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Buying Your First apartment: Where Do You Start?


by SA Homes, Posted on



Buying an apartment can be a long, complicated process but it  is a lucrative investment if done right. To start with, Do your homework.

 If you are planning on buying an apartment in Palakkad, for instance,

  • You should first define your requirement. Chalking out your requirements help you eliminate a lot of unwanted deals. Take into consideration factors such as locality, financing, real estate services, legal and regulatory paperwork and so on.
  • Prepare a list of apartments for sale in Palakkad that match your criteria.

           Gather information on these apartments to help you narrow down to the best.

  • Seek professional help. Talk to local real estate agents. Get to know about the history of the given property.
  • Visit the developer’s previous projects to get an idea on the quality of construction, amenities provided and so forth.
  • Once you have found the right property based on your requirements, look up the legal aspects of the property, Make sure the developer has obtained the NOC (No Objection Certificate) from the municipal corporation and related documents from other concerned authorities, also ensure dues such as the property tax and society tax are paid in full.
  • If the property is still under construction, ask for an allotment letter and development agreement.In case the building is fully constructed then, ensure the seller has titles and possession of property as well as right to transfer the property.
  • Check on the distance of facilities such as schools, work place, market place, hospitals etc. from the given property. Check on the amenities provided, also find out whether additional charges are levied for the same.
  • Every bank conducts a rigorous check on your property and the concerned documents before granting you a  home loan.So ensure you have all the valid documents.

Before buying the property it is advisable to appoint a legal solicitor to go through the important documents before actually purchasing it. Also find out about any legal litigations or any government acquisitions that are ongoing, before closing the deal.

 



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