While growing up, everyone nurtures a dream of buying a house or apartment once they become financially independent. Buying a property involves a substantial financial commitment in the form of the home down payment and home loan. Hence, it is important that you have all the necessary information about the property that you want to buy. Here, we have made a list of five things which you should know about the property that you are planning to invest in:
Location of the Property:
Properties that are constructed within the city close to borders are known as outskirt property or as suburbs. Try to find a property on the outskirt of the city at the time of purchase. It may look distant but in the coming years, those areas will develop into city hub places. The prices for the same will increase and living will become standard. The property should be built in such a way that the resident must be fully satisfied with the space provided outside the apartment. A project plan is an important factor to attract the interest of the buyers. Though many people buy property as an intention for investment for the future keeping in mind that the prices would go up as the time passes. As per the common trends, properties with open spaces are most likely to get sold.
Find out the total space provided by the developer and don’t get confused in the terms like Super built-up area, Built-up area & Carpet area. As per the name, the specifications are also different for the areas.
Carpet area – The area which can actually be covered by carpet is known as carpet area. Leaving the walls & common areas. 70% is the actual area for the apartment.
Built-up area – The area is included with carpet & wall area. The total space in which the apartment unit is built including the wall thickness is known as built-up area. The built-up area is usually 30% of the apartment.
Super Built-up Area – It is also known as saleable area basically it includes the built-up area, carpet area & the common areas which also know as a corridor area & the spaces which are shared by the apartments.
At the time of purchase, everyone should check for the design of the apartment. See whether the floorings of the bedroom, kitchen & bathroom are vitrified or not. Vitrified flooring makes your floor durable & makes it more stylish.
Check doors & windows whether they have wooden framing for more strength and long-lasting durability. Ensure all the electrical switches & fittings are of reputed brands for the safety of your family.
Finally, get assured for all the necessities & connections provided by the developer in the apartment.
Amenities add a real advantage to the property. Look out for pleasant gated amenities such as playground for kids, swimming pool, gardens & parking area. Some amenities you can find outside the gated community is known as social amenities such as nearby commuting locations, markets, educational hubs, shops, banks, restaurants & ATMs making everyday life easier.
Value for money project
Property should be a value for money. It should not be overly expensive. Generally, people like to buy big apartments of 2 BHK & 3 BHK but at the time of reselling the apartment, they find it difficult because big properties are difficult to sell as most people are interested in buying small properties with a small value of money. It is easier to sell 2 BHK before 3 BHK because of value for money that’s why 1 BHK properties are sold out quickly because for some investing in small properties is profitable as of the value for the property will increase in a couple of years.
So if you are looking for investing in property go for small apartments as they not only get sold out quickly but also at a good price.
Check out the developer’s reputation:
Developer reputation makes an impact on buyers to buy the property. To find out who’s a good developer visit the past projects of the developer and try to find out the pros & cons of the property from the residents’ owner. A good developer keeps some concepts in mind some of them are
Timely completion of projects,
Good project layout & design,
Quality of construction,
Supply of quality amenities,
These are the common steps one should check/perform while purchasing a property. One additional benefit you can get from developers, ask them is there any home loan schemes available. Developers with good reputation partners with financial firms held such schemes for their customers who could not pay the whole price at a time. The partner firm helps by paying the down payment with some interest on the financial aid provided.