Looking to buy a Flat? Things to remember before you book any flat

Real Estate in India has become a growing business because this is something which is available in every part of India. The high rise of building for commercial purpose and residential matter real estate business is very common.

It is depending on person to person that what kind of flat they want to buy. Investing in properties should be done judiciously as it means spending a huge amount of money. The range or price of a flat generally depends on the location, affordability, luxury. Thus a small mistake can cost you a lot. Thus here are some guidelines you may follow before buying a flat:-

1. Knowing the purpose – Before investing in properties, you must know why you are buying it. You want to stay or to give it on rent? A flat purchased for living and a flat purchased for rental needs should be taken care differently.
2. Cost – The price trends in India of any flat mainly depends on the total area. Flats are usually priced on the basis of the area. Though, the definite usable area of the flat may differ from the one you are charged for, or, the saleable area. Built Up Area or Plinth Area is the total covered area of the apartment. The super built-up area is considered as the saleable area. It is calculated by adding the common spaces to the built-up area. These common spaces lifts, staircases, entrance lobby, electrical room, pump room, flower beds etc.
3. Work of the builder – It is very important for the buyer to check the work of the builder before investing in a property. The reputation of the builder is exceedingly essential.
4. Legalized – It is important to check the papers of the property you are buying. There are lawyers and legal consultants to review the papers and confirm if the property is free from litigation.
5. Specifications – In every flat, there should be some basic facilities. Check them carefully before you invest. Sometimes builders make fake commitments; confirm everything is mentioned in the agreement.
6. Details about the current home loan rate – With the rise in price a buyer might need to avail housing loan to invest in real estate in India. Gather information about the current home loan rate. Do not trust agents assuring lower interest rates.
7. Hire a good broker – We all know about real estate agents and most of the people hire them. It is important to hire such a broker because they could help you to find the required property that suits your budget and also reduces your burden. Real estate agents also have better knowledge about the property, and can guide the clients about the price. But make sure you hire a good one otherwise; they could easily come out as a fraud.
8. Agreement time – Try to take enough time for signing the agreement so that you could cross check the papers from your side as well.

Happy living!