The search for a good residential apartment in Chandigarh is never easy. With numerous personal & familial requirements and a wish to get the maximum out of your investment is always desirable. Therefore, when you search for residential apartments in Tricity region – make a list of things that you would desire in your new home.
Here are some expert recommendations when you purchase a property in Chandigarh:
The reputation of project developer
One of the important steps is to know about the reputation of the developer from whom you intend to purchase your new property. Do not buy flats in Mohali or in Tricity if the developer has been known to commit faults in the past. Delays in property possession and the inability to provide the promised facilities have been reported in many cases. Do your research to make sure about the reputation of the developer.
Inspection of the claimed facilities
Never blindly trust the advertisements. The glittery words of the builders can be misleading and things are not always as they were advertised. Go for a personal inspection to verify if the facilities are the same as claimed by the developer. Ensure that the size of the home is exactly as advertised. Also, verify the quality of the construction material that is used by the developer. Match the proposed layout map with the actual construction.
Overhead costs
When you speculate the budget for buying an apartment in Chandigarh, make sure to consider the unseen cost that is to be incurred. Besides the cost of the apartment, the buyer will incur huge expenses for property registration, stamp duty, the annual society maintenance and even the parking space for your vehicle. The final cost of your home goes much higher than it was publicized in their advertisement.
Home finance facility
It is likely that you will require a home loan to purchase your 3 bhk flats in Chandigarh. Most banks offer home loan facility with slight variations in their Terms & Conditions and their interest rates. As a borrower, you must go through the details of different home loan offers to ascertain which one works best for you. The decision to agree on the ‘fixed-rate loan’ versus a ‘floating loan’ scheme is important. Always seek the advice of a real estate attorney in this case.
Location of the apartment
The location of your flat is very important from the traveling perspective. Whether in New Chandigarh or other Tricity areas, always consider the travel time that will be required to commute before purchasing your new apartment. The distance of the apartment from your workplace, the distance from children’s school and accessibility from hospitals & shopping area must be evaluated to achieve maximum satisfaction from the purchase of the property.
Buyer Agreement Details
The matter in the buyer-seller agreement is of utmost importance. After paying the booking amount a buyer receives the Allotment letter from the builder. The remaining payment criterion is entered in a Tripartite agreement that also involves the loaning banking agency. The tenure of the payment, the payment guidelines, and all other necessary details are included in this agreement. A buyer should read and understand the guiding terms & conditions of these agreements.
Possession Timeline
Get a precise estimate of the possession timeline from the builder if the chosen property is still under construction. In a vast number of cases, the builders have delayed the possession by a long margin. In your case, make sure that you have clear estimates of the possession time period without any provision of the grace period.
Buyers should keep all the above factors in mind and conduct their apartment search keeping these factors in mind. By doing this a buyer can likely be saved from many unwanted surprises that may arise in the future. Always find knowledge & information regarding the residential trends in Chandigarh and Tricity, and especially about the properties that you have selected for consideration.
