You need to have proper planning before buying a flat. Enlist a home-buying checklist that covers all the various aspects and examines it precisely before investing in real estate. From setting a budget to required documents, registration, legal, and tax pieces of advice all need to be covered. Read out the important steps below that would be beneficial for you in your next property purchase.
1. Set a proper budget
The first step before making a flat purchase is setting up a budget. You need to plan before every investment. Budget planning is a very crucial and top-most step. Calculate your budget by evaluating your monthly expenses, income, and the amount you save.
After filtering out the amount that you save after all the essential needs, you need to plan how much you could possibly manage to pay as a down payment. This way, you can set your budget accurately.
Insightful Tip: Always take your time for budget planning.
2. Location and type of flat you require
While choosing a flat for your family, these two factors can be considered much more important: Location and type of flat The location signifies the area where the flat is located—is it fulfilling your essential needs, or is it located in an urban area? Is there any public transportation service available? Are there any retail, grocery, or personal stores available?
Are the neighbours friendly? If all the questions have “yes” as an answer, then you’ve got your place.
Another factor to be considered is the flat, depending on the number of members you have in your family. You can choose 1 BHK, 2 BHK, 3 BHK, 4 BHK, and 5 BHK as per the total number of your family members. If you’re looking for a luxurious flat, you can go with a penthouse, duplex flat, garden flat, or service flat. The above flat options vary in their design, dimensions, architectural style, and luxuries.
Insightful Tip: Always choose a reputable builder.
3. Research on the current market price
After setting a budget and choosing the right location, you can research the current market prices of flats. This step is essential when you’re planning your budget. For accurate information on the current market price, you can refer to property listing sites and real estate websites, or you can hire a real estate consultant who will not only give you the best advice on the current market price but will also help you choose the best property.
4. Quality of construction
This comes into consideration when you choose your location and start looking for the best options. You may notice that the house appears comfortable and appealing, but many times the quality of construction is poor despite the pretty aesthetics. Hence, always choose a flat with good construction quality and never fall into such pitfalls.
5. Property registration and stamp duty
Now comes the most important phase of buying a property. You need to submit the required documentation and fees to get legal ownership of the property in writing from the government management. Hence, you need to collect funds for the registration process as well. Stamp duty is a tax payable depending on the property’s value. It can be a fixed charge or a rate based on the property’s value.
There is a possibility of a difference in stamp duty rates for first-time buyers. This can also be added as an important point to research before buying a flat, as it is based on the location of the property.
6. Legal Advice
Till now, you may have understood that buying a flat or a property is not an easy task; it takes many steps to be considered before buying. Hence, to be secure about the procedure and steps, it is crucial to have legal advice for them. This way, you would get complete information regarding legal procedures, laws, taxes, and document requirements for the purchase of the property.
7. Check the maintenance cost.
If you’re someone who follows strict financial planning and budgeting, then maintenance costs should be considered before buying a flat. It may depend on the management of common areas, repair costs within your flat area, the cost of utilities (electricity, gas supply, water supply), safety insurance, and so on. It is advised to check this section in the property orientation document provided by the property owners. Check the maintenance cost with the property owner before making an investment decision.
Insightful Tip: Always visit the location before making a purchase decision.
8. Check the legal documents.
Thus, after assessing all the above steps, if you have decided to buy the flat, you need to check the legal documents that you need. It’s better to assemble the document checklist before submitting it so that you don’t miss any of them. Property buying document checklist: sales deed, allotment letter, Khata certificate, possession letter, payment receipt, NOC, a general power of attorney, rectification deed, copy of the approved building plan, and occupancy certificate.
Hence, we covered all the important factors that can be considered before buying a flat. Always keep in mind that buying a flat is a task that requires going the extra mile with tonnes of research and professional advice.
May you discover the perfect flat that makes you feel at home! We can also help you in finding your dream home, contact us today!
