Nothing can be more exciting than the prospect of buying your first apartment. This is probably an opportunity that you have earned after years of toiling and saving up by sacrificing those little things. Or it could be a chance to taste your independence as you plan to move out of the family-owned house. Whichever
- Be clear about what you are looking for
The first stage that a first-time buyer needs to go through is to have clarity about the kind of flat he is looking for. For singles looking for a bachelor pad, a one or two-room option can be a good one as your first. You may need a more spacious flat if you have a family. Another thing to consider is whether you want to live in a gated society or a builder floor. Once you are clear about these factors, you can start searching.
- Look for a flat that fits into your budget
Every prospective homeowner has a budget to start with when he steps out to explore his options in the market. And there are probably options for everyone, irrespective of the amount they are willing to spend. Shortlist the flats that come within your range and visit only these properties instead of wasting time on ones that you cannot think of buying. Professional agents can help you to find the right options and eventually get some good bargains on them.
- Consider the location and infrastructure
Another thing that you should bear in mind while checking out flats in Mohali or elsewhere is the location and the infrastructure. The property should preferably be in a good residential area that has an excellent infrastructure. If you are considering gated societies, learn all about the amenities that they offer currently and the ones that they plan to give in future. Also ensure that the neighborhood is secure and easily accessible.
- Understand the builder-buyer agreement
Have a good look at the builder-buyer agreement before paying anything in lieu of advance or token money. Go through the fine print and take professional advice if you have any doubts related to the clauses of the agreement. Get you facts right about the factors like possession timing and inflationary clauses that may raise the price of the flat at the time of the possession.
- Know all about the hidden costs
As a first-time buyer, you will probably be unaware of the hidden costs of buying a flat. Expenses like property taxes, parking charges, maintenance charges and agent’s commission might topple your budget if you don’t have the proper planning. Ask the seller and your agent explicitly about these expenses before making the decision to buy the flat.
This checklist will be of great help if you are going to buy your first flat. Have a trusted agent to help you and invest in a property that is being sold by a reputed builder or a construction agency. Ensure that the flat is well-designed, earthquake resistant and is made with high-quality construction material.