November 4, 2022

15 Things To Know Before Buying A Flat In 2022

15 Things To Know Before Buying A Flat In 2022

When done correctly, investing in real estate may be a profitable venture at the present. Because of the high stakes and high cost involved in real estate development, picking an incorrect investment option can have a significant impact on your financial well-being. Thus, it is crucial to take extra precautions throughout the entire property-buying process. 

Finding the best deal when you are looking for a 3 bhk flat for sale is important. You can pick from a wide variety of options and take into account a wide range of aspects. The best strategy is to learn as much as possible about buying a new flat in advance, then filter down the alternatives until a final choice can be made.

We’ve compiled this list of the 15 most crucial things to know before buying a flat,

as doing so involves a number of steps and complexity that call for a measured approach due to financial, legal, and other process considerations. Insightful advice on what to look for when buying a new flat may be found in this blog.

15 Points To Be Considered Before You Buy A New Flat

Let’s walk you through the 15 crucial things to know before buying a flat:

  1. Know Your Budget

Setting up the right budget depends on two things: how much you can procure from the bank and how efficiently you can pay it back. You can use the simple rule of thumb. Your EMI shouldn’t be more than 40% of what you earn each month, as long as you don’t owe anyone else any money. This is important because most banks use this criterion to decide who can get a home loan.

  1. Arranging Finances

When buying a new flat, the down payment will be a big amount. To make sure you’re on the right track, you should take care of the finances before you start looking for a flat. It’s best to talk to a loan officer to find out what kind of loan you can get, how much interest you’ll pay, and what kinds of property documents you’ll need. This will help you figure out if the monthly installment will be easy for you to handle.

  1. Choosing Apt Location

        While choosing the location of your new flat it’s important to consider certain factors      

        like:

  1. Connectivity with other areas
  2. Proximity to your office
  3. Availability of essential services nearby
  4. Quality of life
  5. Reach to medical facilities, educational institutions & recreational activities
  1. Shortlisting Best Builder

After you have narrowed down your options for the builder, it is essential to conduct a thorough check of the builder’s background in order to learn about the builder’s reputation before you finalize the contract. When choosing a builder, it is always recommended to go with one who has a solid reputation in the industry.

  1. Quality Of Construction

 Whether you are buying an independent flat from a builder or in a residential township, it is important to look at how well it is constructed. Many builders make houses that look nice from the outside, but the materials they use to build them aren’t very good. Don’t give in to these tricks. Choose Goodbrick Realty, choose quality living!

  1. Under Construction Or Ready Possession

Before you buy a new flat, you should decide if you want to buy one that is still under construction or one with ready possession. Both have their own advantages:

S.NoUnder ConstructionReady Possession
1Lower CostGST Not Applicable
2Flexible Payment SystemReady To Move In
3Attractive Deals & DiscountsTransparency & Clarity

  1. Power & Water Supply

If there is a water shortage and frequent power cuts in the vicinity, even a luxurious home that is well equipped will not be able to give you the comfort you need. Therefore, one of the most important things that you need to check is the area’s accessibility to both water and power supply.

  1. Parking & Amenities

When choosing your new home, it’s important to make sure there is ample parking space. If you choose a flat in a residential society, parking is usually included in the deal. You may, however, decide to buy an extra parking spot, depending on what you need and how much is your budget.

Before you look at investing in real estate, you should know what basic features and amenities you may want. Because it can cost more to buy a flat that comes with a lot of amenities or facilities. So, to stay within your budget, you’ll need to rethink which amenities are essential and which aren’t. 

Amenities may include: 

  1. A gym
  2. A swimming pool
  3. Play areas for kids
  4. Yoga/ meditation room
  5. Banquet hall
  6. A clubhouse
  7. A senior citizens’ area
  8. A skating rink, etc.
home -key
  1. Possession Of Flat

It has become usual for flats to not be ready within timelines as commercial and residential plans take longer than expected. As a buyer, you should have a clear idea of when you can move into a flat that is still under construction. A developer will usually ask for a six-month grace period, but there should be a good reason for this.

  1. Traffic Conditions In Locality

Another important aspect to consider is how the traffic is in and around your neighborhood during rush hour. Whether you plan to live in this property or rent it out, this is a very important factor to take into consideration.

  1. Legal Assistance

Buying property involves a big amount of money and risk, so it’s important to get help from a legal practitioner. To make sure the process goes smoothly and to avoid problems in the future, you should know about all the laws and legal documents you need to buy a new flat.

  1. Other Costs Involved

When it comes to purchasing a new flat, there are a lot of extra costs to consider. You might have to pay professionals like home inspectors, notaries, lawyers, and others. This cost must also be taken into account. Also, you have to pay property tax every year.

  1. Tax Benefits

You can get tax benefits on your home loan, but it’s important to know the terms and conditions for this to work in your favor.

  1. Insurance

 All of the items and furnishings in your home will be protected by property insurance against loss or damage caused by burglary, theft, fire, or any other peril. Your property insurance will cover you against all of the risks listed in the policy document.

  1. Checking Resale Value

This is another important point on the list of things to do before you buy a flat. If you are buying the property as an investment rather than to live in it and plan to sell it at some point, you should pay special attention to the resale value.

To Conclude

Buying a home is one of the most important milestones in a person’s life; nevertheless, prior to finalizing the deal, careful planning is required, and each of these tips for buying a new flat mentioned above in this blog should be kept in mind.

The spacious 3 BHK flats in Serene Meadows, Gangapur Road Nashik by Goodbrick Realty are an ideal investment owing to the prime location and rooftop amenities that this project offers.

Goodbrick Realty offers the best deals for its premium residential project Vistara in Nashik city & Palazio in Khandala

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