Buying a residential property in Kolkata is a defining moment is almost all homebuyers’ life. Usually, it involves the biggest risk-taking for many.
Owning a home requires many considerations and sacrifices as well as a long financial commitment if the property is purchased with a home loan.
Normally, the road between dreaming of a home and actually being the owner of a dream home is long and hard. As a prospective homebuyer, you need to perform certain checks and tick the boxes to ensure your hard-earned savings aren’t at stake.
This fear of going wrong stopped Sujoy and Rimi, a young working couple with no other financial liability, from actually buying a property although staying on rent is hardly to their liking. They are saving enough for their only child’s education and have no loans to repay.
They just a reliable property advisor to guide them through the process of buying a home while resolving all their concerns.
In this article, we’ll take you through the basic pointers that will help you take the right decision and take the risk element out of your investment.
Select the Location Considering the Future
The most important factor you should consider before buying an apartment is deciding why you will be buying the property. It can be for investing your money and resale at a later date, getting a rental income, or using the premises for staying with your family. Staying in an apartment regularly or occasionally, for example, on weekends needs to concentrate on a different set of yardsticks.
It is important that the property must be well connected with all parts of the city, especially the city centre, by road, Metro, or suburban rail network. You should also consider the ease of availability of local conveyance like rickshaw, auto-rickshaw, toto as you need to go to nearby places and in Kolkata this mode of transport is an essential part of our lives.
Consider also the distance from railway terminals and the airport. Find out about upcoming infrastructure projects by the government, like new roads, or Metro lines.
Consider the distance of the project from your child’s school and your workplace as daily long travel can be time-wasting and tiring.
In addition, the area must be dotted with adequate infrastructure such as schools, healthcare facilities, shopping centres and markets, entertainment centres, ATMs, and restaurants.
A personal inspection of the area will also tell you about the kind of neighbourhood where the project is located, whether it is a low, middle, or high-income posh area.
Consider the Project Amenities
Whether you buy the apartment for living there, for investment, or for rental income, the amenities the project offers must be considered carefully.
The project amenities are key determinants of the resale value and rental income earning potential of a property, and you must consider the investment aspect even if you are buying it for staying.
Many new-age projects are offering superior home automation and security systems, comfortable clubs, Wi-Fi, health clubs, meditation centres, ATMs, shopping centres, banquet halls, restaurants, and skywalks.
One important factor you must check carefully is the security arrangement. These include a variety of safety features like protection from intruders, fire safety, etc.
When you visit the site, always figure out the view your apartment will have after it is finished. An apartment overlooking the central greens, a swimming pool, or a landscaped garden is always preferred.
Carefully Scan the Legal Papers of Resale Properties
For resale properties, it is vital to get all the documents vetted by a legal expert.
For older resale properties it is crucial. Being negligent on this score can invite huge financial damage and long-term legal hassles.
The problem is that buying a resale property, in spite of its many advantages, needs detailed due diligence that is often quite difficult for a homebuyer.
However, there is good news.
We have launched a service vertical called Homestoreys that will take care of it by a professional pool of lawyers. Homestoreys from the house of NK Realtors offers resale property consultancy for both buying and selling. Homestoreys also offers property-related legal services.
Verify the Approved Floor Plans
While visiting the project site, always check the floor plans and the clearances.
You can view the approved plan documents as well as brochures, websites, WBRERA website, and other relevant source.
Viewing the 3D apartment model can help you to gauge interior decor possibilities and the openness of the apartment. Besides, you should physically scrutinize electricity and water connections and the quality of construction materials as much as possible.
Here also, the benefit of getting our help is that we do detailed due diligence on every project that we market.
If you are buying a ready-to-move property, please ensure that no work is pending in that property, and Completion Certificate (CC) is received.
Check the Agreement Terms & Conditions
The first and foremost point to consider when buying a property is the terms and conditions of the written contract with the developer. It should distinctly lay down the specifications including terms and conditions like payment options, delivery deadline, and the penalty clause in case of defaults on either side.
If one is purchasing an apartment in a completed project, one should physically confirm that the project is complete in all respect. In particular, the completion certificate of a government authority implies that the project is complete and fit to live in. The other things to look out for are electricity and water connections, fire safety equipment, disaster management mechanism, and tax receipts for the property.
Also, carefully go through the project details on the WBRERA website. All new real estate projects beyond a threshold must register with WBRERA.
Are Bank Approvals in Place?
Project approvals are essential if you plan to avail yourself of a home loan.
Before any bank or home finance institution offers home loans, it scrutinizes all property papers and when everything is as per their due diligence parameters, they enlist the project for home loans.
It is preferable to have at least one such approval from a leading home loan provider.
NK Assist also helps homebuyers in this regard. It works with homebuyers to get the most suitable home loan.
Check Property Prices and Look for Hidden Costs
Generally, developers sell a property on a basic selling price (BSP) and state additional charges like club membership fees, preferential location charges (PLC), power backup charges, security, Wi-Fi, parking, and society maintenance costs separately.
Some of these costs are transferred to the residential society once formed and operational. It is always useful to know the future cost of maintenance, etc. in any property.
The expenses generally accounted for by the property purchaser are registration, and stamp duty charges. Here also, it is useful to know the Circle Rate in any area.
Any homebuyer should calculate the mandatory costs of living in a project plus the EMI to figure out his monthly expenditure and whether it is comfortable for him.
Homebuyers should even check the track record of the developers before selecting a project. They should also check the quality of construction and timeliness of property handover of the developers.
You can also work with us as we work with only top developers in Kolkata with spotless credibility.
When you work with NK Realtors, you are sure of getting the right deal.
