Insiders Guide To Buying 2bhk Nashik Property
Owning a home is one of the biggest dream of every person. Projects in Nashik come with many attractive facilities, architectural styles and other amenities has lured most people to invest in real estate. However, an aware buyer is the one who can bargains without compromising on basics, negotiates for more important equations like available finances / date of possession versus maximum built up area or resale value etc.
So, before you make up your mind to settle on any property or indulge in real estate investment, here are few aspects to keep in mind.
Pointers to Check Before Investing in a Property
Location plays a big role while finalising your property. The place you choose for your home will determine its future value in the market. Plus, it has a great effect on your lifestyle as well. Whether your perspective is a short term investment or a long term purchase, do consider a high growth area, connectivity to business areas and future developments. Your home must be in a close proximity to offices, schools, hospitals, shopping and public facilities.
This is another important aspect to check before buying a flat. Every city has authorized local government bodies to approve maps of any building. It is obligatory to check the approvals before entering into agreement or contract.
Background of the Developer :
As a buyer / investor it’s your responsibility to check the history of Builder or Developer. This will help to assess the execution capability of the developer on timeliness and quality. Visit the past buildings constructed by him to decide upon the quality standards followed.
Also, compare his work with his competitors. Check his financial soundness which will give you an idea about his capability to execute and complete the structure. See the number of projects delivered and the time taken for delivery. It is also important to be aware of the developers’ involvement in any legal feud in the past so one can judiciously make the buying decision.
Price Of the Flat:
At the end it all comes down to price. Consumer must plan their budget carefully as the property cost is not just the price paid to the builder. There are several add ons which you must calculate before finalizing the property. Stamp duty, registration charges and maintenance cost per square foot are generally not included. Most builders may also take the two years society maintenance charges in advance. In certain projects, pricing may vary depending on the amenities and specifications. Discounts and pay back commissions are also given. It is better to check the rates in neighbourhood and carry out a complete survey about the prices in the location where your flat is located.
Try to negotiate with the builder / developer. You never know, negotiations might pay off.
Mode of Payment:
There are a number of payment modes offered by developers for both under-construction or newly-launched projects. However, down payment, construction linked and flexi-payment plans are the most prevalent ones. A buyer needs to pay around 10-15 % of the cost as booking amount as down payment. Within 45-60 days of booking he has to pay around 80-90 % of the amount and the remaining at the time of possession. This plan is the most economical, but the risks involved are higher if there is delay in completion.
Sometimes the buyer pays 10% of the total cost of the apartment for booking and the rest is paid at various construction milestones. Such type of payment is called as construction linked plan. The flexi plan is a combination of the earlier two plans whereby 30-40 % of the amount is paid at the time of booking and a similar amount is pegged to construction milestones. The the rest is paid at the time of possession.
Area of Flat:
The investor should check the area of the apartment. Built up area is usually the area marketed and sold. The developer charges for the built-up area (area enclosed by the walls and the area occupied by the walls). The actual usable area is the carpet area which is the area within the walls.
This agreement has all the clauses, terms, conditions and legal implications for the buyer and developer. Important points are interest, penalty and default charges for a buyer and clauses of refund of payment in case the project is not completed. Include the penalty clause in case of structural defects and delay in construction. The agreement should be registered.
Royale, Ashoka Realty - Nashik
Address: Royale, Ashoka Nagar, Ashoka Marg, Kalpataru Nagar, Nashik, Maharashtra 422011. Google+ Page