There is no stopping Malayalees from earning the prestigious ‘home-owner’ tag. It is something that is ingrained in our minds that one should own a home at a certain stage of his or her life. With smaller sized families and the fast paced lives we are always in a quest for more and more conveniences. This makes apartments a go-to choice for the new age families. However, while buying an apartment there are a few precautionary steps that you need to take. Let’s have a look.
Points to consider while buying an apartment
- You should clearly know what the carpet area of your apartment will be. The carpet area is the livable space that you would get. Carpet area plus the thickness of the outer walls and the balcony forms the built up area. However you would pay for the super built up area as well. This includes the built up area and your proportionate share of the stairways, lobby, lifts and other common amenities.
- Like an independent house, an apartment also falls under the purview of Sales Tax, Building Tax and Registration Fees. Make sure you discuss these with your builder.
- The title of the land on which the apartment is built has to be clean and free of all liabilities. To ensure that you must try to understand more about the owner of the land and whether the builder has the rights to construct an apartment there. You should also ensure that the land is not mortgaged and is free of all debts. Remember that it is your right to demand the property documents before signing the agreement.
- In addition to transfer of property act, Registration Act and Stamp Duty Act, the apartment should also comply with the Apartment Ownership Act. The undivided share of the land on which the apartment is built should also be clearly indicated in the documentation. Commercial and residential permits are a must; wherever applicable.
- Before agreeing on the price, you should understand whether the stated price includes the price for parking space, waste management fees, caretakers’ charges etc.
- Know your rights when you are buying an apartment. In case of a delay in completion of an apartment beyond a certain period of time, you can approach the Real Estate Regulatory Authority (RERA) and lodge a complaint. If found true, the builder will not only have to forego his profits but pay a huge fine as well.
- It is common for the apartments in higher floors to be charged higher than those in the lower floors.
- An apartment owner can only transact on his/her apartment.
- Check multiple providers for home loans and compare rates. Since you would opt for an EMI of over 20 years, even minor rate differences would result in large differences in EMI.
Take care of these minor, but important aspects make your home buying process an enjoyable one. Feel free to contact us for any further assistance.