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
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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