Top 20 Feature You Should Know Before Buying any Property or Flat

How many of us get lured by the glossy booklets provided by the developers and are content with the exteriors and the location of a flat? Perhaps, are we even aware of the other important aspects of a flat that are not disclosed by the builder to us?

Buying a property in India is one of the most important decisions one makes. Therefore, there are many instances in the past, where buyers were deceived by the builders and did not speak clearly about the fact and figures of the flat. There are several problems that buyers face based on improper verification and diligence. 

Would you spend just 30 minutes viewing a property that is supposed to be your home in the future for many years? Some buyers do – and live to regret it. Don’t remember the things you should have looked for after you have left

Here are some features which should be considered before buying a flat/Property.

Ensure that it is a prosecution free land

Before you buy a flat, you should make sure that you enquire about the lawsuit on the land. Make sure the land/property is free from any legal deformities and all things have been well documented. Unless, buying any illegal property can abandoning the flat for invalid reasons. 

Also, the builder should have an approved plan and in case it is ready to occupy a flat/apartment, demand the completion certificate from the builder. 

Government sanctioned land

The land on which the flat is constructed should have concessions by the government for construction purposes. Based on the government report, the land should come under the category of the ‘build-able’ land.

In case the land doesn’t have the permit, it will consider illegal construction. A sanctioned building plan will be best to know the truth.

Property taxes

It is very essential that the property tax for the land is regularly paid to the corporate departments. The payment should be on time and also the builder should provide you with a receipt of the latest tax payments.

Ownership of the flat

The buyer should ensure that the flat/property has the right ownership and has surpassed all the legal formalities. Ensure that the owner owns the building legally, without any deformities on the agreements.

Pricing

One of the most important aspects of buying a flat/property is to check and compare the flat/ property pricing. Ensure that you are well aware of the current market prices and the rate offered to you should match the carpet area, built-up area, and the super built-up area. In case you are not aware of the concepts, you can always ask the builder about it.

Stamp duty

The stamp duty should be paid only on the purchase of the flat/property and the buyer should enquire with the builder to reveal the hidden costs in the transaction process. The complete actual cost of the purchasing should be calculated by considering the stamp duty, registration, and other charges.

Amenities

The buyer should make sure that he is well aware of the number of facilities provided in the flat/property. Also if there is a membership fee on any of the services, the buyer should enquire and negotiate with the builder.

However, While considering a place to live-You need to take care of your security and health at the same time

1- Green Environment- Location quite matters-while selecting an apartment! Surrounding yourself with (greenery) after coming from city pollution-Itself feels Soothing.  However, selecting an apartment/flat covered with plants and trees would be highly beneficial for you and your family. 

2- Secure- Nobody wants to compromise with the security! While selecting home-You should also be looking for safe-places where you can safeguard you and your loved ones during the times of (War, Natural Disaster or Pandemics). What could be a better place then a Bunker!

Features you’ve been looking in a Bunker

• Air Filtration
• 24/7 Power Back-Up
• Bullet Proof
• 24/7 Water Accessibility
• Ammunition Room
• Wider Space
• Food Storage

Convenient walls and spaces

In most cases, the buyers got cheated in terms of the space and width and length of the wall. To avoid such mishaps, it is very important that the buyer himself checks through the flat and compares it with the brochure along with appropriate measurements. So, you're sure and known for what you are paying. 

Know what you are Paying For

Do you want a home or a condo? For many first time home buyers, this is one of the first dilemmas they will try to solve. In fact, many buyers will look at both because they can’t make up their minds. To make sound decisions, you should know the pros and cons of a condo vs. a house. 

More buyers will end up disappointed when picking a condo because they did not understand the ramifications of how restrictive they can be or how quickly fees can change. The appeal, of course, is usually for those buyers who do not have time for home maintenance.

Know the Surroundings

After the excitement of buying the home passes, you will have to live in it for years. Make sure you are shopping for a home that will meet your needs and your lifestyle. More space is not always better. Lawns require upkeep. Being close to the things you like may wind up being more important than you realize. 

