Planning to buy an apartment in 2023? Here are 5 key tips

Finding the perfect flat of your dreams requires careful consideration, planning and adequate knowledge of the ideal market conditions. For a first-time homebuyer, buying a home can be strenuous. Here are some simple points to keep in mind while scouting for an apartment.

Affordability and budget
“Assess your affordability and budget while embarking on the home-buying mission,” suggests Anupam Rastogi, Co-founder, and CBO, NRI Sales, Square Yards. To start the process, evaluate the prices of homes from various developers and narrow down your selection after careful consideration of your requirements and your budget. Make an estimate of the total ownership cost including parking charges, stamp duty, registration charges, and monthly maintenance charges. When it comes to budget, “a little stretch is always better for you for making a good investment,” Ashwinder R Singh CEO-Residential, Bhartiya Urban adds.

Builder reputation
“Make sure that you are buying your home from a reputed developer,” Rastogi says. “A trustworthy developer will ensure that your house is delivered on schedule without any compromise on construction quality,” he adds. Amit Jain, Director Mahagun Group says, “You should also take into account the developer’s antecedents and the company's past projects, including the construction quality among others.”

Appropriate location
“Choose a location that is close to entertainment and commercial hubs, IT parks, hospitals, malls, parks, schools, and supermarkets,” says Rastogi. “A good location ensures superior connectivity, fool-proof security, a better quality of life, and high resale value in the future,” he adds. Ashwinder R Singh CEO Residential, Bhartiya Urban says, “Finalise two or three localities that best suit your needs, both now and in the future. Take connectivity — road, metro, rapid rail — into account as well.” “It is equally important to understand the pros and cons of the locality, both in terms of the present facilities and future potential. In case it is your second or third home, you should also factor in the ROI, both short and long-term,” Amit Jain adds.

Proper clearances
“Make sure that the project has proper clearances and permissions from the municipal corporation and local development organisations such as water supply, sewage boards, and electricity boards,” suggests Rastogi.

Rera registration
Amit Jain, Director Mahagun Group says, “The first thing one should do in case the property you have in mind is under construction is to confirm the status of RERA approval on its website.” Rastogi adds, “Diligently check whether the project is RERA registered and that all provisions are complied with by the developer.”