5 Important Things You Need to Check Before Buying a Flat
Investing in real estate is a good decision for several reasons. It offers potentially high returns and tax advantages for investors in the long run. Investing in real estate properties like Nakshatra Primus can give you better control of your investment. The reason being, real estate is a tangible asset that you can use as a source of additional income. If you get the basics right, the risk of loss can be minimized.
Investing in real estate is a straightforward proposition. You do not need to track market movements or understand the underlying assets for investing in real estate. Whether you want to buy flats in Mumbai or anywhere else in the country, real estate gives you the ease of investment.
However, before you make a purchase, you need to keep in mind the following points:
- Verify the property price
While looking for a property, you must first ascertain your budget and then look for a property that fits in that price bracket. The price of a property is determined by the locality in which it has been developed and the amenities it provides. Once you get the price of an apartment that is quoted by the developer, it is imperative that you compare the price with the properties of the neighboring area.
- Read the builder-buyer agreement
If you book a flat in Nakshatra Primus, Naigaon, or anywhere else by paying a certain amount, you will receive an allotment letter from the developer. Post this, you and the builder will have to enter into a tripartite agreement for the remaining amount. At this stage, you and the developer will have to sign the builder-buyer agreement.
In general, we tend to skip reading the points mentioned under the terms and conditions of an agreement. More often than not, the builder-buyer agreement may be biased in the builder’s favour. It may include clauses that will give developers the power to raise the rate of the property at the time of possession. Hence, it is in your interest to read the agreement thoroughly and understand the clauses.
- Assess the location and the amenities provided
While looking for flats in Mumbai or any other city, it is very important to analyse the location of the property and the facilities provided. As a home buyer, you should consider factors like amenities offered in the housing project, connectivity to medical facilities, educational institutions and professional hubs, and nearby transportation facilities like bus stops, railway stations and airport.
A property provided with ready facilities and access to surrounding physical and social infrastructure will help you settle down in your new home with ease.
- Know when you will get possession
Many a time, developers face delays in finishing the projects and giving possession to homeowners. The reason behind this can be many and may include unavailability of funds with the builder, delay in supply of raw materials, stagnancy in sales of property etc. Also, construction can be a little slow during the monsoons.
Keeping all these factors in mind, developers usually seek a grace-period for the delivery of the property. The builder-buyer contract should explain this grace period in detail. In case you do not get possession of your property post grace period, the builder is liable to pay a penalty that is determined by the base price.
Must Read: Stamp Duty on Property
- Consider the additional costs
The price of a 3 BHK or 2 BHK flat in Mumbai or any other city includes additional charges like emergency power back-up charges, developmental charges, preferential location charges, parking area charges, club membership etc. Moreover, you must also consider registration charges while preparing your budget for buying an apartment.