Understand you are not just buying a home but a location as well. Having a brief about the surroundings has always been good. Where most of the people make mistakes they’ve indulged so much in houses, they underestimate the neighborhood. 

Ensure to Have a Skilled Realtor On Board

New Place New People! An agent that is well-informed about the area will also know what homes there are worth, which will help you avoid overpaying for a property. 

Here is an example of my real estate agents Ashland MA community guide. It should be pretty clear from those who are reading that I understand what Ashland has to offer from both a housing and community perspective. You want a real estate agent who knows locality personally!

Understand the actual value of the property

Working with a real estate agent that understands market values in your area is critical if you want to avoid overpaying for your house. In addition to the actual purchase price, there are other fees like appraisal and inspections that can cost you more when you don’t understand the value of the home. 

Buy what you are comfortable paying for

You may be cleared for a loan but make sure that paying back that loan cannot harm your current financial statements. Svelte on the side of caution and mortgage only as much money as you are comfortable with. 

There are a lot of homebuyers who will mortgage themselves to the hilt only to find out later they are a slave to their home. Unless you want to be eating spaghetti dinners at home, every weekend don’t stretch beyond your means.

Try to see yourself in the home

Sometimes when you view a home, it will be filled to the brim with the current owner’s things. Learning to see past the clutter to the potential of the home for you may allow you to find better deals than you would otherwise. 

This is why every real estate agent often recommends to seller clients to clear all the confusion before listing their home for sale. Because they can affect homes pricing and sell for less money when those with a lack of vision can’t see past it.

Look for any water-related problems

Check For Water Issues A home in good condition will keep water where it belongs. Moisture from any corners and edges should not be making its way inside. Water flowing through the pipes should be staying in those pipes. 

Any drizzle that falls on and around the property should be directed towards safe areas, like away from your foundation. Your roof should be functioning as intended. Buying somebody’s water issues is not what you want. Water issues have a direct correlation to market value, as well as marketability.

Check For an electrical system is up to par

Current building codes require modern electrical wiring. Where in most of the old property, they’ve had old sort of wiring, which can be a risk at the moment. Where proper check or wiring and circuits of the flat/house would ensure the safety of the buyers. At the end of the day, you are the person living there. 

Plan for furniture

If you have furniture you like, you will want to bring it with you. Make sure your new home can accommodate it. Or, if you plan to board new furniture at your homes, you won’t purchase a home at a price that leaves you with enough left over to furnish it. 

Understand the Potential Growth of Your Investment

Especially in India buying a home is a big deal. Eventually, it’s a sense of success in society. However, purchasing a flat, property is a potential investment and can offer better results in the future. 

Where the price raise of the house not only depends on the presence of houses, therefore, it also depends upon the locality. Consultant your real-estate agent and discuss their opinion about the prospects of profit of the property in the upcoming time. 

Is the building structurally sound?

Big cracks are what you are looking for – but you should expect some hairline cracks. Rather than that, ask all the information related about building in the form of documentation. Is the building safe from earthquakes or lightning strikes? Looking around the extension joins corners of the terrace walls and bay windows. 

How much storage space is there?

It’s the most underrated space! But an essential part of every home. However, the place where you can store your vacuum, cleaners, towels, electronics-eventually everything you don’t want to showcase in the home but you need them at a certain point in time.

Don’t be fooled by staging

Cleverly placed mirrors, strategic lighting, delicious smells, cozy fires, and fresh licks of paint are all tricks sellers use to make their home more appealing. It’s nice to feel you can move straight in without having to do a thing, but try to remain objective. 

Take photos and ask what they are leaving behind. light fittings, for example, can take an age to find and replace!

In the End

A piece of advice- If you do like a property, arrange another viewing for a different time of day, and scout out the local area a bit more. If you can, take somebody with you who might be able to notice things you don’t.