Important Things to Remember Before Buying Flats

Important Things to Remember Before Buying Flats

February 27, 2021

How to choose a good quality flat before buying it?

Buying a good quality flat is one of the most important decisions of your life and is undoubtedly an idea you have been developing since a very early age. When you make the final decision to buy a flat, this is your years of saving and years of planning. Hence, you are mandatory to keep all possible opinions in mind before you make the jump and make a choice. As buying a flat might also include taking a large amount of loan, followed by regular monthly repayments flowing out of your earnings, you need to be more careful. Although some of the significant factors to be considered carefully while buying a new flat or house are location, ownership date, and price, there are some other more limitations that need to be looked into while purchasing a new flat. They are:

Have you fixed your Budget?

When you plan to buy a flat, the first important step is the amount of money you are going to spend. The range could be anything from modest to excessive. But once you have an expected number, it gets easier to look for a flat that suitable for your financial plan. You may also figure out if you will need any bank loan in the long run.

Is the flat in proper Location?

It is essential to look around the area where you are going to be finally residing in. The facilities, physical structure, and reach to all the basic places are important to be analyzed. However, you would want to live in an area with close access to the market, hospital, malls, etc. These factors will support you to have a peaceful living in the flat. The flat should be in a safe and secure residence, offering some security to families living in the flat. Even if you have come across a lucrative flat, double-check with the surroundings to confirm it is a secured choice.

Is the flat cover by the suitable Carpet Area?

Before buying a flat, you need to think about the carpet area of that property. This is the actual area within the walls of the flat. This are can be 30% lesser than the built-up area or the area used to calculate the price of the property. Usually, a property’s area that is planned is the total area including shafts, lifts elevator space, stairs, the thickness of walls, and others. In some cases, when a floor is shared between two landlords, the price of the joint spaces is shared between the two.


Is the Property Price within your plan?

After selecting a house or a flat, it is essential to fix a budget. If you know how much you are willing to spend on a flat, it makes it easier to shortlist a flat. Get to know about the regular costing per square fit. If you find a place of your liking, go around and checked the value of other flats. Compare the price with updated market value to choose if the real estate agents are giving you a satisfactory cost. You can also get a comparative analysis of different properties by looking to property brokers of the area, portal listing, or advertisement of the newspaper.

Are all the land records legally correct?

A vital part to buy a flat is the land on which your flat is built is very important. You must study the soil quality and structure of the land on which the building is constructed. The plot should also be perfect for all dues and be registered. Before buying a flat, the title deed must be confirmed and checked in detail. The documents of deed give all specifics on the rights, ownership, and obligations towards the property. As well as confirm the property is legally authorized to be built on the plot it stands on. The developer should have approvals and permission from Area enlargement authorities, water supply and sewage boards, electricity boards, and Municipal Corporation.

How long you have to wait for Flat Ownership?

Delayed ownership of flats is a trend nowadays and owing to delay in commercial and residential strategies. As a buyer, you should have a perfect estimate of the timeline for possession. Typically, a developer asks for a certain time grace period, however, there should be a valid reason for the same.

What about the relationship between you, Bank, and others?

A loan for buying a flat is important if you don’t have a necessary balance in your account. You should be aware of the banks that are ready or not prepared to finance certain flats. Owing to a bad status, some banks do not propose loans to some construction sites. Have a look at the banks connected with your property-owner. The associations will confirm the builder’s reputation as well. So, it is very significant that you check with the banks that are willing to fund the development you are planning to invest in. If your real estate agent has no such bank for backup, then you should review buying their flat. However, if you are taking a home loan, the concerned bank will confirm your property documents before loan approval.

Are all the clauses of the Dealer-Buyer Agreement suitable for you?

After selecting a flat or house of your choice, you will have to sign an agreement with token money. A three-way agreement is entered upon between the buyer, the bank, and the estate agent for the rest of the amount. This contract should be read and understood in detail before signing it. However, if the documents are giving you the legal authority, articulated clauses, sense of transparency, etc, any doubtful issue should be raised at this point itself.

Make sure Security Processes are up-to-date

As you know security is a major issue, you can never negotiation with the security preparation of your home. Landlords will certainly offer some features regarding the security of the flat. Make proper queries regarding safety measures of the property management arrangement. However, if they have acceptable security service, CCTV observation, fire alarm, emergency exit, etc.

Where are you investing your life time saving is a vital point. However, purchasing a flat is one of the major steps in your life, you must think of each of these facts before you seal the deal.

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Mortgage Broker Australia
Mortgage Broker Australia
1 year ago

Thanks for sharing this article. I love it.