10 Things You Need to Know Before Finalizing your first flat

Posted On December 10, 2017 by

Whenever we speak of the ‘dream home’, we consider a place that is exactly the way we imagine it to be. However, there is this one problem with imagination; we are not really building the house in most cases. We merely buy a flat. So, how do you ensure that the flat you are going to buy indeed turns out to be the ‘dream home’?

For a first time buyer of any real estate property, there are a few things that need to be checked at first. Before you go on and finalize the deal, here is a list of the top 10 things you must check.

  • Your requirements – Don’t be vague about what you need. You need to be specific about your needs and requirements before you are going to buy the flat. You might have a car and a proper parking space will become mandatory in such a circumstance. May be you wish to own the flat on the higher floors, in that case you will need to make sure that the flat has proper elevator facility. There can be many more requirements in terms of number of rooms and bathrooms, the area and more. Before you even start considering getting the flat, you must have the list ready.

 

  • Find proper location – If you go out searching for flats all through the city, you will literally be bewildered by the number of choices. Make sure you have a few locations in mind at least to start your hunt for the best property.

 

  • Get the property rates – Once you have the locations in mind, get the rates of the existing properties in the area. This will give you an estimate about the cost of the flat. For example there are plenty of flats in Rajarhat. Rajarhat itself is quite a large area in Kolkata. However, the flats in Action Area-I of Rajarhat are high in demand and desirability although they come at a higher price than other zones like Action Area-II & III.

 

  • Finalize your source of funding – There are many ways you can pay for the flat. Either you can go in for 100% self funding or avail a Home Loan. Generally in Home Loans, funding institutions provide a maximum of 80% loan of the property value. Make sure you get the best home loan deal, currently the starting rate of interest 8.35%. Also, you will have to check your CIBIL score to know if you are eligible for the loan you are hoping to secure. There is always the first down payment involved (generally minimum 20%) which you will have to make. Get yourself prepared to pay the initial down payment for the flat.

 

  • Verify the statutory approvals of the flat/project – This is really important with any real estate property. It is easy to get a thorough investigation done by an advocate and know if there is any existing dispute over the property. If you are opting for a Home Loan, the financing institution would have already done the necessary due diligence.

 

  • Verify the reputation of the builder – After all it is your dream home. Make sure the builder has the reputation to deliver as promised.

 

  • Check with banks about financing options – This might not be needed for someone who is going to pay for the entire property upfront, but if you are seeking loan, talk to the bank and see what financing and repayment options are available.

 

  • Check the building plan – You will not understand much about this, but consult an architect to see if the building plan is safe.

 

  • Check the materials used as specified – A civil engineer will help you through this. Know if the materials used are of required/approved grade.

 

  • Check registration and other documentation details – See if the documentation is done properly at the time of accepting the flat and making payment. Also, have your registration done at that time of full payment/handover.