Regardless of whether you want to buy a lavish house or a small flat, it needs a lot of planning and understanding of the real estate market of your city. If you live in a well populated place like Mumbai, it is essential that you do a good amount of research so that you get a good deal on your house purchase. Here we list for you some of the important things that need to be considered when buying a flat in Mumbai.
To being with, you need to make sure that you have verified all the documents before purchasing a flat. You might not be able to verify all the documents on your own and hence it is best to hire a competent lawyer who will guide you in this legal process. He or she will easily determine the authenticity of documents. By doing so, you save yourself from overruling the possiblitythat the flat has been sold earlier to someone else.
If you intend to take loan for your flat purchase in a city like Mumbai, then you should make sure that you are not borrowing beyond your limit to repay. When you are calculating, the total cost doesconsider the stamp duty, registrationcharges, realtor’s commission, advocate’s fee and so on.
When taking home, loan do your research to understand the current interest payable on the loan. If you have a good credit history, then you can probably negotiate with the rate of interest with the home loan provider.
Additionally, you need to understand the difference between carpet area, built area and super built-up area. Carpet area is that part or area of the flat, which does not cover the area of the walls. The built-up area will also consider the wall area. The next is the super built-up area, which is the built-up area as well as the area that comes under lobby, the stairs, lifts, and so on. The term is mostly used for multi-dwelling units. Once you know the basic difference between these technical terms you will know what you are paying for.
You should not be hesitant to ask your real estate agent about the amount you must pay as charges to the builder, stamp duty, chargers towards the society, registration chargers and so on. Clarify any doubt you might have before you make up your mind on buying the flat. You should talk clearly to your agent to avoid any hidden costs in the flat purchase process.
Don’t blindly buy the first flat you see instead you should look around different flats for sale in Mumbai and if the one you like is an old flat then examine the condition of the flat. Also, consider if you must do renovations of the chosen flat and you can use this to easily to negotiate the price of the flat as well.