First time home buyers can find that it is a rather challenging prospect to choose a suitable apartment that is sufficiently big to raise their families and at the same time ensure that the locality is safe and secure. Not just security, as a first time home buyer, you must take into consideration a number of factors like cost per square feet of the apartment, whether or not the apartment complex provides all the basic facilities to enjoy a comfortable lifestyle, and what are the extra facilities that the real estate development firm is providing to the residents. Additionally, you will also have to ensure that you purchase the apartment from a reputed realtor, so it becomes easier for you to get home loans from banks and financial institutions. Thus, there are number of factors that you must take into consideration when purchasing an apartment, and some of these have been discussed in the following section.
Points to Consider while Purchasing an Apartment
If you are thinking of purchasing a 3 BHK apartment in Mohali, then the first thing that you must do is check out the construction projects by reputed real estate development firms in the region. If you purchase an apartment, which is a unit of a residential project that has been approved by renowned banks and financial institutions, then it will be easier for you to get a home loan. In other words, the sanctioning of the loan will be faster if the project has already been approved by banks and financial institutions. Some of the other points to consider while you are looking for a suitable apartment to purchase are:
- Location: You must evaluate the location of the apartment complex carefully. It is always preferable that the apartment complex is located within a hi-tech city, being developed by a reputed real estate development firm. The primary reason for this is that you can be assured of an excellent security system and also of easy access to commercial centres like departmental stores, pharmacies, and healthcare centres. It has also been observed that the appreciation rate of the valuation of a residential property is way faster, if the apartment is located in a hi-tech township. Thus, from an investment point of view too, it is better to invest in an apartment which is located within a hi-tech city.
- Amenities provided: When you purchase an apartment, you must evaluate all the amenities provided by the real estate development firm. The entire township should have an excellent security system. There should be greenery around the apartment complex to improve the ambiance of the region and also to make the property eco-friendly. Similarly, there should be amenities like a clubhouse and swimming pool, which the residents of the complex can use.
Thus, while purchasing an apartment, it is essential to evaluate the size of the flat and the investment that you have to make in order to purchase the apartment. Additionally, you must also take into consideration the facilities offered by the residential property as a whole, to ensure that your investment is a worthwhile one.