Many persons can relate to this post .As I went through many articles or videos – I could not find one single source that would explain the details to a Novice in the most simple way as possible.
Things to consider when you are visiting a flat –
Space – How much carpet area and super built up area are you getting? Is it 2BHK or 3BHK ? You can read their definitions specifically in other sites. Super built up area – you can understand it as the whole area including balconies. Carpet area is the main living area minus balconies ,storage areas. Sometimes the balconies are too large and living area/hall is too small. These things should be considered. Where people do mistakes – Example – My friend got a flat that has three balconies – even though the balconies are good and he is getting a good Super built up area, his main living room space is quite less.
2. 2BHK or 3BHK – This depends upon your requirement. Are your parents going to live with you permanently? If you are thinking of bringing a child into this world, more space is needed.
3. No of balconies or space on the balcony – how much or how many you are getting? Generally ,1 big balcony or two normal balconies are great.
4. Location – How close the metro or railway or airport is. How near your company is?
5. Society – Is there a park to roam around – if your parents are going to live with you, a bigger park ,community is preferable so that they can find other seniors ,gel with them, feel at home. Well , it depends upon an individual but I have seen Bangaloreans – hardly they spend time in the society - they have friends all over Bangalore, where they spend most of the time.
6. Water – Is water a problem in the area? This is a big factor. In many areas in Bangalore like Sarjapur, there is the problem of water. So, ask around – somebody will open his mouth.
7. Any Add-Ons – If it is a new flat or under construction , would you get a modularized kitchen along with it. Many builders give these add-ons. Don't forget to ask for it - Who knows you would be lucky. Modularized kitchen almost take 1lakh or more.
8. Utility Area ,Storage – what is the space that you are getting for utility area ,storage?
9. Car Parking – Ensure that are getting this (if you are getting a flat in society).
Last or the first thing is the first price they offer. There is a lot of bargaining that happens in real estate. You can consider the case of vegetable bargaining but here 2 less would mean 2 lakh minus. Based on the above parameters, you can bargain. The best thing would be – start yours or your friend’s car/bike , Keep on visiting the societies that you would find in the area that you want to take, talk to the guards – they would show you around and believe me if you ask them ,they would know the common rates there. They would even tell the caveats of the society if you get a chit-chatty one.
Things in the initial phase after you are done selecting and bargaining the rates -
Booking/Token Amount – Generally it is 2lakh rupees. On the first day, u can book for like 25k(it depends upon your bargaining skill as well).But first time payment shows them that you are a serious customer. You can ask for some time (1 to 2weeks) for payment of whole sum of 2 lakh rupees or whatever is left.
Agreement – Ask for agreement signing from the builder. Before that, the builder may ask for payment of 10% of the total amount(including the booking amount).U may bargain that you will pay that amount upon signing of the agreement. They will give you the receipt of all the amounts that you have paid till now. Get an acknowledgement on the mail as well before they give you the physical receipts.
The first flat is owning a piece of land that is yours completely - you can do anything within the four walls - decorate it the way you want , place furniture the way you want , build memories, reproduce , rent one of the rooms or the whole flat. Home is not a place - it is a feeling.
Note : I was really grateful to the guys at https://www.thepebblestone.com/ , Mohit and Zaid. They really understood the emotions behind taking first home for the family - they made the whole transaction really smooth.