Buying an apartment is no menial task at all! For first-time buyers, it might be tougher as not only is this a big monetary investment; it also needs an investment of time and a long thought process. Today, the real estate industry is booming with many people, young and old, looking to buy a new apartment. As someone has considerable experience in buying properties, I thought about blogging and letting everyone know some important tips for buying an apartment.
- Prioritize the Location
Before you roam around looking for an apartment, you must decide the location that you wish to live in. Location is important as you do not want to travel a lot for your work. Similarly, location will also depend on different utilities and facilities such as grocery, medical stores, hospitals, bus stops, etc. that will make your life easier and your decision to invest in real estate more convincing.
- Budgeting is the key
If this is the first apartment that you plan to buy then the most important tip that I can give you is about budgeting. Deciding on the number that you can afford is critical and will influence everything from the locality that you can afford to the size of the apartment. Last year when I was looking to buy a new apartment, I finalized on Sapphire Lakeside CHS as it was in a friendly locality of Powai and also within my budget.
- Reputation of the Developer
With the recent transformation in the real estate sector, there is very little chance of any developer committing fraud. But, one cannot make the process of buying an apartment lightly, and hence, researching about the developer and reading real reviews from past customers will help you legitimize the developer, making your investment safer.
- Home Loan Finance
Home loan finance has been a red hot sector with many people opting for loans instead of funding the property with their savings. When you decide to invest in real estate, you can take advantage of the different loan offers and lessen the financial burden. Many reputed real estate developers also have tie-ups with different banks that will offer you loans with lesser interest than the market!
- Compare the Prices
To attract more customers, developers will try to offer different discounts such as no taxes, fewer registration fees, etc. Always remember that even in the same locality, a flat with the same size might cost differently depending on the developer’s rate per square feet. It is thus important for you to check the prices at multiple locations before you buy your first apartment.
- Don’t Get Swayed Away By Sample Flat
Sample flats are most likely the ones that you will see when you visit newer buildings that are still being constructed. When are out for buying an apartment the developer will show you a sample flat and try to sway you away by showing a flat that may not be as close to the final version that you will end up buying. Thus, look for the overall quality of the construction and not the other swanky things in the sample flat!
So there you have it! My top 6 tips For Buying A New Apartment will help you save time and money. Follow these tips religiously and you will not regret your first real estate investment.