Real Estate

Important Things to Remember Before Buying a Flat

Investing in a new house can be one of the most crucial parts of your life. You might have been thinking about buying your very own flat for a long time. There might be a possibility that you’ll need to take a loan, which would be followed by EMI’s that you’ll have to pay every month, which is why you need to be extra careful when finalising on a single one. If you have been searching for apartments like 2/3 BHK flats in Gachibowli, then you need to remember some important things before you go ahead with the purchase: 

2BHK Flat in Gachibowli

1. Property Price:

The first thing you need to do is find a flat to decide on a budget. It becomes easier to find the right list of houses when you know how much you are willing to spend on it. You can compare the price of a property you liked by comparing it with the properties surrounding it from multiple builders in that area. This will give you a rough idea of whether the price you were offered is the right price or too high.

2. Land Record:

The land on which properties are being built is one of the most important factors. You need to research and check the surroundings and the quality of the soil where the flat is situated or being constructed. There should never be any sort of dues on the land that comes right below the flat you are looking to buy. 

The land should be properly registered. Before you go ahead with the purchase, you need to make sure the title deed is verified and checked properly. The deed has all the rights and ownership details for that property.

3. Legal Check of Property:

You need to make sure that the property that you are interested in is legally authorized to be constructed or built on the plot. There should be approval and NOC present with the developer, issued by that area’s respective development authorities, water supply, electricity departments, Municipal Corporations and other important boards.

4. Apartment Possession:

It’s becoming really common when it comes to apartment possessions getting delayed. As a person who is going to buy the house, you should get the correct estimations from the developer about possessions. It’s common for developers to ask for six months of a grace period, though there needs to be a proper reason for something like this to happen.

5. Financing Banks:

You need to be aware of the banks that are agreeing or denying to give financial services to builders. Sometimes banks don’t give loans to builders who have a bad reputation. This is exactly why you need to clear out any doubts you have regarding the bank that’s going to finance the project that you are thinking about buying.

6. Builder-Buyer Agreement:

When you find a flat or house that you like and are really interested in buying, you can just pay a small amount of money in order to book the property and get an allotment letter. 

3BHK Flat in Gachibowli

Once that’s done, the next step is the tripartite agreement that is entered between the developer, you and the bank. This agreement is really important and you should understand it properly before you sign it.

7. Location of the Flat:

It is very important to check the surrounding location of the flat that you are interested in buying. You need to check the amenities, the facilities and safety around the area.

8. Hidden and Additional Charges:

Check whether a flat like 2/3 BHK Flats in Gachibowli you are thinking about purchasing has any hidden charges or not. If it does, you need to know about it.

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