5 Things to Consider While Buying Apartments in Budget
One of the biggest mistakes that many first-time homebuyers often make is going overboard with their expenses – while buying their dream home. Irrespective of what your financial situation might be, keeping a track of the budget factor is always important when you are scouting for suitable residential properties. It is also an absolute myth that when you buy homes on a budget, you have to give up on several key components of your overall living experience. When you are looking for a 3 BHK flat in Kolkata, you will find plenty of options that will cater to your requirements satisfactorily – without burning a hole in your pocket. Here’s a lowdown on the factors you need to consider while purchasing apartments on a relatively tight budget:
- Check the Legal Documents
Prospective buyers should check and verify the details of the legal documents before the finalisation of the deal. The documents carry vital information of the transfer of property from the builder to the buyer. The proper acquisition of certain essential documents will even facilitate getting a quicker loan for the house from a bank. Many times, a low priced property may not have the requisite genuine legal documents which can create problems in future.
Documents such as a sale deed, which functions as a proof of the sale of the property, completion certificate (CC) of the property referring to the completion of construction of the property and the licence to inhabit are among the many. Additionally, a builder should provide the buyer with the building plan, mutation certificate as well as an encumbrance certificate. Having these documents will give you a feeling of security and legitimacy.
- Scout the Location
Buying an apartment on a budget does not mean you have to compromise with the location of the property. Often times, builders offer properties at unfavourable locations in the name of offering budget apartments. However, many reputable builders provide affordable apartments at strategic locations, giving buyers an opportunity to enjoy the best of both worlds.
The immediate neighbouhood makes an impact on the quality of life of the residents. If you look for a flat in Kolkata New Town, you can enjoy several world-class amenities as well as a fantastic neighbourhood.Hence, before you narrow down your list of apartments, make sure you consider the value of the location by assessing the nearby social and civic infrastructure.
- Record of the Land
It is crucial to verify the land record of the property you are planning to buy. Understanding the land record will help you know if your apartment has been built on land that is fit for construction. The record should have the geological information and data about the plot of land. Moreover, having the hold of records can also help you understand the tax calculations of the property.
- Reputation of the Builder
One of the most expensive investments we make in our lives is purchasing a home. As a result, the reputation of a builder becomes an extremely important factor to consider before making a purchase decision regarding such a valuable asset.
One thing that is a must to look into when purchasing a flat in Kolkata New Town is the developer’s reputation and reliability. The buyer should undertake due diligence on the developer to determine its market credibility and financial ability to complete the project on time.
- Look for Additional Charges
While the apartments can seem affordable at first glance, sometimes you do not get hold of the actual price quote until later. There are sometimes hidden charges that get added while signing the deal. Additional charges such as stamp duty, registration charges, maintenance and parking fees often increase the initial quoted price on the apartment you finalised.
Often, flats within a budget may not come with furnished interior decor. Consequently, you need to calculate the cost of interiors within your budget too. Moreover, other costs such as service charges, brokerage fees as well as goods and service taxes often are added later in the process. Ask your builder for any additional charges that may come up during the transfer of the property.
In addition to the above factors, it also makes a lot of sense to select apartments that have been built by the top players in the real estate sector, like PS Group. Such builders would actually make the effort to understand your requirements & preferences, and will guide you towards the best options for a 3 BHK flat in Kolkata within your budget. Going on a house-hunt need not be tricky at all – provided you keep all the essential factors under consideration.