16 Point Checklist For Buying A New Apartment Or Villa – Part 2

Table of Contents

(Closing note after 5 points)

When buying a new apartment or a villa, an endless number of things may require your attention. We hope that with our organized checklist you will be armed with information and ready to tackle all these issues! Stay tuned for the 2nd part of this series blog post where we will present more significant points that will help you as you start your next exciting chapter in life!

CHECK THE NUMBER OF BANKS THAT PROVIDE LOAN OFFERS

There are some realty projects that have major banks backing them. Small, unreliable projects are rarely backed by big banks with a large client-base. The reason? They wouldn?t want to risk their money on a project or real estate developer who is unreliable.

It will not only be a blotch on their reputation but also make it even more difficult for home-buyers to repay the loan. So, before investing in a project it is imperative to verify the number of banks backing the project.

DO A THOROUGH ANALYSIS

Purchasing a home is a big decision. Quite possibly the biggest decision one makes in a lifetime. Not just financially but there are a lot of emotions riding on a new home. It is mandatory to make a complete and detailed analysis before taking the big plunge.

There is an important checklist that all wise would-be homeowners have. You should do?and?here it is.

A.? Land Price of the Area

The actual land price of the area, the market price per square feet, plays a large role in determining the value of your property.

B. Building Price of the Area

Calculate the? value of your building. Factor in the building material used and its quality. Verify the parking space available and whether there are parking charges.

C. The proportion of land and Building

Verify the land area and open spaces available.

D. The proportion of? Common Area

The common area available should be ample so there is good air circulation and space for children to play.

E. Plinth Area Vs Carpet Area

Carpet area is the actual area of your house, between the walls. Plinth area comprises of the total area of the apartment.

F.? Other extra charges that the real estate developer has in the contract

You don?t want a nasty surprise. Pore over papers carefully to know whether there are hidden charges. If you have queries about a particular charge discuss it with your real estate developer before taking the next step.

8. KNOW THE STAGE OF CONSTRUCTION

Inspect the property in person. Know the stage of construction. It will give you a clear picture of the handover date. At least a tentative idea of when your property would be handed over.

Even if the property is in the early stages of construction, by going for an onsite visit and gauging the stage and speed of construction you will know when the property would be delivered.

9. PAYMENT BASED ON THE CONSTRUCTION STAGE

One of the major benefits of buying an under-construction property is that you get more flexibility in terms of payment. Get a thorough breakdown of the payment schedule before signing the dotted line. The deposit amount usually ranges from 5- 10%. After making a deposit you will be required to pay for the slab or base stage.

And then comes the frame stage, followed by the fit-out stage and finally completion stage. You will be asked to pay almost 90% of the cost of the property by the lock up stage.

However, the construction stages and payment schedules vary from one realtor to another. Analyze the progress payment schedule and check whether it is in lockstep with the construction stages of your property.

10. SOCIO INFRASTRUCTURE MATTERS

You don?t want to be stuck in the middle of nowhere! Even if your property is not situated in the heart of the city it still shouldn?t be desolate or without civic amenities. There must be parks, schools, hospitals, shops and bus stops/ railway stations within a 5 KM radius.

If it is a developing area, your realtor should have a proper roadmap of the amenities they?d provide, such as schools and clinics.

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