Purchasing a flat is one of the most crucial decisions since you are investing your hard-earned money. As property prices are skyrocketing, it is essential to be cautious and thorough in your decision. One wrong step can lead to financial losses and get you in big trouble.  

Let’s outline the critical things to keep in mind to make a sound decision about buying your dream flat.

Understand your requirements first

The foremost thing to consider before purchasing a flat is whether it fits your basic needs. Always ask yourself first, are you looking to purchase for investment purposes or for end use? For instance, if you are buying for investment, choose a property that holds high growth potential. When buying a property for end use, ensure the builder is trustworthy and also keep in mind other factors like the locality, construction quality, and social infrastructure before taking a well-informed decision.

Location

Choosing the right location plays a crucial role when planning to buy a property. If you wish to stay with your family, then choose a location with a good social infrastructure and connectivity. Make sure the location is safe for living with family and social amenities like schools, hospitals, pharmacies, and grocery stores are easily accessible from the property.

Knowledge of the current market prices

Once you have finalized the location and understood your property requirements, the next step to follow is to find out about the market trends. It is essential to know about the current market trends, the ongoing property rates, and available offers in the market. This helps a buyer to negotiate the property price that fits their budget.

Know about your credit score

If you are planning to apply for a home loan, always check whether you have a good credit score or not. A good credit score also determines to the lender that the borrower has a history of paying his/her debts on time, and this is likely to continue in the future. Banks prefer to lend money to those borrowers who have a high credit score.

Builder reputation

When planning to buy a property, people forget to check the builder's reputation. Some builders might make false promises and hold a bad reputation for not timely delivering the project. Always do a thorough background check of the builder’s reputation in the market and then make the right decision. Doing so will keep you safe from builders involved in any fraudulent activities.

Hidden and additional charges

Before making a financial decision, check that all the clauses of the document are properly checked. In case the builder fails to deliver the project on the expected possession date, the buyer will be eligible to receive a monthly penalty for the delayed handover. Also keep other additional charges in mind, like GST, stamp duty, home loan processing fees, and registration charges.