluate the apartment before buying.
Hi, Mani Karthik here. Having lived in USA, India & Middle East, and worked for big MNC’s to startups, I have a lot to share with you. My aim is to help people, by sharing everything I’ve learned in life, through this blog. It’s read today by more than 150K people world over! I currently live in LA, California and visit India occasionally. Here’s my full story on who I am and why I blog. Connect with me on FB, Instagram, Twitter or WhatsApp (+001-408-489-4785). Happy to help! 🙂