The living space is no doubt the most imperative purchase in the entire lifetime of a person. You have to pay a sizeable amount of hard earned money or savings gathered over the years to finally own a flat or apartment. Any wrong decision could easily turn out to be detrimental to your interests. Normally, it is observed the all over India, and the world at large that most of the flawed residential real estate investment choices are made due to the lack of appropriate guidance.
Below you’ll find a compilation of pointers that you should keep in your mind when purchasing a flat:
• Be aware: By and large, the majority of housing builders display a sample flat to the aspirants. The prototype acts as an orientation for the prospects. However, the patron should be well aware of the fact that sample flats possess added features and accessories than what the normal flat would offer in order to attract a client.
• The area promised: A customer should be able to distinguish between a super area and a carpert area. A real estate builder would always price the flat according to its super area when in actuality the real area of flat is priced according to the carpet area. Therefore, purchaser should enquire about the pricing standards in advance.
• Home loan tie ups: Nearly every real estate builder usually ties up with some financial institutions for home loans facility. Therefore, a premium bank on the developer’s board would interpret that the project is secure and worth making spending piles of its money on.
• Construction standards: A real estate developer should hold well approved land use permit and clearances from different registration bodies. A prudent customer would always get the information regarding permits cross checked before purchasing the flat.
• Late possession: It is always recommended that the buyer includes the clause of grace period regarding late delivery in the tripartite agreement between the buyer, the builder and the bank.