The Best Tips For Buying Flats in 2022 For Home Buyers

Getting your Trinity Audio player ready...

One of the milestones in every person’s life is sealing a property deal. You have spent several grueling years planning and investing in the best possible purchase that fits your idea of an ideal home. With the hefty amount of loan and monthly installments at stake, it becomes all the more necessary to follow a checklist of must-know tips for buying flats before you take the leap of selection.  

Top 10 Tips for Buying flats 

 While there are some key parameters that need your attention—such as price, location, possession date, security and privacy measures, builder’s reputation, and local infrastructure, there are some other parameters that also need your attention before you zero in on a new flat; let’s have a look:

1. Buying the property from a reputed builder 

There is no dearth of real estate companies in India, and with a number of property deliveries coming out at the same time, the choice of selecting the right real estate developer becomes difficult. However, there are a number of benefits when you select a property from reputed real estate developers. To start with, you do not have to worry about the quality of construction and you can be assured of timely delivery of your home. 

Furthermore, reputed real estate developers usually have a good track record of experience and a consistent success rate. By checking their ground report, you will also realize that most of their projects are registered under Real Estate Regulatory Authority (RERA). In addition, most of the established builders are members of an industry association, such as the Confederation of Real Estate Developers Association of India (CREDAI), or the Builder’s Association of India (BAI). Not to forget the best tips for buying flats give the additional perks of modern amenities that come with buying projects from established real estate companies. 

PS Group—one of the premier real estate companies in Kolkata offers an array of modern amenities for the health and well-being of its strong consumer base. These include state-of-the-art amenities from sustainable, green features to e-mobility, meditation gardens, extra-large balconies, and other seamless and luxurious amenities. 

2. Legal Check of your property is one of the most tips for buying flats 

Before you seal the final deal, make sure your flat is legally authorized and has legal permissions to stand on the plot. As a homebuyer, there is nothing wrong in checking whether the developer has approvals and NOCs from the Municipal Corporation, in addition to other area development authorities for water supply, sewage boards, electricity boards, etc. 

However, if you have taken a home loan, your property documents are already validated during your loan sanction. A certified builder will be professional in his approach and will have the quality checks and legalization under control— this will serve as a valued quality certificate. 

3. Location is key in real estate 

Kolkata is one of the fastest-growing cities in India and the number of full-time working professionals in the city is rising. Selecting a property close to commercial and entertainment centres, IT Parks, schools, colleges, grocery shops, hospitals, malls, parks, theaters, etc. plays a vital role in these tips for buying flats. Furthermore, the property’s location not only impacts the market value of the property but also your standard of living. Flats in high-end residential areas ensure good connectivity and security in terms of market volatility. In addition, the local infrastructure around the property plays a vital role in deciding its future and current market value. Higher ROI therefore largely depends on the location of a property. 

Among valuable tips for buying a flat, you should remember, your property should have good connectivity to major parts of the city as well as to public and private transportation. Consider future connectivity plans like a proposed metro line or an expressway around the locality before the final purchase. In addition, the roads connecting to the flat and the in-roads within the residential society should be well-built and well-maintained.  

4. Know the difference between carpet area and built-up area 

The super built-up area which is usually mentioned in the brochures, includes the staircase, the thickness of the walls, elevator space, lobby area, etc. The actual carpet area of the flat therefore is almost 30% less than the super built-up area. Make sure to check area details before you book so that you are not caught by surprise. 

5. Affordability check is one of the most important tips for buying flats

The first step you have to deal with while buying a flat is to check your affordability and budget. You might want to check, ‘how much you can afford,’ along with the existing price of flats in Kolkata. Remember, with every square foot, the monthly budget increases along with property taxes. Make sure to decide your price range on the basis of your income. 

Shortlisting the type of houses based on your budget, comparing prices of properties from various builders are some of the main steps to start with. You can draw a comparison by studying property listings from portals and newspapers, or through brokers. Also, remember these tips for buying flats to note the volatile changes in asking prices, this also gives you an idea of the housing trends in specific areas you are interested in. In the process, remember to be open to options and also consider properties from prime locations as the price of the property will mirror your standard of living to a great extent, choose a perfect mix of cost and quality.  

The best tips for buying flats are all about well awareness

Homeownership is usually the foundation of an average man’s growth in net worth. Your home will have a dramatic impact on your standard of living. So choose wisely and start your research early to help you make the best possible decisions. Good luck moving into your new home!

FAQs