Things to look out for when buying your first home

Indeed purchasing an apartment is a significant decision of your life; it is a nurtured dream come true moment for many to hang their nameplate outside their own house. Though, this final step is achieved much after the paramount decision making.  The correct choices made in the initial steps involve your complete focus and careful attention. 

There would be several pointers on your checklist based on your personal requirements and comforts. Though there are few parameters that are common to look out for when buying your first home

Property Price:

Having fixed a budget in mind avoids a lot of confusion, narrowing down the search as per budget becomes rather simpler. It is prudent to compare the price of the property from various builders to get a clear idea for an affordable and genuine quotation.
Most builders quote super built-up prices for the property including areas such as shafts, elevator space, stairs, the thickness of walls and others. Conversely, the carpet area is only the usable actual area within the four walls of your flat. Therefore one should calculate the price of the property accordingly. 

Location matters

Location is the key factor for the deciding rate of the property. Plush localities are often highly prices as they are replete of social amenities and have a conducive vibe. Depending on the location of your property and the cost of services offered, the maintenance price per square feet might vary. At times maintenance is asked in advance by builders probably for a stable influx of funds.

Right Builder

More than Half the battle is won if you choose a reputed builder. Above all is the quality of construction and the basic facilities that should be provided by the builder like earthquake-resistance, the ratio of the super area are to the built-in area, quality of material used within the apartment, 24 hr backup of electricity, security, etc. 

The land on which the property is being constructed is not under any legal dispute and the papers are clean. Such issues are sorted if you choose a builder such as the Runwal group Dombivli and their likes as they have years of experience and several projects completed on time to claim their scrupulousness.

Right lifestyle Amenities

To sustain a zeal full lifestyle we should choose an all-inclusive development that can provide us with the necessary services. A pool and gymnasium are now considered a must-have facility for fitness and relaxing. More the in house amenities such as CCTV security, parking, clubhouse, play park, etc. the more secured is life for you and your family. 

Registration costs

This cost is mostly accounted beforehand by most home seekers while buying a property, Registration is mandatory for legal proceedings and thus comes with a price tag. Stamp duty usually varies between 7-8% of the property value. 1-2% of the property value has to be paid as registration fee to the court. This figure varies with each state. 

Legal Check of Property:

A vigilant buyer should ensure that all the clauses of the documents are read in detail and penalty clauses are clearly understood. 

The buyer should be certain of the legitimate authority of the construction plot, it is significant to check permissions and approvals and NOCs from Area development authorities, water supply, and sewage boards, electricity boards and Municipal Corporation. As all banks only after validating your property documents sanction a Home loan.

Apartment Possession:

Delay in possessions is a huge tension for all flat buyers, due to the delay a lot many financial and emotional traumas have to be faced by the buyer, therefore, a clear estimate of the timeline for possession should be put down on paper with compensation terms in case of failure. 

Miscellaneous charges

There are few miscellaneous charges that might not be prepared for when you are saving up to buy a property such as the moving charges. These days’ movers and packers ask for a reasonable chunk of money.

If you are buying a house with the help of a broker, then 1-2% of the property value has to be paid as brokerage. Though, this price might vary as per property rate and agents cut. Furthermore, altering tax reforms in the real estate sector should be taken into due consideration. 

Thus, buying a residential property in Mumbai like an under construction flats in kalyan or a new construction in dombivli east manpada is undeniably something to be proud of. Deciding with the right knowledge to avoid unwanted slip-ups is crucial hence look out for these pointer when buying your first home.