I am glad you made this sound decision to educate yourself before buying an apartment. Welcome to findmyghar.com blog, here we try to help our readers with useful tips. Moreover, we try to demystify the real estate terms. Real estate has seen a huge development in past few years. Most of the prominent builder in India have shaped the dreams of lakhs of home dreamers. Yes, I know you are one of those home dreamers whose dream of owning an apartment is going to be fulfilled soon.
Go slow
Do not be quick in closing the deal. Take sufficient time to think, to search for the right property and take your steps further with caution. Look for right property in right location at right price. Most of the real estate players offer bumper discounts just to grab potential customers eyeballs, be aware of any such advertisements. Check thrice about such kind of discounts.
Credit Score
Ensure you do not ruin your credit score by missing debt payments. Try to avoid new debts by cultivating a proper financial discipline. This will help you fetch a hassle free home loan.
Home Inspection
Home inspection is must. Personally inspect the property, check the tap knobs and drainage system. Make sure that there is no plumbing leaks and water leak in the wall.
Check Conveyance Deed/ Sale Deed/Agreement
Kindly go through the Sale Deed/Agreement thoroughly. Check what apartment has been allotted, Apartment Size, Date of possession, penalty amount if the project is delayed and specific tower number.
Complete details of super area, carpet area and covered area.
Once the conveyance Deed is registered or the possession of an apartment is given only then the sale transaction is registered.
Documents & Legal formalities
You require documents such as Pan Card, Driving License, Ration Card/ Voters’ ID Card/ Passport while buying an apartment.
You are supposed to pay Valued Added Tax (VAT), Stamp Duty and Service Tax on the total amount of the property (in case buying a fresh property). Whereas if you are buying a resale property you save a huge amount as you do not pay any taxes.
Emergency Fund
Once you buy an apartment, move in, so many extras spike up. And, to take care of those moments you need an emergency fund. You may see few months going tough due to huge spending after buying a flat.
Required Approvals Make sure that the builder has got all the required approvals from the local bodies and authorities. And, to know that you should see if reputed financial institutions funding the project.
Take a Relative or Family Member Along
It would be better if you take a relative or family member along while meeting a real estate agent. Two heads are better than one. He/ she can ask real estate agent few questions that you may give a miss.
Home Insurance Policy
And, now last but not the least grab a home insurance policy. Remember your home is one of your biggest investments and to safeguard it is your prime responsibility. It brings peace of mind and covers theft and natural disasters.
Courtesy By :- http://www.findmyghar.com/blog/tips-for-first-time-home-buyers-in-india/ Go slow
Do not be quick in closing the deal. Take sufficient time to think, to search for the right property and take your steps further with caution. Look for right property in right location at right price. Most of the real estate players offer bumper discounts just to grab potential customers eyeballs, be aware of any such advertisements. Check thrice about such kind of discounts.
Credit Score
Ensure you do not ruin your credit score by missing debt payments. Try to avoid new debts by cultivating a proper financial discipline. This will help you fetch a hassle free home loan.
Home Inspection
Home inspection is must. Personally inspect the property, check the tap knobs and drainage system. Make sure that there is no plumbing leaks and water leak in the wall.
Check Conveyance Deed/ Sale Deed/Agreement
Kindly go through the Sale Deed/Agreement thoroughly. Check what apartment has been allotted, Apartment Size, Date of possession, penalty amount if the project is delayed and specific tower number.
Complete details of super area, carpet area and covered area.
Once the conveyance Deed is registered or the possession of an apartment is given only then the sale transaction is registered.
Documents & Legal formalities
You require documents such as Pan Card, Driving License, Ration Card/ Voters’ ID Card/ Passport while buying an apartment.
You are supposed to pay Valued Added Tax (VAT), Stamp Duty and Service Tax on the total amount of the property (in case buying a fresh property). Whereas if you are buying a resale property you save a huge amount as you do not pay any taxes.
Emergency Fund
Once you buy an apartment, move in, so many extras spike up. And, to take care of those moments you need an emergency fund. You may see few months going tough due to huge spending after buying a flat.
Required Approvals Make sure that the builder has got all the required approvals from the local bodies and authorities. And, to know that you should see if reputed financial institutions funding the project.
Take a Relative or Family Member Along
It would be better if you take a relative or family member along while meeting a real estate agent. Two heads are better than one. He/ she can ask real estate agent few questions that you may give a miss.
Home Insurance Policy
And, now last but not the least grab a home insurance policy. Remember your home is one of your biggest investments and to safeguard it is your prime responsibility. It brings peace of mind and covers theft and natural disasters.
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