Five things to check before buying an apartment

There are many things to be checked before you buy an apartment. In the following sections we will check the top 5 things you must examine before purchasing any apartment.

Things to Check Before Buying an Apartment

1. Price of the Property

You should have a clear idea as to how much you’re willing to put in for your investment. This can help in shortlisting the apartments and filter it according to your needs. Make sure the price that you’re offered is genuine as there are chances that the owner has deliberately hiked the price.

2. Legal formalities

It’s important to check the legal authorization of the property you’re buying. Make sure that the owners have the rights to build the apartments on that property. Also ensure that the property is not caught up in any case or legal proceedings.

3. Financing banks

Not all banks finance all properties. Certain banks do not finance certain builders due to various reasons. So make sure to choose the banks those are willing to associate with the builder and fund the project that you want to invest in.

4. Surrounding location

Not only the plot, the area surrounding the property should also be kept in mind while purchasing a flat. Make sure it is a well-connected area where commutation is easy and you can get all necessary amenities within a short distance. Else it would be difficult to lead a comfortable day-to-day life.

5. Hidden and additional charges

Read all the documents and clauses clearly, before giving the final approval to a deal. There would be additional charges like GST, stamp duty, registration charges etc., which should be understood and kept in mind.