Everyone has a dream of owning apartments in Bangalore are there are lots of advantages in buying an apartment compared to buying a house. Most of the flats and apartments in Bangalore are furnished with modern amenities like gym, club house, swimming pool, jogging track, play ground etc. Find an ideal location that is close to workplace and decide choose a place that is surrounded by a good locality. Make sure the apartment you chose has all facilities like washing machine, carpeting, painted walls and bathrooms with showers.
Decide on the budget and requirements of the dream home and prepare a list of builders and check for the projects in that location. Also check if it matches the budget and requirements and once the flat is chosen, verify all the documents needed. First and foremost, check the latest tax paid receipts issued by BBMP along with the encumbrance certificate if any loan has been taken on the property. After that take a photocopy of all the documents and verify it with a good real estate lawyer.
Also verify the Sale Agreement, which is the first agreement to be signed on stamp paper between the buyer and the builder. If the lawyer wants any more documents, then get it and finally the lawyer will give a legal opinion certificate, which also means that there are minimal chances of getting cheated.
Book the apartment by paying the booking advance and getting the sale agreement from the builder on stamp paper. Give the final amount of the flat before the date mentioned in the Sale Agreement as the booking advance will mostly be non-refundable. Be very careful, take your time an ask for a draft first, verify it and then only proceed. Before buying the apartment, check the availability of water supply, power backup and reserved parking.
Check for recent sales in the complex to get an idea of baseline rates and mark up or down based on condition of apartment. Along with the factors in all renovation costs into the price and evaluate if the price is still good. Also keep in mind the security in area, check water pressure, condition of bathroom and kitchen fitments.
Before buying an apartment, research the market to get the proper value for money. Talk to independent values and real estate agents and check recent sales in the area for the accurate estimation of the market value. Do not rely on advice from the developers or their agents; this is particularly important while buying off the plans.
Buying flat or apartment in Bangalore can be a lucrative investment, but it can also be a risky venture also. One of the keys to success in becoming a property owner is choosing property that is in a good location. This means buying property that is close to points of interest such as colleges and universities, public transportation, commercial centers and hospitals. These locations are more attractive to tenants and will help a property owner keep the rental units full and profitable.