After some years living in a rented apartment, it slowly dawns on you that if you had spent that same money as EMIs, you would have been much closer to owning a home of your own! In India, it’s a prestige issue to own one’s own apartment or villa, and most people start saving for it from their job onwards.
Finalizing on that perfect dream apartment you have always isn’t where the story ends. In actual fact, that was the easy part! You will now have to start getting your hands dirty by delving into the hassles and legalities that go before finally obtaining that most-coveted ownership certificate. It’s better to make a checklist of all the things you need to clarify before signing on the dotted lines.
You will first want to check out the surrounding areas of your apartment of choice. You will want to know if there are any noisy facilities in the neighborhood that could disturb your lifestyle. You would also want to check out the traffic flow in your area – it would be best to visit the area at peak traffic times and see if it disturbs the neighborhood peace.
Another important feature to check out is the easy access to important facilities like shopping centers, schools, hospitals, public transport, gym, etc. The presence of these things in your locality would help in saving time for daily activities.
Does the apartment of your choice have balconies and does the sun shine onto these balconies? Balconies are where we come out for a breath of fresh air, but if its going to be facing some enclosure, better to avoid it!
You also need to find out how secure is the apartment complex, are there security cameras or guards on the premises to prevent just anyone from entering in?
Other important features include the amenities and their maintenance charges. Most people forget that common things like elevator charges, common electricity charges, garbage disposal charges, gardener/cleaner fees, etc, are also additional monthly expenses that each apartment owner has to contribute towards to keep things running smoothly.
You will also need to find out of the builder is a reliable one and makes solid earthquake-resistant buildings that are built to last. You would also need to check that the property documents, construction permits, etc, are all in legal order; check out Artech Realtors who are premium builders with a reputation to match.
Finally we come to the money matters. You will need to make to make an estimate of the extra fittings that you need in your apartment and add it to the final amount of the apartment, the various taxes, registration charges, stamp duty, legal charges, etc. Now hopefully the total fits your budget.
You next need to talk to approved banks for home loans; check for the package that suits your budget and has the lowest interest rates.
Get a lawyer with experience in real estate to verify all the documents and agreement papers before signing the sale agreement.
The last stage is the sale deed registration – congratulations, you are a new home-owner!.