Today, we are back with the latest article on home buying investment tips. Buying a flat is a dream for a middle-income class and it is rewarding also from an investment point of view. The flats are being preferred in comparison to buying a land and constructing a house. It saves a lot of time that goes into monitoring the construction work and the risk of land dispute does not exist. In spite of this advantage, one needs to be very cautious while investing and ensure that the property has no encumbrance.
8 Tips To Choose a Real Estate Property(Flat or Land)
1.Lands are not easily available and the developers may resort to unlawful means of getting one making the apartment liable for lawful injunctions. The investors should get the land ownership title verified for the plot on which the project is supposed to come up.
2. All the approvals required for construction has been obtained by the builder before commencing the construction work. If the land title is not clear and approvals not met, the project can get shelved or scrapped at any stage of the construction causing huge loss to the investor. The constructed flat should have fire safety mechanism, water and electricity connections.
3. A written agreement from the builder is necessary detailing every terms and condition which shall include the payment plan, delivery time, maintenance cause. All the clauses dealing with safeguarding the investor’s interest must be included in the agreement. There should not be any hidden charges in the contract.
4. Using a bank loan helps in getting the required fund and at the same time is a security against any fraud. Banks conduct take their own precautionary measures before taking a yet to be constructed flat as a collateral for the loan amount.
5. A background check of the developer can help in ascertaining its financial position in completing a project. They should have a good track record in terms of timely and quality delivery. The success of their previous projects can be tracked from the feedback of their previous clients.
6. Before signing the agreement with the builder, the investor should go through the building and construction specification carefully so that they can be monitored on a regular basis and the builder does not deviate from the proposed plan.
7. The design and layout of the apartment is a very important aspect to be considered for ensuring cross ventilation and sunlight entering the apartment. The flat should get a construction layout which will make it very congested. The rooms should be designed to look spacious and not cramped. The quality of material that goes into construction must be verified for its durability.
8. The location of the flat must be studied. The location should have all the basic amenities in close range. The apartment must also provide basic facilities including secured entries at the entrance.
Also, Read:
Understanding Real Estate Investment Trust(REIT)
Trends In Indian Property: NRI Investments
Property Investment Ideas on Festival Season
Rules For Investment In Property: Investment Tips
Conclusion
Before taking possession of the flat, ensure that the builder is delivering on every aspect of the apartment as mentioned in the agreement.To know more visit www.propknack.com.
