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Sunday, 19 January 2014

Tips For First Time Flat Buyers

Buying a flat is a daunting task, especially for first-time homebuyers. Everyday you are bombarded by numerous ads about apartment projects which makes it difficult for you.Your dream home means a lot to you and you just can’t make a decision in a hurry. It’s good to keep these tips in mind when you are all set to buy your first flat.

Tip 1: First of all you need to fix a budget and look out for options that support it.

Tip 2 : Prepare a realistic wish list of your expectations from your first flat. It’s very important to get a living space worth the money you invest. Do some research and put together your list.

Tip 3: Do enough background research about your prospective builders. If they have an experience of more than 3 years and a sound history of developing apartment projects, then you can bravely go for them. Look at two, three projects which they have already done to get an idea of the overall finish. Also check out if the value of the flat has increased over time or if the maintenance is been done in a proper way. Word of mouth is also equally important for making a decision.

Tip 4: Proximity is another factor to be considered when you buy a flat. How far is it from your office, gym, school or other frequently visited places? It is also a major factor that contributes to the resale value of the flat.

Tip 5 : Look out for the free and paid amenities that the developers provide. For instance, a successful project should have amenities like inbuilt swimming pool, gymnasium, clubhouse, camera surveillance, covered car parking, etc.

Tip 6 : Living in a township always benefits you. Your neighbourhood is just as important as your home. Bad neighbours can affect you a lot so make a decision wisely. For example, ‘The World Villas, in Alwaye near Cochin is a very good  choice, if you wish to experience the joy of community living. If you buy a home there, then you get added benefits like accessibility to the city as well as world class amenities.

Tip 7: Before you sign the builder contract, read it thoroughly and clarify the points that you don't understand. Make sure to put everything in the contract as anything verbal will not be considered valid and legally binding. You can even compare the builder’s financing options to the other options in the market. Have a clear idea about the interest rates before you make a decision.

Tip 8 : Find out if the builder has obtained all relevant approvals like building permits from the local body. Check if they have paid the land taxes; otherwise, you might end up in trouble in the future. If you are buying a ready-to-occupy flat, make sure to get all the receipts for electricity and water deposits.

Tip 9 : You can also get a copy of the plan and specification sheet from the builder. Before you close the deal, pay the balance amount and take the key. Check once again that you have received all that the builder is obliged to deliver. Finally, close the deal and sign off.

There is no need to rush; take your time and do enough research. Don’t let anyone pressurize you into buying a home that you’re not completely sure about. Though there are many options to choose from, a little attention and patience will assure you of your dream home.