Buying a new home is one of the most important decisions of your life so it is important to carefully consider every aspect of the home buying process so you can secure the right home at the right price, that is suited for the specific needs of you and your family. With more builders than ever, and an ever-evolving marketing with new rules, and new projects coming out every day. There are a few timeless factors that must always be considered by a home buyer. These tips are doubly useful to those in metropolitan cities with a dense real estate market such as Mumbai or for those looking for flats in Bangalore.
The first thing home buyers need to understand is the carpet area. This measurement as the name suggests is the area in your home that can be covered by a carpet. This generally excludes the taken up by walls, doors, and balconies. When discussing square footage with builders it is important to find out what the carpet area is as this is the space that is actually useful to the residents. Builders also use terms such as “built-up” and “super built-up” area. The first referring to the area of your home including the walls where are super built-up area also takes some common spaces into account. While communicating with your builder it is important to ensure that both you and the builder are referring to the same thing, and including the same spaces in your area calculations to ensure maximum transparency.
Builder Track Record
Next, it is essential to conduct a thorough research about your builder before making your purchase. Go through the builder’s website, and brand history to get an idea of their vision. Make sure to watch or read customer testimonials or even talk to their past clients and ask any questions you may have. This will let you get an honest and unbiased view of the construction and delivery process while also relieving yourself of any issues you may face in the future. It is of course a must to complete a sites visit and tour of the property you plan to purchase. If it is still under construction you may want to visit some of the builders’ other completed projects to gain insight into their finishings and post-completion care. The main takeaway is to make sure the builder is reputed and has a great track record of timely delivery and high quality this is especially true for new builders or new flats in Bangalore.
Property Valuation
Likewise, it is good to have an understanding of property valuation. Make sure to always check prices with multiple builders and understand the general price range in the area, further look into what is unique about each project, and get a grasp of the features that justify the price of a property. It is also useful to look at the trend of real estate prices in the area over time. BY comparing current prices to historical data buyers can understand whether the value of their property is likely to increase or decrease over time. A higher future value can also be indicated by new developments such as malls or schools. If the employment opportunities or connectivity is also being created through infrastructure project it is also an indicator of higher future prices, which means you should purchase the home while it is still viable. Though you may be purchasing a home for the sole purpose of living in it: it is still important to examine both resale and rental prices of similar properties, in case your plans change in the future.
Legal Check
Similarly, it is wise to perform a legal check on the property from land ownership to government zoning. It is crucial for the building to be on the right side of the law in every aspect to prevent future issues. In recent years this has become more convenient for homebuyers through the advent of the RERA act. A Potential homeowner should first familiarise themselves with the specific RERA regulations in their state after which it is still recommended that home buyers conduct their own research for an extra layer of precaution. Make sure the home you are purchasing is approved by RERA (this may not apply to smaller-scale projects that don’t fall under the RERA regulations). Make sure to consult with a professional lawyer for a deeper understanding and accurate legal advice.
These are just some of the major factors to consider before buying a home. Purchasing a home today is more gruelling than ever, so coming back to this guide and referencing the points may be useful at every step of your purchase journey. In summary, understand the difference between built up and carpet area, understand the builder’s reputation and track record, understand property value and lastly perform a close legal check. Following all of these tips can yield great results as it transforms the home buying experience into one that is transparent, convenient and gratifying. Mana Projects is one of the few builders that is able to encompass these rules and follows them all to the T, making it an excellent option for home buyers. Contact Mana Projects today and learn more about some of the best flats for sale in Sarjapur road.