What are the things I should keep in mind before buying a flat?

Buying a home/flat is the biggest investment decision of your life and it will take up the most of your savings. So, if you are planning to buy a flat, some very important and key point/factors you need to know, to make sure your investment is safe and to the right place.

• Property Price: Fix a budget and shortlist the location. Compare the offered price of the property with surrounding ones to know the builder's offered price to you is genuine or not.
• Know the Carpet Area: Usually, the price offered is the super built-up area which includes lift area, stairs, the thickness of walls etc. Carpet area is the actual area of any particular flat, which is 30% lesser than the built-up area.
• Land Record: The land on which flat is built should be clear of all dues and should be registered. You must research the soil quality and the topography of the land, before buying the flat. The title deed must be verified and must have all the details on the rights, ownership and obligations towards the property.
• Legal Check of Property: You must ensure the property is legal and authorized. It should have the approvals and NOCs form area development authorities, water supply, Municipal Corporation etc. 
• Financing Banks: Be aware of the bank's term and conditions, whether they are willing to finance certain builders or not.

• Builder-Buyer Agreement: After finalising the flat, you can book the flat by paying some token amount, in return you get the allotment letter. The other agreement, between the buyer, the builder and the bank, should be read and understood in detail before signing it.
• Apartment Possession: You should have a clear estimate of the timing of flat possession and if it got delayed, the builder has to give a valid explanation for the same.
• Location/Amenities of the Flat: You must check out the area you are going to stay. The amenities like jogging area, swimming pool, auditorium, security guards, parking area, will enhance the quality of living in the house.
• Hidden or Additional Charges: Ensure the legal documents and penalty clauses are read and well understood. Additional charges like GST, home loan processing fee, registration charges and all other charges should be known and understood before signing the big deal.