Having paid rent for years now you will realise that you should stop throwing away money on rent month after month and buy a house or an apartment. Owning your abode is a dream you must have nurtured since a long time and it is one of the most crucial decisions of your life. Before taking a leap there are certain key points you must consider and be aware of things that you need to know before buying to avoid any unpleasant surprises.

Let us look at these.

• Budgeting: Fix your budget and then shortlist an apartment. Compare it with the price of the property from other builders from sources such as portal listings, brokers of the area or newspaper.  Make an estimation of the total cost of ownership, including parking charges, stamp duty, registration charges too and calculate the EMI you would pay every month.
• Builder’s reputation: Assess reviews from buyers who have bought homes from the builder’s previous projects. Check the quality of construction, future projects of the builder and whether the builder delivers the home on time.
• Carpet Area of the flat: It is the actual area within the walls of the flat. This area can be 30 per cent lesser than the built-up area or the area used to calculate the price of the property.
• Check for legal fitness of the Property: Verify the title deed. The deed gives all details on the rights, ownership and obligations towards the property. Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation etc.
• Bank financing: Owing to a bad reputation, some banks do not offer loans to some builders. Compare and choose the best home loan option if required.
• Apartment Possession: As a buyer, you should have a clear estimate of the timeline for possession. Usually a developer asks for a six-month grace period.
• Flat Location: Check that the property you are interested in is close to the facilities you require; shops, public transport, parks, hospitals, schools, work, gym, etc. What is the amount of passing traffic – will it be noisy at peak hour?
• Rental demand of the locality: If you are looking at earning via rental returns, then localities that have a high demand for housing especially around employment hubs must be considered.
• Age of the building
• Security measures: What are the security measures in the apartment? For example, can anyone walk into the building? Are there any security cameras?
• Car Parking: Single or more than one; will car parking be provided and do you have to pay extra for it?
• Find out about the maintenance charges.

Buying a home is certainly a lifetime investment for many. Ensure that “What you thought is what you got”!