What Are Important Things To Consider While Purchasing Flat?

Purchasing a new home (Medallion Mohali) may be one of the most crucial decisions in your life. You have to use years of savings for making this one big investment. It means that you have to spend a huge sum of your hard-earned money. Therefore, it is very important to keep all possible things in your mind before making any decision. If you are planning to purchase your home and you get to know that you do not have sufficient funds, then you have to take a loan from the financial institutes. You have to return the money by making monthly installments. Along with your budget, you have also paid attention to the zeroing on a new flat. Here, in this article, you should consider various important things while purchasing a flat:

• Price Of Property

The most important thing to consider while investing in a property is to fix your budget. Once you know your budget, then it will become easy for you to shortlist houses that fall inside your budget range. After shortlisting a few properties, you should start comparing the price of these properties with the similar properties in your surroundings. For comparing the price of the properties, you should check the portal listing, deal with brokers of that area, check newspaper listings, etc. You should invest in an apartment whose price is competitive in the market. For instance, the luxurious Medallion Mohali apartments have competitive prices in the market.

• Flat’s Carpet Area

Generally, the area of the property or super built-up area which is listed is the total area of the flat. Sometimes, this area also includes shafts, stairs, elevator space, staircase, the thickness of the wall, and many more. Therefore, instead of the total area, you should try to find out the carpet area of the flat. The carpet area will let you know the actual area of your flat within walls. You will be surprised to know that this area is approximately 30% less than the built-up area. In case, any floor of the property is shared between two owners, then the price of common space will be divided between these two owners.

• Land Record

Most people fail to consider the importance of land records while investing in an apartment or property. It is very important to know about the land over which your house is built. It is recommended that you should research the topography of land and soil quality as well. Also, it is important to know there is no due left for this plot. Before investing in any property, the title deed should be checked and verified properly. Before purchasing your new house, it is important to verify the title deed. This deed will provide all the details regarding rights, ownership, and obligations towards the property.  

• Legally Check The Property

You should make sure that your property is legally authorized. It should be constructed on the plot which is legally owned by the builder. The builders have to take required approvals and NOCs from the authorities such as the water supply department, sewerage board, Municipal Corporation, etc. In case, you are taking a home loan, then the concerned bank will validate your property docs before taking a loan.

• Possession Of Apartment

It has become trendy to delay the possessions of flats due to the delay of commercials and residential plans. When you are planning to invest in a property that is under construction, then you should know the approximate timeline for the possession. Usually, developers demand a six-month grace period. But, it is imperative to have a detailed and clear explanation for the same.

• Financing Institutions

It is imperative to know the financial institutions which are ready to finance certain builders and which are not. Some builders have a bad reputation and the financial institution refuses to offer loans to these builders. Therefore, it is imperative to check the financial institution which is providing funds to the project in which you are planning to invest.

• Agreement Of Builder-Buyer

When it comes to choosing a flat or house, then you have to book it by paying some initial amount. By paying this token money that specific home will be allotted to you. After that, a tripartite agreement will be signed between the homeowner and the builder. The agreement will tell all the details like the total paid amount and the rest amount. Before signing the agreement, you should read and understand the details. You should clear the total amount you have to pay in advance to avoid any dispute later on. For instance, Medallion Mohali prices are competitive in the market and there are no hidden prices.

• Location Of Apartment

You should check the location of your apartment. Make sure that the locality is safe and secure. You should consider checking the physical infrastructure, consider the basics and properly analyze all other important things. If you want to live peacefully in your house, you should properly analyze the situation.