5 Must follow tips for first time flat buyers in Kolkata

Buying a house has always been the dream of every aspiring Indian. The young, aspiring Indians have more disposable income in their hands now to invest in a new home. The demand for property has surged in big cities like Kolkata where young achievers are making their base for new business ideas. But, before signing the final agreement for the residential property, the buyers need to follow certain important tips.

The requirement needs to be accessed beforehand

More than just having your own shelter, a house is more like a milestone of achievement in your life. It’s an important decision that depends upon your requirement and the budget. The purpose behind the purchase of a flat in Kolkata needs to be clear to crack a profitable deal. If you are buying a flat for end-use, look more for a serene neighborhood, well-connected location and the comfort factors available. For the investment purpose also, the location is equally important. You can compromise with certain luxurious facilities if buying a flat to re-sell it in the near future.

The search should be of an affordable home

The budget needs to be decided keeping in mind the property type you want to invest in, the location and the amenities you are looking for. Deciding upon the budget is one of the most important steps towards buying the house of your dream. Home loans can be a great help in turning your dream of a home into reality. But, be aware not to take a home loan which you might feel troublesome to pay in the future.

Also, the scalability factor needs to be considered. As the number of members in the family will increase in the future, the space should be enough to accommodate the new family members with comfort.

Search for the location fit for your requirement

The location of your new house should be such that it allows you to indulge in the luxuries of life while taking care of your basic amenities. While buying a flat in metropolitan cities like Kolkata, you need to look for health care facilities, schools, colleges, parks nearby. Going too far for the basic facilities of life is not an idea to vouch for.

All documents need to be in place

From Sale Deed to approval plan of the building, all documents need to be checked to prevent any chance of fraud. Completion and Occupancy Certificates are other important documents to ask for before investing in flats in Kolkata. While Sale Deed is the proof of the transfer of ownership, Completion Certificate is a confirmation by Municipal authorities that the building is in compliance with the specified norms. The Completion Certificate is also important at the time of purchasing, as it ensures that the building abides by all government regulations.

Know the factors of delay in possession, if any

With many new residential projects coming up at the same time, the delay in completion of the construction work has become inevitable these days. Cushioning of 90 to 120 days from the scheduled timeline is acceptable these days. But, you need to know about the builder and its reputation in the market before signing the agreement. If the builder has given the possession to its other clients in the city on time in the past, then the same can be expected in your case also.

Know the concept of the common area

Some builders club the common area with the carpet area for pricing, while some do the differential pricing. You need to be clear beforehand what comes under the common area in the property you are planning to buy. If you have to pay extra for the common area, be sure that the same is also mentioned in purchase documents.

Property buyers are becoming more interested in the real estate in Kolkata owing to the better infrastructure of the city and the growing employment opportunities. Along with property for end-use and investment purpose, one can also buy a property to get a continual returnby putting it on rent. As the population in the city is on the surge, more people are looking for rentals options now.