Buying an apartment can be an exciting and daunting experience. It's a significant investment, and you want to ensure you're making the right decision. With so many different aspects to consider, it is important to take your time when deciding on the perfect choice for you and your family. The first step in finding that dream home as per Ashish Aggarwal SpaceMantra Founder is doing thorough research on potential properties. Make sure you get as much information as possible about areas where apartments are available, such as development projects or construction happening nearby.
You should also visit different neighborhoods and compare the prices of similar flats with amenities included in those neighborhoods. It helps if you have contacts who live there; they can give you insight into each locality, which may influence your decision-making process. To make the process smoother, it's crucial to be aware of the factors to consider before purchasing a flat. Below, we'll discuss in detail the top things you should check before buying an apartment.
Location
It might be clichéd advice, but location really matters when choosing somewhere to live; particularly if you plan on having children or pets in the future. It is the first and foremost thing to consider when buying a flat. You’ll want to think about what kind of location works best for your lifestyle needs. Ensure the apartment is situated in a convenient location with easy access to public transport, schools, hospitals, shopping centers, and other amenities you need. It's advisable to visit the location at different times of the day to get a feel for the surroundings and neighborhood.
Builder's reputation
It's essential to research the reputation of the builder before purchasing a flat. Look for reviews from previous buyers and ask for referrals from friends or family who have bought apartments from the same builder. Make sure that the builder has acquired all the licenses and certificates mandated by the municipal corporation.
Price & Budget
Apartments come at varying prices depending on size and features such as parking spaces or balconies in more luxurious buildings, etc. It is beneficial to have a realistic understanding of how much money will be needed, not just for purchasing costs but also for monthly utility bills/costs associated with living there. Additionally, if help from lenders, parent gifts, and deposits, for example, is available, it would allow greater options within the set budget.
Maintenance charges
Buying an apartment comes with recurring maintenance charges. These charges cover the cost of maintaining the common areas and amenities in the apartment complex. Check the maintenance charges and ensure that they are reasonable and affordable.
Apartment size and layout
One of the most important things you need to consider is the size of the flat. You need to determine the number of rooms you need, the size of the living room, and the size of the kitchen. Make sure there is enough room for both current family members and any potential newcomers in the future. Measure up each room beforehand so that furniture placement can be planned out beforehand, ensuring no nasty surprises later down the line when everything doesn’t fit quite how you had imagined. Properly ensure the layout meets your needs and suits your lifestyle.
Amenities
Check out the amenities offered by the apartment complex. Some of the amenities to look for include a gym, a swimming pool, a children's play area, and a clubhouse. It's also crucial to ensure the amenities are well-maintained and functional.
Furniture
If the property comes already furnished, don't forget the furniture quality checklist, which includes style/design options versus trends considered nowadays relevant, especially for wardrobes appliances, kitchen cabinets, multifunctional bed frames, common utility points, bulb holders, switchboards, carpet flooring, wallpaper, exteriors (roof/water leakages), bathroom sets, storage spaces, staircases, garages, door jams, window railings, fans, dishwashers, water purifiers, drying machines, and geysers.
Services
You should not forget that in day-to-day life some things may not go as planned and you need to get help from others, thus the need for services provided by or within reach of the apartment complex. These may include anything from plumbing, painting, electricians, carpentry, interior decorators, and movers to something as small as car mechanics or urgent grocery delivery. We may overlook these things while looking at the bigger picture, but these are the things that pester us in day-to-day life.
Security
Security is a crucial factor to consider when buying an apartment. Check for security features such as CCTV cameras, intercom systems, and security personnel. Ensure the apartment complex has a gated entrance and is well-lit at night.
Property Condition
Selecting new apartments requires less maintenance focus compared to investing in an older building block, yet still demands visual inspections focusing on the physical conditions of structures such as flooring, bathrooms, walls, the durability of amenities, and plumbing. These are some inspections a buyer should undertake while looking to purchase a unit.
Legal documents
Before purchasing a flat, ensure that all legal documents, such as the sale agreement, property tax receipts, and possession certificate, are in order. Do everything possible to ensure that any transaction with regards to buying a flat complies with legal rules or regulations put forward by municipal authorities, especially if dealing with pre-existing construction or partially settled construction. It's advisable to hire a lawyer to review the documents to ensure everything is legal and in order.
Apartment's Environmental Performance
Energy labels indicate the level of energy efficiency building performance which impacts heating bills, the health environment of those who live inside, mould prevention by designing proper ventilation systems etc.
Resale value
Lastly, consider the resale value of the apartment. While you may not be planning to sell the apartment in the near future, it's essential to consider its resale value. Look for upcoming developments in the area, such as new shopping centers or public transport systems, which may increase the value of the apartment.
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