Today real estate in India is growing at a phenomenal rate with options to buy, sell and rent properties in India. Investing in a new house or apartment is one of the most important decisions of our life. Therefore, you need to keep in mind all the possible points before you take the plunge and make a selection.

Real estate investments are very long-term investments and any mistakes made in the process can cause a lot of problems. Buying a home can be the first step towards building long-term wealth. A buyer must exercise caution when reviewing property documents.

Some of the key factors that are consider when finding a new apartment or house are location, date of possession, and price, other parameters should be considered when purchasing a new flat/apartment.

7 Important Things to Remember Before Buying Flats

1. Checklist of Ownership Documents

As a first step, make sure that the property is legally authorized to be built on the land on which it sits. The developer must have approvals and NOCs for all that is required. However, if you take out a mortgage, the relevant bank will validate your real estate documents before the loan is sanctioned.

2. Construction Approvals

For the purchase of an apartment or land with constructed building, the buyer should also review the construction plan/development plan sanctioned by the local municipal authorities, as well as the approvals issued by the government, authorities statutory and regulatory for all.

3. Financial Budget

You need to know how much money you will have each month to meet your expenses. You need to guarantee that the property you get will meet your current needs and stay within your budget. As a real estate buyer, understanding your family's current major needs will help you make the right decision.

4. Location

Take a good look at the location and locality. It's best to try somewhere adjacent to your city's prime location so the price isn't that high. The location will also be one of the main things when buying a home that has a big impact on the resale value of your home and your comfort.

5. Hidden and Additional Costs

Make sure that all clauses in the documents are read in detail and that the penalty clauses are understood. Additional expenses such as GST, stamp duty, mortgage processing fees, registration fees, and all other fees should also be taken into account.

6. The Neighborhood and Its Surroundings

Spend some time in that area before buying a property, if possible. Eat out at local restaurants and take a walk in a nearby park. Once you've found areas that appeal to you, let your real estate agent know.

7. Location and Size of the Apartment

When reviewing specific properties, carefully consider the location and lot size before submitting an offer. Do you dream of a garden big enough for your children to run around? It is important to analyze the amenities, the physical infrastructure, and the reach of all the basic places. These factors will help you have a peaceful life in the house. The apartment should be in a safe and secure location providing some security for the families living in the apartment.