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How to Buy an Apartment
Buying an apartment may consume a great deal of time. But, there are ways to cut on load and save on time. An ideal way to scout properties is to search online. Since you are looking at the same properties as another investor, it is not always easy to beat the competition to narrow down on the best deal. The demand for residential property in India is even higher than the other two segments of the real estate i.e. commercial and retail.
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Outline below are some key points that you must take care of after choosing an apartment:
Know the built up area: Depending upon the square feet, the price of apartment can vary considerably. In case, a builder has quoted Rs. 2,000 per sq ft. of built up area. The carpet area will range in between 65%-85%. This implies that for every 2,000 sq ft built up property, the carpet area could differ between 1300-1700 sq ft. It means that the price will easily range between Rs. 26 lakh - 34 lakh. Whether you purchase residential property or apartment, make sure to check the break up as mentioned in your agreement.
Inspection: Buying an apartment either for personal use or investment is one of the largest investments done by any person. Therefore, it is utmost important that the property is inspected thoroughly. Indeed, it could save you a lot on the cost of maintenance later.
Prepare your Checklist: You may have nurtured a dream of owning a home for years. This makes your home extra special.
● Ensure to take care of each and every minute detail related to your property. Studying the market trend helps you to materialize the best deals with the best value offers.
● Get the photocopies of all deeds of title related to the property to be purchased. Taking a legal opinion through an experienced lawyer can help you to establish the property ownership.
● Checking the approved layout plan and building plan with number of floors and square footage approved against what is built in property.
● Once you have made the full payment of the apartment, get all legal possessions of the property along with documents related to title in original from the property seller.
Understanding the sale deed: The sale deed is a legal document that contains the details of both the seller and buyer of the property. It gives the buyer an absolute and undisputed ownership of property. The sale deed is also known as conveyance deed.
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