Buying a Premium Flat? Questions you should seek answers before.

Posted On February 17, 2020 by

Investing in a residential project or a new home is one of the most crucial investments in our lifetime. We save money for years to buy our dream home, hence it has to be perfect. From determining the right builder to assess the property, a certain amount of homework needs to be done before finalizing on a particular property. However, ironically, we don’t ask relevant questions to the builder or the developer before buying a property. While we do not think twice before bargaining for low-value items, we miss out on examining a big-ticket like a house. When buying a property, the buyer is supposed to have a plethora of queries from the builder. Hence, to simplify things, we have listed a few questions that you must ask the builder before purchasing a flat.

Source: Pixels

Prepare Your List of Questions Before Buying a Premium Apartment

1)Who is the developer of the project?

Check the developer of the residential project as it will give you some idea about the project quality. If the project that you are eyeing is under a reputed builder, you can be sure of the fact that it will consist of the best of features. To go a step further, check out the past projects irrespective of the builder’s reputation in the market and the reviews of the individuals residing in that project.

2) What is the actual cost of the property?

Ask the actual property cost as the brokers will mention you the basic cost excluding factors like parking, club, statutory charges, GST, home loan processing fee, internal/external development fees, registration charges and stamp duty. Upon adding such factors, the price of the property will automatically increase. It is essential to have a clear idea about the property price.

3) What developments are entitled to take place in the concerned locality?

Ask the concerned real estate brand about the upcoming developments in the locality where you are planning to buy a premium flat. Residing in a region devoid of infrastructural developments will provide you with a poor lifestyle, thereby defeating the whole purpose of investing in the property. Hence, first, scrutinise the location and have a clear idea about the upcoming developments before investing in one.

4) What is the connectivity like & how close is it to public transport?

This also comes under the location category. Check the connectivity in the location or how close the project is to the public transport of that location. Ideally, a project should embrace good connectivity via different modes of transportation, thereby simplifying your day to day travelling affair.

5) Is it close to nearby commercial facilities?

Also, ask whether the project is close to nearby commercial amenities like hospitals, educational centres, entertainment zones, departmental stores, malls, etc. that will simplify your lifestyle further.

6) What is the actual carpet area?

Ask the developer about the actual carpet area. Generally, the project brochures tend to highlight the super-built up area which includes the corridor space, staircase, elevator space, etc. The carpet-area is the space in your apartment enclosed within four walls and where you will stay.

7) What is the quality of the internal fittings & fixtures?

The premium apartment that you are planning to buy should be built on compact, contemporary ideas that will complement metro living. The apartment must consist of new-age materials that should be high on performance, endurance, sustainability and aesthetics. Hence, consider checking out the fixtures and fittings to justify your investment.

8) Is the land legally sound?

Check whether the land or the plot is legally sound. Ask the developer whether he/she has the approval and NOCs from the Municipal Corporation, Area Development Authorities, electricity board, water supply and sewage board. Also, check the title deed to confirm that the builder has a complete right over the property.

.9) Do you have a sample or model flat?

Ask the builder to show you model flats or sample flats. This way you’ll have an idea about the structural layout of the apartment. Based on this layout, you’ll also be able to decide the type of interior design you want in your future home that will reflect your personality.

10) What is the completion/possession date?

Also, ask about the possession date or the completion date if it is an upcoming project. It will enable you to make preparations accordingly rather than a few months before shifting.

Planning to buy a premium apartment? Now you know what to ask your builder rather than investing in one with half-hearted information. A home is precious which should make you feel happy each day rather than regretting your decision.