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Few easy steps to follow while buying an apartment

Updated on October 20, 2016

You may be financially ready to be able to buy a property. But whether you are buying a flat in Mohali for investment, or an apartment in Delhi as your new home, none of these are easy to decide. Buying a property can be quite an overwhelming experience, both financially and emotionally and you need to do a thorough study of the market before signing any deed. Buying real estate requires withdrawing a huge amount of your savings, and most likely, signing a bank loan. While you take such major financial decisions, you need to be sure you are not only buying a home but also making a sound investment!

To take the necessary precautions during the purchase of a real estate property, here are few easy steps to follow.

Get to know details about the project

If you are thinking of investing in a project which is still under construction, then it is important to get all the necessary details about the project to ensure it doesn’t get cancelled due to non-approvals in the future. To avoid this loss, you need to check in advance whether the approval for building construction, ownership of land, and so on is there in place. For instance, if you are planning to buy a flat in Mohali, make sure to check that all necessary permissions have been obtained by the builders. No-objection certificate from civic authorities, safety certificates, commencement certificates, etc. are important.

Agreement in writing

If you are buying a property, a written contract is a must. The deal needs to mention all the terms and conditions, rates, payment plans, delivery dates and so on. Ensure that all the hidden costs too are explicitly mentioned. Facilities for water electricity connections, safety equipment, property receipts, etc. are essential in a developed project. It is better if you can also get the legal guidance during this crucial step.

Better to take a loan

Even if you have sufficient funds, it is better to take some sort of loan from your bank while investing. Before giving a home loan for a project which is still under construction, the bank does all necessary checks to ensure that it is entering into a viable agreement. Sometimes developments are even linked with banks which offer loans for a particular project as they are convinced about the viability of that project. So getting a small loan can help you gauge whether the project is feasible to invest or not, and later on, you can repay the loan as soon as possible so that you don’t end up spending extra on interest rates.

Get details about the developer

Look into the developer’s history to assess past track record for delivery and quality. While you are doing a check, you need to gauge the financial soundness of the builder. You also need to check if the builder has any legal issues in the past. The comparison of quality with other competitors, reviews, the number of projects built till date and delivery time taken normally are other important factors to decide if a builder is reliable or not.

Regularly supervise the progress

After the deal is made, it’s good to make a regular visit to the site and check on the progress of the construction work. Monitoring the progress will help you in getting a fair idea about the expected date of completion. It will also help in being assured that the specifications committed in the contract are being followed. In case, you feel there are too many differences as per the sample, then you can then always approach the builder. If the builder does not respond to the complaint, then you can even approach the consumer court.

Besides the above crucial steps to follow, there are many other things that a property buyer needs to keep in mind while buying a flat. You need to check what is included in the price of the apartment and what other costs you need to pay later on. If you are new to the property market and unfamiliar with important property terms, it is best to get the help of a real estate expert. Also, a fair study and research of the real estate market will further help you in making the most lucrative and feasible investment.

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