Buying an Apartment – A Lifetime Investment

Published: 09 Jan 2017

We all are aware of the fact that buying an apartment is a big investment in every homeowner’s life. No wonder, such investments involve immense sacrifices. In fact, signing for a bank loan and staking the savings, do not really assure that your dream of buying a home will materialize. To be precise, as a responsible home buyer, you need to do several checks on the residential property you are planning to buy.

Here is how things go when planning to buy a home. It is true that most of the middle-class people dream of owning an apartment. Even, investing capital in the real estate sector is equally rewarding. However, for example, if you are planning to buy an apartment in bangalore, make sure you are aware of the necessary precautions to be taken. There are several measures and approvals a buyer must know about properly before entering into the deal.

Checking Credentials

It is seen that sometimes projects face hurdles in getting legal approvals from the authorities. In fact, such things lead to delays in implementation and even force the builder to scrap that particular project causing a big loss to the investor/buyer.

Before buying an apartment in Bangalore, ensure that you check the land ownership first. Then ask for the allotment letter of that particular land. It is important to know whether the developer/builder has secured the set of approvals (building plans, floor plans, urban land ceiling certificates, civic authorities, title deed, structural safety certificates, etc.) or not.

Written Agreement

When you buy an apartment in Bangalore, make sure you insist on a written agreement with the builder/developer. It should be noted that all the specifications of the property you are buying are clearly mentioned. Do not forget to check the hidden costs as well. When you are purchasing an apartment in a completed project, ensure that you go and physically check certain important things like the occupation certificate, water and electricity connections, safety equipment and its mechanism and so on.

Checking the Apartment Price

Check out the total price of the apartment you are buying, because the total cost includes the BSP or the Basic Selling Price, the cost incurred for both internal and external development, preferential location charges, power back-up, parking and maintenance and so on. The rates that are not generally accounted in this case are per square foot maintenance cost, registration charges and stamp duty.

CATEGORY: FINANCE & INVESTMENTS | HOME BUYING GUIDE