7 Mistakes That Can Cost You Your Lifetime Savings While Buying an Apartment

The real estate market is one place every one fears a lot. Fraud is frequent in real estate sector, which could be anything from low-quality construction and delay in handing over the property to builders absconding after taking the money from aspiring home owners like you and me.

If you are looking to buy premium apartments in Bangalore, there are quite a few realtors who offer excellent apartments. So, if you have made up your mind to buy an apartment, then here are top 7 mistakes that you should avoid.

1.  Focusing on Flashy Details Rather than the Essentials

Quality construction should be your first priority and concern rather than enticing external designs of the apartment you are looking to buy. Realtors can be good at luring you into lacquered glass, vitrified tiles and other exquisite details, however, taking a closer look at the plumbing, quality of the construction materials used and other details that assure long sustenance of your apartment is important.

Note: There’s nothing wrong in having a beautiful house, but only after the basics are in shape.

2. Avoiding Projects that Involve Huge Down Payments

Most customers who look for flats and apartments tend to choose realtors who settle for minimal down payment. While this might sound great initially, the process only makes a deep hole in your pocket.

Those who pay small down payments will then go on paying heavy monthly instalments, making a big mistake. First, huge down payments are helpful in keeping your pressure of monthly payments low. So, you will be left with more to make substantial savings and stay prepared for unexpected expenses that come as time passes.

3. Choosing a Risky Loan Scheme in a Hurry

There are various types of financial units that function within the real estate industry. You know for sure that buying a premium apartment without any kind of financial assistance can be difficult. Everybody needs some kind of loan to buy a property. Now, this is exactly where it can get tricky when you might end up choosing a risky loan scheme.

In India, two most reliable housing loan providers are - LIC and SBI, who provide highly competitive rates and are reliable as well. However, there are other international corporate bankers who offer home loans too. Unfortunately, they can lure home buyers into the trap of free market which ultimately results in huge monthly installments.

 4. Not Researching

Most of the people have major time constraints, which prevents them from doing the necessary research and falling into the trap of buying the property that they first see. You may have the hawk’s eye when it comes to property, yet not making the necessary research may not be the best idea always. Look around your choice of locality. Compare a few properties, a few builders, their construction standards and then narrow down on buying one.

Consulting friends and acquaintances and if possible, looping in some of your friends into buying apartments from the same project can be a great way to go about buying a property. It is always better to have family and friends close by.

5.  Not Reading the Documents Thoroughly

Realtors can talk home buyers into investing in the property without giving them an opportunity to thoroughly check the paperwork. Most of the people looking to buy apartments or flats get carried away by the sweet talks of the sales guys employed by the realtors and do not get the properties checked by a lawyer to validate if its genuine. One aspect that results in this is time constraint. However, this may cost you your lifetime earnings. So, do not get lazy to read the documents of the property you are planning to buy. It costs only a few thousand rupees to hire a lawyer and get the papers verified, but you can save lakhs.

6.  Over-Spending on Interiors

Most of us have a dream of making our houses look extremely beautiful. As most of the time we cannot get into buying high-end villas or houses, we satiate our hunger for beautification with interiors. However, going overboard to decorate your interiors too much may not be a great idea. Do as much that is good for the house and is essential. Save the rest for future maintenance requirements. What you probably don’t know as a first-time apartment buyer is that any property is a huge commitment. You will keep seeing new expenses looming up from time to time. While there is nothing abnormal about this, it is better to stay prepared for the expense that crop up. So, instead to overdoing your interiors, you can save that money for future.

7. Falling for Too-Good-To-Be-True Schemes

There would be many property dealers who lure you by showing properties that are very attractive. Understand something - no real estate company can afford to give properties at throw-away prices. You will have to pay a good price for a premium property. The situation of Indian real estate is such that no real estate company will be able to give it away to you incurring loss for them.

So, do your research well and stay away from fraudulent schemes that ultimately lead to huge financial pitfalls.

Summing Up

Many people in our country are running up and down the corridors of the courts trying to get their money back, which they lost by investing in fraudulent property schemes. After all, you spend your lifetime savings on an apartment. You can’t afford to lose it to fraudsters who are waiting to cheat you off your hard-earned money. Visit: http://sonavistaas.com/

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.

Sona Vistaas Apartments for Sale in Bannerghatta Road, Bangalore

Sona Vistaas offers you 2 & 3 BHK Premium Apartments in Bannerghatta Road, Bangalore. That feature great living arrangements creating a perfect blend of safe and friendly neighborhood, space optimized designs and a panoramic view of the beautiful surroundings.

Sona Vistaas Premium Apartments for Sale in Bannerghatta Road, Bangalore

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