Things to look for when buying a Flat.
Buying an apartment is a very serious financial decision for an individual, wherein he/she may spend the entire life savings to acquire a property. Therefore, whether you are buying a luxury villa or investing in affordable housing projects in Faridabad, you should research the property and the builder carefully and only invest your money after you have done the due diligence. If this is your first time buying a property and you want to ensure that the money you are paying to acquire an affordable apartment in Faridabad or anywhere else safe, you should follow some tips. Here we have shared with you some important points that you can use as a reference when you are in the market to purchase a flat.
Things to look for when you are buying an apartment
Here are certain things that you must check when you are buying an apartment to make sure that your investment remains safe.
1). Is the plan construction linked: A majority of real estate developers prefer the construction linked plan or CLP. In such a plan, your bank will pay installments to the real estate developers on your behalf when certain milestones related to the construction-related activity are met. In such a plan the bank gives out a fixed amount on pre-decided slabs that are provided by the developer. In such a plan a heavy financial burden is put on the shoulder of the buyer as the majority amount is given to the developer until the construction of the property. In this plan, the last 5% of the total cost of the apartment the buyer has to pay after he/she gets possession of the apartment. In this plan you have to pay significantly more than the actual cost of the apartment as you will be paying the EMI, the accrued interest on the EMI as well as an amount that is calculated as pre-EMI. Therefore, we advise that you should avoid any real estate project plan which is construction linked.
2). Is the plan sanctioned: The second important thing you should look at when you are in the market to buy an apartment is whether the plan for the apartment is sanctioned or not? A sanctioned plan gives legal approval to the developer to construct a property on a specific piece of land. To acquire the sanctioned plan, the developer has to show ownership of the land through the conveyance deed, municipal tax documents, and mutation certificate. Furthermore, the developer should have cleared all the municipal tax dues before applying for the plan to be sanctioned. A sanctioned plan guarantees that you will not face any legal problem while mortgaging the property, getting a loan, or selling it.
3). The record of the real estate developer: You should also research the developer to find out about his/her past record of delivering the projects within the timeline. If possible, you should also contact one of the customers who have in the past brought a property from the developer to find out his/her experience in dealing with the developer and if they faced any problem.
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