Factors while buying an apartment

If you begin to have some doubts about your choice after the initial months of settling down in your newly acquired home, it can be owing to your overlooking one or two finer points while buying. The earlier the doubts, the more are the number of factors you had missed when you signed on the dotted lines. The necessity of making an informed decision can never be over stressed. If you are looking to buy an apartment, here are 10 factors you would want to check before you unburden your wallet of an advance payment.

Factors To Consider Before Buying An Apartment

For those who are first time buyers, the prospect of acquiring a home can be so exciting that they may miss out on a few factors. Here is how you work things out.

1. Location

Why does it need mention anyway as everyone will have it on the top of the list? Trust me, it is not always the case. It is true that most of the people, almost everyone starts right here but eventually some are lead away from their initial preference. For some, it may be the budget and some may be influenced by factors, which make them reconsider their initial choice. Again, it is absolutely nothing wrong in changing your preferences unless you are sure that the recent choice is as good as the earlier one if not better.

Make down a list of preferences and allow for deviation only if the options available will make your life comfortable. Assuming you are looking to buy a flat in Nanganallur and the cost is slightly (?) on the higher side, you can look for flats in Puzhuthivakkam and Madipakkam, which are within 2 kms from your initial preference. These areas may not have been your primary choice but be assured that these areas have a long list of comforts to offer including educational institutions, transport and shopping facilities. In fact, the roads in Puzhuthivakkam are in great shape.

2. Builder Reputation

However appealing a construction may look, it is only as strong as its foundation. Similarly, your investment is only as good as the reputation of your builder as builder reputation is the foundation for your investment. Builders of repute ensure everything is in order be it on the legal side or the construction aspect. Since legal aspects are taken proper care of by the builder, you will not be facing a tough time with your banker to have your home loan sanctioned. You get value for your money and you can be assured you have made a safe investment. Here is how you select the right builder for your dream home.

3. Completion Time

It is highly important to learn if the builder keeps his promises regarding time of completion. Delay in completion can cause you dearly as you will still be paying your rent, assuming you are in a rented house and will also be paying interest on EMI or pre EMI as the case may be. This extended time can give your financial planning a big blow. A reputed builder does deliver his promises but you are not going to lose anything by asking right?

4. Carpet Area And UDS

While carpet area is the usable area, UDS has an influential role while the value of the property is evaluated. Carpet area is the area of the flat excluding the area of the walls and this is the usable area inside your flat. Built-up area refers to the sum of carpet area and the area of the walls. Super built-up area includes built-up area and common areas such as staircase, lift, parking and garden. Generally the carpet area would be up to 20% less than the built-up area. Hence, instead of letting your imagination work on the built-up area, which is normally mentioned in the ads and by the sellers, ask to know about the carpet area, which has to hold your family and belongings.

5. Amenities

It is quite natural for a person with car to look out for apartments that provide car parking facility. If you are not a car owner yet, it is still suggested to buy flat with car parking facility as you would not want to look out for a rented parking when you buy a car. Other amenities that would make your life better include quality fittings and finish, fitness center and security arrangements.

6. Water Resources

This can make or break your relationship with your flat. Poor water resources and inadequate storage facilities to ensure water supply 24X7 (do I sound too greedy?) can upset everything from your work schedule to your sleep. Lining up for water would be the last thing you would want to do after moving into your newly acquired home.

7. Connectivity

Though it is said that villages are also now connected and enjoy broadband facilities, some parts in Chennai are still deprived of BSNL connection. Even if your life does not depend on internet, being able to connect and be connected through web is definitely not something you should not hope for right? Considering the projects children are asked to do at home by their schools, they may probably need internet more than you do. Check if the area of your choice has connectivity. Even if it does not and you have your data card to fall back on, you can be content that you were aware of it while making the area your home.

8. Balcony – Consider If You Can Live Without

Balconies offer a breather to those who feel suffocated within ‘four walls’ as apartments are often referred to. Not having a balcony may be a deal breaker for some while for others it may not matter. Some consider balconies as a place to dry their clothes or as an area for their washing machines and they sure would not dream of buying a flat without balcony unless the house is real big. For those who love to have a cup of tea sitting in the balcony, absence of the same may come as a disappointment. If your flat does have a balcony or two, find out what you get to view from there. If it is going to be your neighbors’ balcony or their walls, you may as well have your room extended so that you have more living space and have your cup of tea inside.

9. Pet Friendly Flats

If you have a pet, you naturally need to consider the same in your search for an apartment. It would be best to look out for pet friendly flats rather than earn unfriendly looks from neighbors who dread pets. Some flat associations follow unwritten ‘laws’ that prevent residents from having pets and go to the extent of suggesting pets be abandoned. If you do not have a pet and do not intend to have one in future as well, you still need to know if the flats are pet friendly so that you can exclude them from your list.

10. Choice of Floor

It is generally considered that the negative side to being in a flat is that you lose your privacy. Flats in the top floors can compensate to an extent for the compromise you make. And if the flat offers scenic views, top floor can be the best bargain. Flats on ground floors are often the target of salesmen and courier persons who ring your bell to inquire about the first floor resident, whom after all you never knew existed. However, you may need to opt for ground floor if you have seniors at home.