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Flat hunting in India? Top 9 mistakes to avoid when buying a house
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1. Not researching about developer
Ensure that the developer has a good reputation for delivering quality projects on time. Research their past projects, customer reviews, and legal standing.
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2. Ignoring location
The location of the flat is crucial for resale value, accessibility to amenities. Consider factors like proximity to schools, workplaces, hospitals, and transportation hubs.
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3. Skipping legal part
Verify all legal documents related to the property, including land titles, approvals from local authorities, and completion certificates.
4. Not checking hidden costs
Apart from the base price of the flat, there may be additional costs such as maintenance fees, parking charges, property taxes, and society fees. Factor these into your budget.
5. Future development plans
Research any upcoming infrastructure projects or developments in the vicinity that could impact the value and livability of the property.
6. Forgetting resale value
Even if you’re not planning to sell immediately, consider resale potential. Factors like market demand, location, and property condition can affect resale value in the future.
7. Overlooking amenities
Evaluate the amenities offered by the housing complex such as security, parking, water supply, power backup, recreational facilities, and maintenance services.
8. Rushing into the decision
Take your time to thoroughly evaluate options, negotiate terms, and review contracts. Rushing into a decision can lead to regrets later.
9. Not Getting a Home Inspection
Before finalising the purchase, hire a professional home inspector to assess the structural integrity, plumbing, electrical systems, and overall condition of the flat.