5 Things You Cannot Ignore While Purchasing Your Flat

Buying your own home is certainly one of your cherished dreams, but, it’s important to take note of few important things before you make the first purchase. Given that our home is among the most expensive purchase, it’s essential to make sure that it does not turn into a financial disaster. With so many real estate developers in Kolkata coming up with a plethora of projects it’s quite difficult to land up a perfect home for yourself. Hence, before finalizing any property deal, preparing a checklist is essential. And while making one, you can consider the following tips for a rewarding purchase.

1. Price Verification

It’s important to ascertain your budget before you start looking for a property. Keep in mind that the price of a property does not depend on its size. Even a 2 BHK flat can come with a hefty price tag if compared to a 3 BHK flat, if the former offers the best of amenities and strategic location. You can see that the price of 1 BHK flat in the city’s mainland is much higher than the 2 BHK apartments in the interiors of the city.

So, you must consider the facilities and conveniences available in a particular property along with its location. And, once you get a price quote from the developer, make sure that you look at the neighbourhood properties and areas. This way, you would be able to compare the average price range of the flats and apartments in that area. Usually, the renowned builders offer a competitive price for their properties, but, to make an informed decision, you can always make a cross verification.

2. Checking Developer’s Credentials

When you are in the real estate market for property purchase, it’s imperative that you get the best experience. In order to avoid those unwanted hassles, in the long run, opt for a renowned builder with goodwill and credible reputation. Also, you need to check all the property papers before making an investment.

Another important part of your consideration is the financial capability of the builder, in case you are opting for an underdeveloped property.

3. Locality

While buying a flat, consider whether its location is strategic enough and keep you close to the civic amenities like schools, hospitals, shopping and entertainment centers, parks, clubs and other basic infrastructure. Check out, if your desired property is well-connected to roads and other public transport facilities. A great idea is to look for the projects developed by the reputed builders instead of small builders with zero track records.

4. Pre-Approval By Banks

Remember, a pre-approved property by reputed banks usually do not have any legal dispute. Banks usually perform a thorough verification process, before giving approvals to any project. So, as a buyer, when you are planning to buy a pre-approved property, it’s also easier to get a home loan. Banks usually do not perform any lengthy verification process for the second time when you approach for availing a home loan.

However, a buyer can also opt for the home loans from non-banking financial sectors. In that case, the non-banking institution will carry out the verification process.

5. Project Timeline

This is applicable only when you are planning to purchase an underdeveloped property. So, make a realistic assessment of the timeline after having a discussion with the developer. However, the delivery of the project is subject to the factors like, supply of raw materials, the speed of construction (considering that the rainy season often hampers the construction) and other important factors. Hence, developers often ask for a grace period when it comes to the final delivery of the project. Before you sign the sale agreement copy, make sure that the timeline of project construction and final delivery of the project are clearly mentioned in it.

As already mentioned, buying a home is one of the prime decisions and it should not be a financial disaster in anyway. Considering these tips can help you tread in the right direction.