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Preparing To Buy An Apartment - Things To Consider

Preparing To Buy An Apartment - Things To Consider

Rajesh Kumar 610 07-Mar-2020

A huge percentage of people never get to own their homes. They cannot think of buying an apartment, because apartments seem to have prohibitive prices. Towards the fag end of the day, many feel regret for never even trying to own an apartment. But by then it is too late. They are past the age where Banks will trust them with Home Loans. But in asking around, they often find what they have missed all along. Home loans are a special category of loans that Banks are often forced to offer to the public, at terms that the Banks would not offer to their closest friends. Low interest rates combined with long term repayment, tax benefits and other advantages make the Home Loan extremely attractive to people who want to own their apartments. As they calculate the money they have already spent, as Rental for their homes, every month, and the public suddenly realizes with a start that these Rentals are nearly as much as the EMIs they would have had to pay, to the Banks, for their Home Loans. And while the Rental Money never returns, the EMIs secure a costly property, for the Loan takers, at the end of the day. But things are not as easy as they seem. There are certain General Tips or Things to Consider Before Buying Apartments.


Here are some General Tips or Things to Consider Before Buying Apartments:

  • The First thing that the prospective buyer must consider is how much He can safely afford to pay as EMI to the Bank. Generally, an amount close to the House Rent he is paying now makes a good yardstick. If that amount is proving too much already, he should lower his sights, and choose a cheaper option. It must be an amount He can bear for a longer period of His working life.
  • Next, the area in which the apartment is desired is important. On-hand Market Research and talking to independent brokers or real estate agents, as well as other buyers in that area, will give an idea of the Price per Unit Area. 
  • While locating the property, check out the nearness of the facilities required, such as, Shops, Medical Facilities, Parks, Schools, Work, Gyms, Entertainment, and Public Transport. Remember to check the Traffic and Neighborhood for noise level during the day and at night. 
  • Check the documents and papers connected with the building and apartment, while negotiating the price of the apartment with the owners.
  • Again, while negotiating the price, include the regular attendant costs. For example, Maintenance charges, Security, Cost of Transportation to and from the apartment. 
  • Valuation of the property and its surroundings should be done, preferably, by Professionals such as Architects or Engineers. The condition and age of the building and the area selected are the most important factors, which determine Resale Value. 
  • Ultimately quite apart from the pleasure of owning and living in a new apartment, its real worth to the new owner is as an Investment.

Updated 08-Mar-2020
Rajesh Kumar has been in residential and commercial real estate analyst for several years. Most of his writings are dedicated to recent real estate trends, supply and demand of housing sector. His exponential skills primarily revolve around finance.

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