The thought of buying an apartment and becoming a homeowner can be an exhilarating feeling, full of pride. But there are pitfalls involved in the process too, and you need to be careful you don’t get taken for a ride. For this to happen, you will need to do your homework well and take the pitches made by salesmen with a pinch of salt. Some of the traps used to fool potential homebuyers include the following red flags:
- You could be told that this is the right time to buy as prices are expected to go up soon. These words are meant to goad serious homebuyers into making a commitment without having too much time to think why prices are expected to go up in that locality.
- Another gimmick is that just the last few flats are left for booking, spurring you into making a commitment. The impression created by the salesmen is that the apartments are so great, and you shouldn’t to miss out on it.
- You could also be told that if you book an apartment now, you can avail of free surprise gifts! And since everyone loves a free gift, its bound to get buyers lining up. Instead, you should take the time out to examine the monetary value of the gift and check if the apartment under question actually fulfills all your needs.
- Another popular trap used by savvy salesmen is ‘No EMIs till possession’. Now this can really appeal to renters as it will be easier on their pockets. However, do check if the builder is charging something extra for this kind of offer.
- Alternatively, you could be shown glossy brochures and a picture-perfect ‘sample flat’, and based on that you have to make a decision on buy or not to buy. Though it may appear tempting, think logically and ask for the layout and actual carpet area of the flat being provided. Know the difference between carpet area and super built-up area.
- Before making a commitment, check if the project is sound. Ask for the necessary paperwork which includes property plans, necessary sanctions and clearance certificates by various departments, etc.
Hope these pointers prove useful.