Buying a house can be a lengthy process. Finding the right home that passes the vibe check and fits your budget can be challenging. There are so many beautiful and functional options in the market these days that it can seem overwhelming to pick a house that matches your personality and needs. However, there are some things that you can check before you buy a flat to make sure you land up with an excellent real estate asset.
Here are some things to check before buying a home:
- Carpet area and built up area:
The carpet area and built up area can help you understand how spacious your house is. Reading numbers on a pamphlet or hearing your real estate agent talk about the house area can be a bit confusing. So, you must check the carpet area of the house to get a better idea. The carpet area is the total floor space in a flat. This includes anything that is inside the house, such as internal walls, staircases, pillars, and more. Once you know the carpet area, you can easily plan the décor and furniture. The bigger the carpet area, the more spacious your personal space in the house can be.
The built-up area is a step ahead of the carpet area and accounts for the immediate space outside your home that includes the corridor, the elevator, the fire exit, and so on. Understanding the built-up area lets you know the precise area that you own since the common utilities there are used by all residents.
- Legal clearances:
If the due process is not followed while purchasing a home, there can be problems later on. Before you select a house, make sure that the realtor holds all necessary clearances for construction. This can include permission from the local municipal department, a No Objection Certificate from the sewage board, land registration, and more. These documents are also demanded by most lenders when you apply for a home loan. Moreover, they are a reflection of how professional and credible the realtor is.
- Check RERA orMahaRERA project details:
Short for Real Estate Regulatory Authority, the RERA ACT was set up to safeguard the interests of home buyers. The act ensures transparency among all stakeholders. It mandates real estate builders to inform the buyer about the progress of construction. It also requires developers to finish the project within the stipulated time. RERA is present in all states. In Maharashtra, it is known as MahaRERA. You must check the MahaRERA project details if you are buying a house in Mumbai. Others can refer to the RERA provisions of the concerned state. You can do so online on the official RERA website.
- Hidden costs:
Other than the price of the house, you may also have to pay taxes, such as the Goods and Services Tax (GST), stamp duty, registration charges, etc. If you are applying for a home loan, the lender may ask for a loan processing fee over and above the interest rate. It is essential to know these expenses so you can plan your purchase accordingly.
- Check the credibility of the realtor:
Picking a good realtor group is essential as the quality of the construction, the amenities provided, and the location of the property matters the most. Additionally, the seamlessness of the purchase process primarily relies on the realtor and their promised timelines. Piramal Realty is a trusted brand in the real estate industry known for some of the most luxurious apartments in the prime areas of Mumbai.
To sum it up
Buying a house does not have to be overwhelming as long as you follow these tips. Along with these, also remember to enjoy the process as it is one of the most significant milestones in your life.