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Best tips and checklist for purchasing new flat
March 16, 2013 by:
AJAY Points: 12
Are you planning to purchase a new flat and do not know how to proceed? This article will help you to clear your confusion regarding the same as it contains the best tips and checklist for the same.
The construction sector
Construction is a booming sector in India now as it not only promises good investment for the future but also safety and security of people. Houses and apartments are constructed in different parts of the cities throughout the country to cope up with the increase want for a better standard of living. This has also resulted in the growth of several financial institutions including the banks to forward loans to the needy who corresponds to their terms and conditions. The different types of loan options available to the salaried, businessman and to the self-employed based on their repayment credibility and in a way a great help to those who wants to purchase home/flats on loans. Leaving these alone, one should also consider other important things before purchasing a home or a flat.
Big builders verses small builders
Both the big and small builders are the big players in the construction sector. The advantage with big builders is that more often than not you get the value for your money and the disadvantage is that they most often construct big flats which inflates the price of a particular flat. The advantage with small builders is that you may get a small flat that suits your need and budget but the disadvantage is that they often fail to fulfill their promises and sometimes even do not comply with legal construction measures. However, if money is not a problem, I would always recommend to purchase flat from the big builders as they deliver most often what people expects from them.
Tips and checklist to purchase a new house/flat
No matter if a builder if small or big, it is only after making a proper scrutiny and verification one should finally decide to invest his/her hard earned money so that one does not have to go through problems ahead in life. Today, many instances we come across in our regular life and in the newspaper where buyers become a victim when purchasing a new flat. Some claim that they are not provided with the things promised before the purchase by the builders or the promoters while others claim that their hard earned money got stuck because the construction stopped in the midway and the seller is not returning back their money. Hence, it is important as a buyer to know about the things that holds crucial when purchasing a new flat or a house. Let us check out some of the important tips which may help when you decide to own a house, villa or a flat.
*.Before purchasing a flat self budgeting is important. Draw a budget considering your financial aspects and your capacity of investment in real estate. This would help ahead to proceed smoothly towards your dream of owning of a dream flat.
*.Try to buy a flat in a good location. Having a flat in good or prime location helps when you want to upgrade yourself with a new flat by selling your existing one. Firstly, you do not have to search for buyers and secondly, the price also rises very quickly if your flat is in the prime location of a city.
*.Also consider the social-Eco environment of the location when purchasing a flat. The basic amenities like schools, colleges, hospitals, hospitals, medicine shops, train and bus routes needs your reach.
*.Income taxes relate very closely with the purchase of flats and you, as a buyer, need awareness about these beforehand.
*.It is up to you to find out the cost of stamp duty and registration and these expenses also adds up to your overall budget of flat purchase. If you wish you may seek an expert guidance for those, who will help you in every possible way by charging a nominal fee for it.
*.You need awareness of some other hidden costs that relates to the purchase of your flat like monthly maintenance charges, charges for security, space of car garages etc.
*.It is also prudent on your part to insure your loan by buying a suitable policy. The premium for this is less and it safeguards the interest of your family at the time of crisis or emergency situations.
*.Keep your eyes open to the different rates of loan offered by the different banks and choose only the one that suits your interest better after considering the pros and cons of it. You may also seek the help of an expert in this. A slight difference in the interest rates may result in a huge difference of money. So you need carefulness about it too.
*.When the corporation sanctions a building plan, it gives a stamp on it bearing the sanction number and date. So, it is a must to first check the building plan.
*.Never buy a house or a flat in a hurry rather, take some time and try to find out if the construction accords to the building plan. For instance, if a promoter or the owner of the land has a plan to build only to the fourth floor and he ends up building a fifth floor, it is advisable to avoid such constructions.
*.Before going through any agreement with the seller, it is your duty to find out if the plot/house/flat is in his name or if he is the real owner of it. In case of buying a flat from a developer find out if he possesses the power of attorney.
*.Though the release deed of the property is available only after paying for all the taxes it is advisable on your part to check out if the taxes paid fully in the corporation.
*.Apart from the building plan, the corporation also issues the permit of the property. You need to ask for the permit and the completion certificate of the corporation from the seller.
*.Find out about the drainage and water supply system arrangement. This is also an important element of the completion certificate which the corporation issues.
Buying a house or a flat is an important decision of your life and it is as important as any other big purchase of your life. Keep the basics right and do not invest your money until and unless you are cent percent satisfied with the credibility of the builder. Besides, seek the help of experts whenever necessary as they are the right person to guide you safely to your ultimate destination.
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