Buying A Home

3 things to keep in mind when buying your first apartment

Buying a home is one of the most crucial decisions of your life, with years of saving and planning at stake. Here is how you can avoid some of the common mistakes a first-time flat buyer makes.

One of the most important decisions you will ever make is when you purchase your first flat. The decision will take up most of your savings, even if you take a home loan, and a significant part of your salary will go into paying EMI. Therefore, it becomes important that you make sure your investment is safe.
Here are some things to keep in mind when buying your first apartment.

Super Area vs. Carpet Area

Most real estate companies and property dealers quote the super area of the apartment. This measurement is also used for the calculation of the price of the property. But the actual surface area of the flat will be slightly lesser than the super area. The actual floor area of the flat is called the carpet area. Usually, the carpet area is just 80 per cent of the super area. The super area includes the common spaces such as staircases, lobby, elevator space, shafts and even the thickness of outer walls.

Necessary Permits

There are a number of real estate companies selling apartments in Patna, but before you finalize your purchase with anyone of them, make sure that the company has all the necessary permits and clearances for the construction. If not, then you may face trouble at the time of the registration of the apartment in your name. The permits usually include correct land use permit, clearances from the electricity board, water board, and the local registration bodies. In case of a high-rise apartment building, special clearances are required to ensure that certain construction standards are met. As a buyer, you have the right to see the permits and get them cross-checked with a lawyer.

Tie-up with banks for home loans

Real estate developers often have a tie-up with banks for hassle-free financing. In such cases, the banks undertake a thorough check of the property, and the prospective buyer has no need to get through trouble getting an approval from bank surveyor for a loan. Banks do not usually associate themselves with risky projects; therefore a tie-up with a bank, especially a government one, means that the developer is trustworthy.

Keeping these 3 things in mind, and research a little before purchasing your first apartment can save you a lot of trouble later on.

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