10 Things to consider while buying a new house.
Buying a new home for your own is one beautiful feeling for which you really want everything to go right. It is one crucial investment that just can not only be calculated by the huge amount of money but also by the time that you are going to invest in that surrounding and environment, social and natural, that you are getting into. There are certain things which are specific to flat purchase and are common, with no impact of your location choice like City Centre or Outskirts and category choice like Affordable, Economical or Luxury. Let’s explore those 10 points which you must consider while buying a new house.
Get a thorough study of the regional plan to see what is planned for the surrounding area. The view that is being sold to you will be there in five years or not? Most builders heck the false promises by manipulating it to the customers as to when you see there is another development happening around you in the next few years and the whole point of buying that house is gone with that. You must also check the locality and the connectivity of that area from day to day commute.
The most important thing that you must consider before buying a house. It is mandatory for any building to have the map approved authorized by the local government body of any city or magistrate in which it falls. You must gather the right information and check the approvals before accepting any agreement of signing any contract papers.
There have been several kinds of problems faced with new homes by many customers as we keep on seeing often in the news. One must check thoroughly on the quality of material that is used matches the standard or not for every single thing that goes in the construction to what is put in the interiors, the life of the structure that you are putting your faith in. You can consult if the services that are managed as per the terms, what are the resources and management for the maintenance of society.
Any you must have heard the news and you keep on seeing frauds that are happening in the real estate developments you must have a ground report on the builder you are buying your flat from. You can visit other developments and talk to their homeowners regarding the possession and another factor that can affect your situation otherwise. Search online for reviews, testimonials and news.
One of the crucial problems that any buyer face while buying a flat is the possession of the house. There have been many cases with the customers where possession has been delayed and many cases are still pending in the court. You must have a clear written estimate of the timeline of possession. Usually, a developer asks for a six-month to one year grace period, however, there should be a valid explanation for the same.
Amenities & Specifications:
Every builder aims to put additional and unique features that facilitate the buyer in daily life for a longer period of time. There are related to facilities and amenities provided in the residential apartment which eventually become the major selling point for the building. One must not look at it with a single person’s point of view but when you are moving with a family you must look for the facilities that every age of a person can get in your family.
Mostly, all major league builder groups are incorporated with leading Banks to help provide home loan facility to their customers. While approving for bank loans for any project for a home loan facility, the banks provide an APF number to the builder. With APF facility customer is free from the stress of collecting legal documents of the project and submitting them along with his own financial papers.
While buying or selling any residential property there are 3 terms which you will come across that leads to the calculation of that area. These are Carpet area, Built-up area and Super built-up area. More often the builders quote money on the basis of their built-up area and the buyer must understand the calculation before falling trapped into the agreement or contract.
Hidden & Additional charges :
Make sure to read and understand all the clauses in detail, mentioned in the documents. The builder is required to have you pay a monthly penalty if in case you do not receive the flat’s possession within the grace period of time. Moreover, the additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind.
The first move that you make while choosing a house is that you book a flat with a certain token amount that becomes the fees for the allotment letter that the builder provides you in the first place. Later on, the builder, the buyer and the bank settle upon a tripartite agreement for the rest of the amount. This agreement must be thoroughly understood in detail before signing it. It’s always better to have a legal person to go through the clauses for doubts and point must be raised if any.