Checklist before Buying an Apartment

Checklist - Buying an Apartment

Fed up with staying on rent and having to listen to your landlords ranting? Well, maybe it’s about time you start using your rent money towards buying your own home and live by your own rules. Getting home loans is very easy these days and the money that you spend on rent can be easily used for paying your EMIs for a home loan. Before shopping for an apartment, look for the best home loan available.

Buying a home isn’t as easy as you would think. Shopping around for an apartment can be a lot of fun as you get to see so many different types of complexes with the potential to make awesome homes. And then one day you find the perfect-looking apartment that you want to make your own. It’s a great feeling, but this is also where the tough part of home-shopping starts.

You need to first check if the location of the apartment is in a peaceful area and suits your lifestyle. Does it have any landfills or sources of pollution located nearby? Is the road to your apartment in good condition and how is the traffic situation in that area? You might want to visit the property during peak times to get an idea of this. Another important feature to look for is the availability of decent facilities in the locality like hospitals, good schools, shopping complexes, parks, gym, places to dine-out, etc. Another important feature is the availability of easily accessible transport systems like bus stops and railway stations.

Buying a home is also a form of investment and you must know if the value of your purchase is likely to go up with time. This is important in case there is ever a need to sell and move homes in future. Another most important aspect to consider is the credentials of the builder. Always go with a well-known, reputable builder such as Muthoot Homez who strictly follows construction norms.

Don’t go by the glitzy brochure, but ask your builder about the actual carpet area of the apartment without including the common areas such as the lobby and staircase /lift. This would give you a better idea of the size of your home. Check whether car parking is included or an additional expense. Another important factor to look out for is the security system as an apartment complex would need constant monitoring to prevent intruders from gaining access.

When it’s time to seal the agreement, its better to avail the services of a property lawyer to deal with issues like payment of various taxes, government and local body approvals, encumbrance certificates, any litigations, clear and transferable titles, records of right and title, power of attorney, preparation of sale agreement, etc. Sealing the deal is the most important aspect of buying your own home and you cannot afford to have any loopholes, so it’s best to get the services of a lawyer. And before you know it, you are a proud homeowner!