Investing in a new flat or home is probably one of the most crucial decisions in life. It is a lifetime investment. After years of planning and savings, you take the final decision of buying a property. Therefore, it is important to keep all important points in mind while residential flats.
It is known to everyone that the demand for residential flats in Hyderabad is extremely high. People from across the country buy flats in this city either they are settled there for job purposes or they wish to buy a flat in a developing city like Hyderabad. When you buy residential flats in Hyderabad, you think about taking loans from the bank following monthly installment payments. For buying a flat, certain factors must be taken into consideration and these are the location of the house, the price, and the possession. These are the most important parameters that should be considered while purchasing a new flat or home in Hyderabad.
Factors to check out before buying residential flats in Hyderabad
- Property price
The very first step that you should consider while buying a flat is to fix a budget. Once you fix the budget, it will be easier for you to choose a property accordingly. Compare the price of a property with similar other properties. Prefer to take quotes from real estate builders.
- Carpet area
As a buyer, you should always consider the super built-up area of the flat that includes an elevator, space, shafts, stairs, the thickness of walls, etc. however, it should be noted that the carpet area is the actual area of the flat. This is the area which is included in calculating the price of the flat.
- Land record
Before you buy a residential property in Hyderabad, you must try to find out the land record. It is crucial. You should do complete research about the topography and soil quality of the land on which the home will be constructed. The plot must clear all its dues and must be a registered one. Moreover, while making a property deal, do check the deed carefully that contains the details about its owner as well as obligations towards the property.
- Legal check of the property
Whether you buy residential flats or office space for sale in Hyderabad, you need to make sure that the property is legally authorized. The developer must have the approval as well as NOCs from the area development authority, sewage boards, water supply, electricity board, and Municipal Corporation.
- Apart possession
When buying residential flats, you must have a clear estimation of the time for the possession. Usually, a developer asks for six months of grace time for completing the work. Make sure the developer must provide a valid and proper explanation for the same work.
- Financing bank
You must be aware of the fact that banks are not willing to finance certain real estate builders. This is mainly because of their bad reputation in the market. Therefore, it is important that you check with the bank the reputation of the builder where you are going to invest your money.
Therefore, these are some of the important points that you must check out while buying residential flats in Hyderabad.