Buying a home can be a big decision that involves full planning, research, and legal formalities. Whether you are looking for a new flat, you need to consider different factors like budget, location, amenities, documentation, and quality. If you are in search of the best flats then the process of buying flats can be quite complex sometimes.
But, we will make it easy for you by defining the process and how you can navigate the full process with ease.
Basics of buying flats
Owning a home is a keystone of wealth…both financial affluence and emotional security.”
– Suze Orman
Owning a home is a keystone of wealth but also provides better emotional health and emotional security. Here are some of the steps you can follow for owning flats whether you buy flats in Noida, Delhi, or any other major place.
Determining your needs and preferences
Before you even start searching for a house, you need to have a crystal clear idea about what you can afford and what you can buy.
Think about your family size and your lifestyle needs and clear ideas about your plans along with other preferences.
- What kind of flat do you want?
- Do you want a compact flat or a spacious flat?
- Do you want to live in a building or a gated community?
- Do you want a balcony or a small rooftop or something like that?
- How big of the parking space do you want?
- How many bedrooms and bathrooms do you want?
- What basic amenities and modern amenities do you want in your house?
All these questions will help you narrow down your home choices and help simplify the process of buying flats.
Your budget and finances
Once you have a perfect idea of what kind of house you want and what other amenities you want in it, you have to move to your financial situation and your budget. Start with setting a simple and realistic budget.
The budget you are setting up for the flat should include:
- Cost of flat
- Registration Fees
- Stamp Charges
- Brokerage Charges
- Maintenance Charges
- Other expenses as well.
If you are going for a home loan, you have to check your eligibility for the loan and if the loan is passed at what interest rates you are getting that loan.
- Compare the interest rates, tenure, and terms and conditions of the loan.
- Compare loan offers from different lenders and choose the one that fits your criteria.
- Do check some online tools like EMI calculators or affordability calculators for planning your finances.
Shortlisting Of Different Options
You have to search for flats through different mediums. Use both offline as well as online mediums like websites, newspapers, portals, brokers, magazines, etc. You can also ask your friends and relatives if they have any options for flats. Whether you buy flats in Delhi NCR or any part of India, you have to search for these mediums to do so.
On different online websites, when searching for flats you can use different filters to refine your search according to your budget, location, area, configuration, type, etc.
You can also visit the flats personally by contacting the real estate developers or brokers or you can take a virtual tour for inspection of different flats. Check all the parameters like construction quality and the layout, the lighting and the ventilation, the fixtures and fittings, etc.
Also check for other factors like the connectivity and the neighborhood, the amenities, the security, etc. Shortlist different options based on these criteria.
Price Negotiations And Finalizing The Offer
After shortlisting different options, you need to finalize the deal and start with the price negotiation with the broker or the seller. You need to do market research and compare the pricing of different flats in the area.
You can also consider factors as well:
- Age of Property
- Demand and Supply
- Legal Status
- Location advantages
You need to verify all the legal documents of the flat like:
- Title Deed
- Sale Agreement
- Occupancy Certificate
- Tax Receipts
- NOC from builders and society, etc.
You have to check for property disputes or pending dues for the property. You need to hire a lawyer or a legal expert.
Registration of property and stamp duty
After the finalization of the deal and then paying the advance payment and booking amount, you have to start the registration process of the property in your name and pay the stamp duty.
You need the prepare for the sale deed, which contains all the property and transactions, if required.
You should also consider factors like property age, demand and supply, legal status and location advantages, etc.
You need to get the deals that will be favorable to you.
Registration and Stamp Duty
After deal finalization and paying the different amounts or advance payments, you need the registration of the property in your name.
Sign the sale deed in front of the different witnesses and then get it registered in the sub-registrar’s office.
Then you have to pay the stamp duty which is a tax levied and based on the property value and registration fees which are for registration property documents.
There are different areas where you need to check that well, for instance, flats for sale in Ludhiana and flats for sale in Chandigarh you have to research everything but there are many great options of flats there.
Taking possession and moving in to property
After the property registration and thus paying all the charges and dues, you can then take possession of the property.
You need to get a possession letter that you have now taken the property under you through legal means. Then you have to prepare the process of sale deed copy, society membership, share membership, electricity bill, maintenance bill, etc.
You have to then transfer utilities like Gas, electricity connection, water, etc on your name. Do check for any kind of defects or damages and get that fixed before the final handover.
After that, you can move to a new home.
Conclusion
The Process of buying flats is tedious but by following these steps, you can get the best flats and find the best deals easily and own that dream flat you are thinking of buying. With real estate developers like Omaxe LTD., you can be sure to get the best of the best in terms of buying a dream home.
