Last Updated on September 15, 2022 by admin
Buying an apartment or a flat is still a dream come true for millions of people around the world. It’s a huge investment and most people invest their whole life’s hard-earned money into it. This is because an apartment isn’t just brick and cement, it has so many emotions associated with it.
In 2021, apartment sales went as high as 7.1 million in the US, and it is predicted that the graph is only rising.
But buying an apartment involves investing huge amounts of money, a big fat loan, and of course, the monthly instalments and EMIs.
So, before you take this big step, here are five things that you should keep in mind.
This is a very important criterion that you should have in mind while you go house hunting. Opt for a location where the basic amenities that you need for day-to-day life are available.
Also, look for a location that is comparatively peaceful, because you don’t want to wake up to the sound of the horns and busy traffic, speaking from personal experience. Check out Eynesbury Estate, if you want your apartment surrounded by greenery in a very prime location.
The apartment should also be located in a secured and safe environment, which offers some protection to the families residing in the flat. These basic factors will help you find the most suitable apartment for you, that too in a perfect location.
I think this is THE most important attribute to buying an apartment. There are thousands of apartments that are lying barren just because the price is extremely high.
Keep your options open while looking for apartments, because if you are opting for an apartment that’s putting some tension on your budget, it may be burdening you when you have to make the monthly instalment payments.
So, look for something that is well within your budget plan, yet suitable for you. Compare your chosen apartment with the ones around it. This way, you can correctly analyze the pricing range and whether the concerned builder has provided you with the right quotation.
Buying a flat isn’t just investing in it and then residing. It involves a lot of other things, such as transportation.
Your flat must be in a place where the road commute is good, and public transport is frequently available. It’s not always possible to depend just on your car. Therefore, if basic commute options are nil, then you should drop the idea of buying an apartment in the concerned locality.
Choose a place that has connectivity to all over the city. That way, during some mishap with your car, you can always travel in public buses.
4. Land records
The land on which the apartment is constructed is also a very important aspect that you should keep in mind.
Research about the surrounding soil area, its quality, and the land topography. These are important because, if the land is disputed, it might create problems for you in the future. So, make sure to get an idea about the land above which the apartment is based.
Also, pay attention to the social and topographical infrastructure. Make a note of the water supply, the electricity; if there are frequent power cuts in the area and so on.
Reminder: don’t just buy an apartment judging by its face value. These are the few main attributes you should be concerned about before proceeding with the procedure. Get the quality of the land analyzed and checked by a structural engineer.
5. Hidden Charges
Some fraud builders charge you more than the expected quotation to fill their pockets. Beware of such situations and double-check all the legal documents before you proceed with the plan. Ensure that there are no hidden charges.
Also buying a property is an exhausting legal procedure and if the builder doesn’t provide you with the ready apartment within the grace period, the builder will owe you a monthly penalty.
Over To You…
While buying a house, you should keep all these aspects like locality, land records, infrastructure, transportation, etc in mind because everything matters.
Take your own sweet time and self-analyze the matter of whether the apartment that you have chosen is appropriate for you or not. Just when you are a hundred percent satisfied with it, then only go through the procedures that follow.