“Home is where the heart is”, so the saying goes, and we couldn’t agree more. It is important to know the basic difference between a flat and an apartment to get your dream house, isn’t it?
Years of planning and saving cannot be discarded when the time comes for you to make the ultimate choice. As a result, you must consider all your options carefully before making a decision. You should take a few things into account before purchasing a flat/apartment.
1. Property Cost:
Setting a budget is the initial step in choosing a home or an apartment. It helps you narrow down expenses. To determine whether the builder has given you a genuine quote, compare the value of the property in question to those nearby from different builders. These sources include portal listings and local broker listings.
2. Land value:
The property on which your apartment is constructed is quite important. You must research the land’s geography and soil composition before buying. In addition, the plot needs to be registered and free of all debts. Therefore, a thorough examination and verification are necessary.
3. Building quality:
It is essential to evaluate the quality of the building’s construction whether you are buying a flat from an independent builder or one that is a member of a residential community. Although many builders create homes with appealing exteriors, the materials they use to build them are of inferior quality. Avoid getting duped.
4. Banks that finance builders:
Be conscious of the banks that really will or won’t finance particular builders. Specific banks won’t lend to some builders due to a negative reputation.
5. The credibility of builders:
Many builders fail to provide the properties on schedule, some refuse to comply with doing the necessary paperwork for the properties, and so on. Therefore, before finalising the purchase, it is crucial to do a complete background check personally.
6. Ask for assistance if you need it:
It is only natural to become perplexed by all the advantages and the unbelievably cheap rates of the apartments you are considering. Speak with a real estate investing expert to come to a conclusion
7. Flat’s Carpet Area:
Typically, the listed super built-up area or area of the property includes all lift space, stairs, wall thickness, and other features. However, the entire range within the flat’s walls is the carpet area. This area may be 30% smaller than the built-up area or the space taken into account when determining the property’s price. When two owners share a floor, they may split the cost of the common areas.
8. Beware of additional charges:
Make sure you thoroughly read and comprehend all the clauses mentioned in the documents to avoid any hidden or additional costs. It’s important to consider costs like stamp duty, GST, home loan processing fees, etc.
9. Location of the Apartment:
Analysing the facilities, physical infrastructure, and accessibility to all essential locations is crucial. The location should be safe and secure.
When you choose a home, an agreement is made for the balance owed between the buyer, the bank, and the builder. Before signing, this contract should be carefully read and studied.
Harmony Residences works hard to design desirable buildings guided by technological conveniences, exceptional aesthetics, vast spaces, and a human connection. Check out their projects and who knows, you may find your future home with them!