Buying Tips

TIPS ON BUYING AN APARTMENT

With the emergence of nuclear families, the growing apartment culture has been instrumental in breaking barriers and offering the advantages of community living. Apart from this, good apartments, offer its residents the convenience of lifestyle facilities like a club-house, swimming pool, gymnasium etc apart from increasing aesthetic value of the development by creating visually appealing landscapes. The security concern is also minimized to a large extent with the hi-tech security gadgets that good apartments offer today.

 

Read on, for a few tips to guide you in making the right choice:

Define your requirements for a home

• You want to buy an apartment for self occupation or for investment?
  Your preference of apartment size? How many bedrooms do you require? What should be the optimum size of each room? Does it meet your present and possible future requirements? This check should simultaneously be made for sizes of living room, dining room, kitchen and balconies.
• Decide on a budget. You also have the option of availing a housing loan.
• Your location preference - Close proximity to schools, colleges, hospitals, supermarkets, etc.
• Would you require an open or covered parking?
• What about water and power supply? Is it sufficient to meet all your needs and demands?
• How good is the ventilation and direction?
• What are the specifications offered i.e. the kind of floorings being offered, the tiles in all the rooms, the quality of woodwork for doors, windows etc.?
• What are the amenities offered like club house, swimming pool, gymnasium,
  supermarket, etc.
• Security and maintenance.

Check the Legal Aspects

• Check whether the property has clear legal titles.
• Carefully scrutinize the contract, and consider a legal review before signing.
• Ensure that the developer has entered into proper development agreements.
• Check if the developer has the authority to sell. Scrutinize the draft of agreements to be executed for sale by the developer.
• The sanctioned building plan should be verified and a confirmation from the municipal authorities has to be taken about its adherence to building bylaws.
• Be sure that the developer has acquired approvals from the Municipal Corporation, Area Development Authorities, Electricity Boards, Water Supply & Sewage Boards.
• Check if the developer has title and possession, including the right to convey transfer.
• Check if the transfer of property approvals have been obtained from the statutory land development or planning authority or competent authority constituted under the Urban Land Ceiling and Regulation Act and the Income-Tax Act. If so, have the approvals been obtained?
• Ask for completion and occupation certificates.
• Check the approximate stamp duty & registration cost involved.

Check the other aspects

• Location of the building. Also check the approach roads and surrounding areas.
• Check the distance from facilities like schools, colleges, transport facilities, markets, hospitals, etc.
• Find out the general profile of owners in the building.
• Visit the developer's earlier projects to check out the quality of the construction, landscaping, and other amenities. Find out about the architects and the contractors.
• Check for the specifications offered by the developer - flooring, sanitary / kitchen fittings, etc.
• Check on amenities provided in the building and if any additional cost is involved for the use of these amenities.
• Check on the availability of uninterrupted supply of utilities like water & power, a good drainage system.
• If the building is under construction, confirm tentative time for completion - enforce suitable penalty in case of delay.