What should I check before buying a Flat/Home?

Everyone dreams of owning a residence. They work hard to save the required amount to purchase their dream home or flat. Apart from a huge financial investment, buying a flat/home also requires proper planning in terms of numerous aspects. If a person intends to buy property in Hyderabad or any other similar metro cities, these are the things to focus upon

Budget Set Up

Proper financial planning is the first and the most pivotal step when it comes to purchasing a property. Every individual has disposable income levels, which regulate their spending power. Therefore, you need to make a note of all the expenses which might tag along with the property purchase. A proper calculation of their savings and other financial investments will also give them a granular overview of their financial capacity. This, in turn, will help them in setting their proper budget and adhere to that during the property hunting till the negotiation timeline.

Location

When it comes to owning your residence, location is an essential factor. Everyone wants to live in safe and healthy surroundings. Therefore, before finalizing a property, you need to assess the present scenario and future growth prospects of the location you opt for. It needs to keep in mind that some locations do not develop at a quick pace, and hence property prices remain stagnant. Therefore, it is better to skip such areas and opt for something that is slated to prosper in the ensuing years.

Infrastructural Quality

Home is not something you can change in an instant. Therefore, the construction quality has to be well assessed before finalizing a property. There are instances when a building looks attractive and robust from the outside but is made using low-quality raw material. Such properties are not resistant to natural calamities are start deteriorating within a few years.

Proper Water and Power Supply

Water and power are essential commodities we cannot live without. Therefore, buyers must check if there is any water scarcity in the area. You also need to find out if there are any frequent power cuts. Such information can be obtained if you buy a property with the Praneeth Group or any other real estate firm.

Legal Land Record

The buyer needs to possess all the required legal information about the land on which their potential home is built. It should be made sure that the land is cleared of all kinds of dues and that there are no disputes pertaining to that. It also needs to be ensured that the developer has obtained the due permission and NOCs from registered authorities such as Municipal Corporations, electricity boards, and water supply boards, among others.

Proper Agreement between Builder and Buyer

There is a lengthy legal process associated with property purchases that you need to follow. An agreement is signed between the builder and the buyer, which encompasses all the legal information pertaining to the property. There it is advised to the buyers to read the agreement paper thoroughly before taking the final decision so as to avoid any dispute post the deal.

Financing Banks and Builder Reputation

Before buying a flat in Hyderabad or other metro cities, it is essential to check the builders' records. Numerous builders are known for making false promises and have fraudulent charges against them. Some financial organizations might even refuse to approve your property loan if you deal with fraud builders.

Hidden Chargers

If you think that buying a property only requires you to spend on the down payment and the related timely installments, you are not entirely correct! There are numerous other additional chargers that you need to take care of. As a buyer, you need to deal with home inspectors, lawyers, real estate agencies, and other such bodies. Each of them charges a certain amount for their work. Apart from that, you will also need to take care of property tax that needs to be paid on an annual basis.

Purchasing a property comes with a load of responsibilities and can also be quite hectic. Therefore, you need to plan your finances accordingly while taking care of all the above-mentioned aspects. Always make sure to adhere to all the legal rules while buying a flat or a home to avoid future disputes.