Once you realise that you should stop throwing away money on your home rent month after month, you start looking for your own home. Buying your dream home is one of the most important decisions in your life and may be one of the largest investments you make. So, when you choose to buy a flat for yourself, you would need to be aware of few important things to avoid some unforeseen surprises.
Here are few tips and almost a check list for you to remember when you decide to buy a flat for you and your family:
Location: The location of your flat is one of the most important factors you should be careful about, while buying your flat. Be it in the heart of the town or even outside the town, make sure you stay away from pollution. Try not to buy flats near factories and polluted water bodies.
Accessibility: Another important factor to keep in mind is the accessibility to the flat, it would be wiser to avoid flats that has narrow roads leading to it. Having to face congestion everyday can upset a person easily.
Age & Strength of the building: Before buying a flat, do consider the age of the building. It's always recommended that you obtain an architect's or engineer's report about the building before the final decision is made.
Proper Facilities: Be sure that the sewage system can have regular maintenance and that A.C can be fixed in easily. The flat should not be congested, it should have enough light and should be well aired. Fire escape stairways are important enough to check for.
Builders History: It is important to measure the trustworthiness of the builder, you can do a little research on their previous projects, legal cases/ controversies related to them or even feedback from people who live in flats built by the same builders can be helpful.
Authority and Permissions: Do not forget to check if the builder has attained all the permissions to build the flat. The documents include development agreement, approved building plan and completion certificate.
Ownership and Liabilities :Be sure that the ownership of the property lies with the builder. There shouldn't be any loan or liabilities on the property.
Agreements: The builder/ owner ought to provide an agreement with details about the regulations related to construction of the building, time required for its completion and the cost involved for the same. There exists two agreements in relation to buying a flat:
Agreement 1: An agreement showing the transfer of ownership of the land from the owner of the property to the builder.
These agreements are usually prepared before-hand by the builders, hence its advisable to read the agreements carefully or even ask an advocate to do the same for you.
Registration: Carry out the registration of the flat before the agreements expires. While registering the flat make sure its done in accordance to the registration act and stamp act. Documents required for carrying out the registration are original title deed and land tax receipt.
Pre-owned flats: When buying a pre-owned flat make sure that the title deed shows the price of the flat in it. Before buying a pre-owned flat, its always wiser to know if there exists any legal proceedings against it or other security risks involved.
These are just few things to know before you take the most important decisions in life, a dream home is one among them!
