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10 Things to Know Before Buying an Apartment

Your own home is like your own child, the only difference may be is that homes unlike humans turn out exactly the way we want them to. Hence the term “ dream house”. As times changed, the definition of homes have also evolved. From houses people are now shifting to what we call flats or apartments.
  
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Apartments are pre-made, hence the cost and effort of buying the land and building the property is entirely omitted, making it the way of life in this 21st century world where budding employees are keen on having their own homes and starting off a life.

 So, before you head to buy that beautiful apartment you have your eyes on, check out these pointers to make sure you make the right buy.


1. List out your needs
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Your apartment will be where you wake up everyday, from where you leave and to where you come back to every single day. Everything you expect out of your apartment, has to be met with. Make a list of the needs you require to be fulfilled. If may be distance from your work place or building facilities, nearness to the city, or whatever. Make a through list, while some needs may have to be compromised upon, the basic needs are inevitable to be denied.


2. Choose locations

Listing your needs will tell you more about which locations can help your achieve the same. Check out multiple locations which gives you the view you desire under your price bracket.

3. Start your research

Post location choosing, you will need to head on with your research work. Find out when was the place constructed, has it been renovated since then, who looks after care-taking, what is the atmosphere like in the complex, what are the problems in the area, etc.

4. Go Loan hunting
 
Once you know what you want it’s time to go dive at it. Home loans are what is making the dream of owning a own home come true. There are many banksoffering at various rates and benefits. Take your time and have a clear understanding of all the options you have available so that you choose the one that meets your situation best.


5. Check out your CIBIL score

CIBIL score is a credit score that plays a vital part in an role application. Simply put, it is the score that notifies if a loan applicant is eligible or not for a loan. The benefit of having a credit-worthy CIBIL score is that it may help in getting the loan at a cheaper interest rate.

6. Be updated about interest rates
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Interestrates are present in various types, from fixed interest and floating interest rate to fixed-floating interest rates. As the name suggests fixed interest rate is a locked of interest an applicant has to pay to the bank whereas in floating the rate depends upon the market. This is highly risky but at times can turn out to be a good gamble. Fixed-floating is a hybrid of the two where in the initial term period the rate is fixed and then from a specified period the rate is based on floating system.

7. Give the flat a through check
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Even if your loan gets approved don’t just hop into it. Check every nook and corner of the flat and be ensured that everything is perfectly great and then only finalize your decisions. Check for safety measures like locks and grills. Check the electric and water facility, the meter board, etc.


8. Talk to localities

Once satisfied, go and interact with the local crowd to know about the people living in the building. The idea is not to spy but to get a basic understanding of what kind of neighborhood you are moving into.

9. Check the market value
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Today what you find lucrative, tomorrow just might be a pile of waste to you when something better comes along. Find out the marketprice to know at what cost can you sale in you plan on doing so one fine day. This gives you a better understanding about your return on investment.


10. Check out history

The history of the place where you will live is the most important thing to be aware of. Find out about the authenticity of the land, who it belonged to and how it was acquired.


Home shopping is highly time consuming and no matter what you should never rush into it no matter how irritated you feel. Because at the end of the day, you literally have to live in it. When making such important decisions, it’s always better to have a guide along side. You can Find more information on your dream apartment at modernlivingre.com.


This post first appeared on For The First Timer, please read the originial post: here

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10 Things to Know Before Buying an Apartment

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