5 points to keep in mind while purchasing a Flat
For many of us purchasing a home is a lifetime investment. Thus we need to be careful while making a property investment. Following are some factors which you should consider before investing on a Flat:
1. Legal Check of Property:
Make a legal verification that the property is authorized or not on which the Flat is constructed. The developers should have approval from area development authority.
2. Area and Locality:
Getting cheaper deals doesn’t mean accept it blindly. Keep a check on the area and locality where the flat is situated. It is best way is to visit the flat and examine the area surrounding to it. Avoid unhealthy area and surrounding.
3. Carpet area of the flat: Verify properly about the exact ‘carpet area’ of your flat. Carpet area is actually 80% of the super area of the flat. Now, if you are not aware of these terms, take the help of your trusted partner and make clear on these terms..
4. Financing Banks: Be aware that the banks are willing or not willing to finance the builders. Since some builders have bad reputation so, there are some banks who avoid giving loans to them. So, it is very important that you check with the banks that are filling to fund the project you are planning to invest on.
5. Land Record: The land on which you are investing is very crucial. You must research about the soil quality and topography of the land on which the house is constructed. The plot should also be clear of all dues and be registered.