Checklist before Buying an Apartment

Whether you are buying a flat or investing in an apartment, you need to check out all the necessary things before that. Preparing a checklist is essential, especially for individuals who are buying apartments for the first time. For example, if you are a first-time buyer and planning to buy a flat for sale in Kolkata, do not forget to prepare your checklist before you go home hunting. And while making one, consider the tips as follows:

Well-developed Social Infrastructure

Buyers must consider the liveability factor of a particular locality. It is important that end-users analyze the current state of the locality’s development and gauge the estimated time for full development with necessary amenities.

Similarly, investors should check whether the locality will develop within the period of their investment horizon. Various factors such as upcoming metro lines, monorail, flyovers, office complexes, shopping facilities, private hospitals, etc. can help them estimate the development potential of the locality.

Select the right location

We all know that rapid urbanisation has led to the emergence of peripheral areas and new suburbs around the metropolitan cities. Whichever be the area, make sure the property you will be choosing is within a close proximity to hospitals, markets, schools, work, etc. Make sure the location is easily accessible from any corner of the city.

Check Developer Credentials

As a homebuyer, you must watch out for the developer’s credentials. Check out whether the developer executes the projects on time and as per the plan. The record of accomplishment and the other related aspects must be thoroughly looked into. Always choose a real estate developer/builder with goodwill and a credible reputation.

For an under construction residential property, do not forget to check out the financial capability of the builder and the quality of construction. To enquire about the builder’s credibility, you can either talk to the local brokers or find out information through the blogging sites and forums.

Bank approval and loan eligibility

It would be of great value if you opt for properties that have pre-approvals from the reputed banks. This is because they usually verify the project before sanctioning home loans to buyers. Make sure you are aware of the loan amount you are eligible for and the necessary documents required in order to get a home loan.

Other than taking a home loan from the banks also, look for other sources of finance.

Verify Resale Properties

Buying a property in the secondary market involves a lot of checks such as mortgage on the property, previous dues with the association, etc. Sometimes the property may also be disputed. Thus, it is advisable to hire a good property lawyer for resale transactions. It is also good to seek a title clearance certificate.

‘Mother Deed’ is a must. A ‘mother deed’ contains the chain of titles of the relevant house/apartment/flat and of the land on which it has been constructed. It traces the original ownership of the property and all subsequent transfers which must be seamless and uninterrupted.

Other points for your checklist must include:

  • Checking the legal issues of the property buying;
  • Verifying the project approvals and the key specifications; and
  • Various other charges involved

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