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If you are planning to buy your dream house then first thing that should come to your mind is “cost”. Regarding cost you must be seeking proper help and proper guidance from everyone in your contact list. However you are likely to miss few things.
Here are the points that you must keep in mind as far as cost is concerned.
There is hardly any transparency as far as carpet area, built up area and super built up area is concerned. Check whether you are buying the right area at a right price. You must ask your builder about the carpet area efficiency of your flat. If it is very low, you are paying him a higher rate per sq.ft. / sq.mt.
When you are buying a house and comparing alternative schemes of different builders, always work out the cost per sq.ft. of carpet area by dividing the total cost of flat by carpet area. You will be able to know the best economical offer. After comparing such costs only you should take a decision to buy a house i.e. compare rates of all comparable properties on carpet area rate basis.
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- While negotiating with the builder/developer try to get cost per sq.ft. of super built up area, built up area as well as carpet area.
- If you want to obtain loan / finance from Bank or financial institute contact minimum 4-5 banks and finalize with the bank giving the best offer considering all charges. If you are availing bank loan, get the best offer in terms of interest rate, processing charges etc. Make a right choice between “Floating rate interest v/s Flat rate interest loan.”
- Check the integrity and transparency of the developer / builder. Check his history. Visit other projects completed by him. Get opinion of flat owners who bought flat from him regarding not only quality of construction, but his behaviour, dealing, clarity, integrity, transparency, etc..
- Never buy or agree based on wrong information
- Never buy house without long term planning of funds. Person generally buys a house once in life time from the savings of whole life. Repayment of housing loan is not like repayment of a business loan where you can pay in short term i.e. 3 / 5 years. Always plan a long repayment period. Of course, you must be able to repay before you retire.
- Always make all payments by cheque
- Get signature of witnesses in all the agreement with the developer
- Have a clarity about specifications, brands of fixtures and extra money if you have to pay if you choose higher and better specifications.
Have a clarity of time of completion, interim payment, installations, method and cost of registration, documentation etc.