5 Checkpoints Before You Invest an Apartment

Every time you see a new and lush property, don’t you get attracted immediately, Almost all of us look to buy a good property in a good location having good facilities. However, not all that looks good is worth a buy.

If you keep a constant tap on the recent property deals and the frauds associated with them, you would remain cautious every time you are looking top invest in a property. In case you are not aware of the property deals and the thugs associated with them, it’s time to check before you go headstrong in buying one.
We agree that a property is worth millions and one must invest on one. It’s an asset that every one of us should have. The Indian government has been trying to invest in building houses for one and all. However, they have failed to meet up with the promise owing to numerous reasons. Some of us who are lucky enough and can afford to buy an apartment, should always keep some check points in mind.

5 Checkpoints Before You Invest an Apartment

There are many checkpoints, but we are mentioning 5 highly vital out of these:

Check#1: Check the price of the property

Identify your salary slab and the savings you have. Check all the resources that are available with you that can give you the affordability of buying a property. Now after you have cross-checked with your resources, you need to look at the price of the property you have chosen and the facilities and amenities it provides.

Ask for the price of the property and compare it with other neighboring ones. Look around- take a thorough survey. Avoid brokers and middlemen and contact the dealers and real estate directly.

Check#2: Buyer-seller agreement

In case you decide to book a flat, you would be asked to make a down payment. This is usually 10% of the total amount and no bank or investment firm would pay you this sum. You need to arrange for this sum.

1. You must get a seller-buyer agreement where the entire deed of your property would be mentioned. Read the deed very carefully.

2. Check whether your property is A-Khata or B-Khata. Buy only A-Khata properties as they have been approved by the Govt. of India.

3. Once you have got an understanding of the Khata status, understand if it is a disputed property. Certain properties in Bangalore are still disputed and the developers have not received the possession of it. In case you fall into that trap, your entire investment will go in vain.

4. You all need to understand that your property dealer may put in additional clauses inside your deed, which if you do not read carefully, you may be taken for a good toss. These clauses could be hidden costs like market conditions and the rise in price due to several unseen factors.

If you are not careful enough about the things mentioned in the deed, you may end up giving more money by the end of the project, while you are going to possess your apartment.

Check#3: Location and its surroundings with upcoming projects

We all are basically looking to get the best of amenities, facilities and local surrounding of the property we select. It is important that you check what kind of neighbors you have and the kind of facilities like water, electricity and other basic needs that are being provided by your dealers. Also, always check the sewer storage and the other plumbing details to ensure no leakage is happening.

In case there are neighboring properties are getting constructed, you need to figure the status of these as well. After all, it is an investment of the lifetime and you need to ensure you are in good hands surviving with good neighbors.

Check#4: Date of possession of your apartment

These days many industrial construction projects are delaying in delivering than their stipulated dates. Most of them are also not delivering the apartments as promised. Innumerable such instances have been reported where builders have fled without completing the projects and returning the money. Once your dealer absconds from the site with delivering you your property, you can neither do anything about it nor spend long years in filing a case.

Such do your home work well. Study the history of your dealers and then and only then go and invest.

Check#5: Banks and other financial institutes that will give you the loan

The price of an apartment is so high, that it is not possible for most of us to afford through our personal savings. You need to borrow from a bank or a legalized financial agency that will support your at least 70-80 percent of the entire sum.

Check and cross the banks and financial agencies that have been enlisted with your builder. If it is a govt. sponsored bank or an internationally reputed bank, you are in safe hand. Also, LIC is one good funding partner. If your builder has tied up with one or more legalized financial agencies, you are in safe hands. Else you may have to pay more interest that can go heavy on your pockets.

Conclusion:

Buying a property is a good thing of course. Everyone needs a shelter which is safe and secure. All of us are saving and working our guts out to create a haven for ourselves. To make sure your investments and hard-earned money does not go in vain, kindly go through the check points we mentioned and also read more about the safety measures to be taken before you buy any apartment or property.