Buying an apartment in India is an enticing option for many. There are innumerable options to choose from, and an array of builders trying their level best to rake in a share of the pie. Now, it’s common knowledge that most first-time home buyers look at investing in apartments rather than villas. This obviously is down to the fact that apartments are cheaper than villas. However, buying an apartment in India has its own issues that one should be wary of. The boom in the real estate sector has seen many builders make tall claims to lure in prospective buyers, and many have fallen into this vicious trap.
In this blog titled ‘Buying An Apartment In India – Tips and Advice,’ we’ll take a look at few important aspects that one should be wary of before investing in their dream home.
BUDGET: The most important aspect to consider when buying an apartment in India is the budget. For most people, owning a home is directly linked to taking out a loan. Make sure that your ambitions of owning a home are proportional to the income that you generate. Do not make the mistake of over-burdening yourself with EMIs beyond your repayment capacity. If that means settling for a smaller space, then that’s what you should go for.
LEGAL ISSUES: Do a simple Google search, and you’ll find that many have fallen into the trap of investing with builders whose plots are entangled in a legal dispute. Make sure that you ask for all the necessary details relating to the plot of land in which the property is set to be developed, and cross-check the same with outside counsel to ensure that all the paperwork is in place for the structure to be developed.
PRICE VS SQUARE FOOTAGE: Once you shortlist a project from a builder of your choice, ask for a detailed site plan and the floor plan. Check whether the price being quoted is for the Super Built-up Area or the actual space that you’ll be living in. The Super Built-up Area includes the specifications for the common access area of all the units in a floor. Verify each aspect with care before going in for a particular project.
SERVICES INCLUDED: Many builders claim to have the perfect after-sales service for their projects. These include options like running errands for you, 24-HR maintenance and waste management, among others. Speak with people who have invested in the same complex and verify if they carry out the mentioned services for that particular project with utmost dedication and care. If it’s an upcoming project that you’re looking to invest in, then contact owners who have made investments in projects that are already completed or are its residents.
QUALITY OF CONSTRUCTION: The quality of construction, when it comes to buying an apartment in India, is another important aspect to be very careful about. If you are investing with a builder of repute, then there is nothing much to be worried about. But if you are looking at homes from small-scale developers, then make sure that the building standards they follow are in sync with the approved protocols and guidelines set by the authorities.
TIME OF POSSESSION: Recent trends show that more and more prospective buyers are looking to invest in new launches or upcoming homes. This is mainly due to attractive rates quoted by builders as a project once completed will only be sold at higher rates. It is a totally understandable phenomenon. Here, one has to check the track record of the builder when it comes to timely completion of projects in their portfolio. A few months delay is acceptable, but anything more could be a problem for families who have certain plans and deadlines to meet.
HOME LOANS: Today, many builders have an association with leading financial institutions to provide the best home loan rates for you. But do take the extra step of doing a thorough search on whether you can find a better option elsewhere. While the standard interest rates are known to all, it would do you a world of good to research on the best options available.
THE SAMPLE APARTMENTS GAME: Today, many builders make it a point to complete sample apartments at their ongoing project to convince potential investors. One must understand that the sample apartments are designed using the best possible utilization of space and quality interiors like cupboards and shelves. If you are pleased with what your builder of choice has done and can replicate the same in your unit, then its fine. But don’t take a call just looking at sample apartments. Decide only on the basis of the living space they are offering you and if it’ll suit your needs.
Hope you enjoyed reading this blog on ‘Buying an Apartment in India – Tips and Advice.’ If you are a prospective home buyer looking for a dream home in Kerala or Bangalore, be sure to check out Confident Group’s flats in Calicut, Kochi, Trivandrum, Kottayam, Thrissur and Bangalore. With over a decade of expertise in providing homes bound with the promise of luxury and convenience at wallet-friendly rates, Confident Group is today South India's No. 1 Housing brand.
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