Checklist for Buying a House | Flat Purchase Checklist

The reality of buying a home often differs from the one in a buyer’s imagination. The process is time-consuming, taxing, and confusing, especially for first-time homeowners. Apart from deciding one’s budget and ideal home size, buyers must simultaneously look into various other practical matters. Fortunately, having a checklist before buying a flat can ease the journey to a great extent. Here are some things to check before buying a flat:

• The location of the house

  One of the first moving into a new house checklist rules requires the buyer to consider the location of their potential home. Apart from the interiors and size of the house, it is crucial to pay attention to where one’s to-be flat is. Check the proximity of essential facilities from home, like popular business zones, schools, colleges, restaurants, hospitals, medical centres, sports clubs, and entertainment and recreational hubs, among others. Check the commute time to and from the home and the distance to prime travel modes like the airport, railway station, bus stops, and more. Ideally, the distance from one’s house should be as small as possible. This is even more essential if one has a family of children and senior citizens apart from their spouse. A desirable location is just as crucial as a desirable house.

• The amenities provided

  One might miss this factor or not look deeply into it while ticking off things from buying a house checklist. When it comes to amenities offered with a home, it depends on the buyer’s budget. For someone looking for a home with a modest budget, many luxury amenities might not get included. But one should make it a point to check for basic amenities like 24x7 access to water, electricity, lift, security, maintenance repair, cleanliness, and overall safety, including access to the terrace, parking spaces, and the residential compound common areas. For those with a high budget looking for luxury amenities, here are the amenities they should look out for:

  • Pool area
  • Kids zone
  • Play area
  • Jogging/running track
  • Gymnasiums
  • Pet park
  • Sports court
  • Amphitheatre
  • Restaurants
  • Yoga area
  • Game courts

• The documents needed

  Every lawyer or property agent will always remind prospective homeowners of the importance of the list of documents to check before buying a flat. While buying a home, don’t get intimidated by the jargon of seeing the flat documents. One can hire a lawyer to deal with the paperwork, but it is always wiser to be aware of documents to check before buying a flat. the documents to check before buying a flat. One of the most crucial documents includes the sale deed, which works as proof of sale and records the property transfer from one party to another. Other necessary documents include an encumbrance certificate (which serves as proof of no legal liability on the house), occupancy certificate (given by the city’s municipal authority), sanctioned building plan, No-objection certificates (NOCs), and property tax receipts, among others.

• The hidden costs

  This is another one of the factors potential homeowners tend to forget while ticking off things from buying a flat checklist. Apart from the cost of the house, there are various additional costs that homeowners have to pay either before or during the purchase or from time to time after the purchase. For ready-to-move-in flats and houses, some of the hidden costs would involve property tax, registration charges, maintenance charges, interior repair costs, building association/ membership costs, and more. Buyers should check the document regarding the breakup of charges to know 100% of what they are buying For under-construction property, GST has to be paid along with the other mentioned costs. Verifying whether the house is RERA-registered, establishing the goodwill of the builder, and going through the building plan layout are some of the most vital things to check before buying an under-construction flat.

• The home loan interest rates

  Another point one should consider before finalising the purchase of a house is home loan interest rates. If one already has the deposit amount, they don’t need to worry about a loan. But compare loan interest and repayment rates from different banks and builders for home loans. Buyers should go for a developer/builder that gives them value for their money.

• Conclusion

  Buying a home is a lifetime investment, so one needs to go about the process with extra precaution. The above flat purchase checklist will help buyers from making any financial mistakes and simplify each step of the home purchase journey. When looking for a luxury home, especially in a sophisticated locality such as South Mumbai, explore the beauty and charm of the magnificent homes at Piramal Aranya, Byculla’s tallest luxury residential tower. Also, avail of the exclusive ongoing offer on the Piramal Aranya’s 3BHK contemporary residences that offer an uninterrupted view of the lush Rani Baug!

  Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.