Friday, November 15, 2019

Guide for Purchasing the Right Apartment



1.       Know your budget – The best way of knowing your budget is a 2 step process
a.       Loan eligibility – Monthly salary (Combined salary in case of 2 people)/2 = Amount of loan approval in lacks (Almost same will be the monthly EMI)
b.      You should have at least 25% self-funding plus possession charges like registry, IFMS and meter charges in case of new flat.

2.       Decide the area – Look at the area with a future view, some of the projects may be under construction but some of the points to consider are :
a.       Is the property on the main road or how far from the main road
b.      Close to metro
c.       Close to market (Most societies have their own retail)
d.      Near decent schools for kids.
e.      Close by public parks

3.       Select the builder and society – There is no set formula of knowing if the society is going to turn out good, but some of the points you can take care of are :
a.       Look for reputed builders or builders which have a strong backing of larger groups
b.      Visit previous projects of the builder to understand quality standards.
c.       Select the society which is a low density project, less people per acre.
d.      The society should have ample of parking space else you are going to face daily issues
e.      Look for amenities like water treatment plant (this will avoid hair and skin issues), Open area or central park for society functions, Sports facilities, club and gym
f.        Do inquire about the lift lobby, it is the first impression on guests
g.       One good way of judging the society is to visit the construction site, see if the builder is systematic, following norms and there is ample of workers on the site.
h.   Property should be RERA registered.

4.       What to look for in a flat – Everyone has different priorities and look for different things in a flat, I am mentioning a few which I can think of:
a.       Look for minimum loading or in other words max space in the same flat area.
b.      Look for flats which 9ft and above slab to slab height, this makes the flat look spacious.
c.       Airy and lighted which at least a couple of hrs of sunlight throughout the year.
d.      People in NCR prefer lower floors but I suggest higher floors as its more airy, attracts less dirt and less mosquitoes as well. Plus the view is an added advantage.
e.      Also look for quality of fittings and the layout, layout is more important as it cannot be changed later.

5.       If buying direct what should you bargain for and look out for – When you are booking a under construction property bargain on the following (Get it in written in BBA if negotiated);
a.       Try to get additional parking in the same cost
b.      Get power load and backup as per the requirement in the same cost.
c.       If you plan to renovate the flat then you can negotiate for a raw flat from the builder.
d.      Negotiate for all possession charges like IFMS, maintenance, meter charges etc.

6.       In case you are buying for a flat in resale things you should look out for:
a.       Make sure government/builder transfer charges can be negotiated with the seller.
Make sure the builder issues a NoC so that you are sure there are no further payments pending on builder side.

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