Things to know before buying a flat or apartment
Investing in a new house or apartment is for surely one of the most important decisions of life, as it’s probably an idea you have been nurturing since a very young age.
Years of planning and savings are required for buying an apartment or flat. So, it’s obviously important to keep all the possible things in mind before taking the leap and making a selection.
Here below, I have mentioned some of the things which are important to consider before buying flat of your dream.
The first and foremost step while selecting a house or flat is to fix a budget. This makes it easier to shortlist a house, in case if you are willing to spend on it.
Compare the price of the property or flat in question with the ones surrounding it from several builders. This would provide you with an idea if the property developers have offered you a genuine deal.
Flat’s carpet area
Mostly, the listed property’s area or the super built-up area is the entire area comprising stairs, elevator space, thickness of walls and etc. Nonetheless, carpet area is the actual area within the walls of the flat. Chances are that this area might be 30% lesser than the built-up area or the area utilized to calculate the property price.
Legal Check of Property
While buying apartments or flats, it’s important to assure that the property is legally authorized to be constructed on the plot it stands on.
The developer should have approvals and NOCs from Area development authorities, electricity boards and Municipal Corporation etc. Nonetheless, in case if taking home loan, the concerned bank will validate your property documents before the loan sanction.
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