Check list: buy an apartment

by Rajesh Kumar Free

Buying an apartment, home or any kind of property is always an important investment that you committed for long time. So, it becomes essential for you to put your money into the right place. Here are the essential steps before you begin to invest your hard earned money.

Before visits

Define your needs and desires at the very first stage (location, size, number of parts, new or old ...)
Review your financial situation (income, savings ...) with your bank;
Prepare a budge estimate and payment plan

During Visits

Contact real estate agencies and individual agents via websites and newspapers ads.
Visit several apartments to compare and have a good knowledge of the market.
Once you like an apartment, visit it several times (weekdays and weekends, at different times of day).
Visit all public areas (basement, garage, parking area, lawn, sports facilities etc.)
Make the necessary checks to know the state of play i.e. plumbing, electrical, water heater, boiler, ventilation, security, furnishing, lighting equipments, etc.
Also ask for the following things from your agent:

The minutes of the general meeting of the condominium.
The maintenance of the condominium booked.
Property and housing tax related information.
Technical diagnostics (area, duct work, lead, asbestos, termites, gas, natural and technological hazards, energy efficiency, electricity, safety equipments etc.).
The dimensional drawing of the apartment.

Before Buying

Select the type of pre-contract: unilateral promise of sale or promise indenture.
Submit your mortgage application.
Once your application is granted, sign the loan offer.
Contact a notary.
Sign the contract of sale.
Buy home insurance.
The date of signature, get the keys and title to the notary.

Author is associated with Nimbus Group and has good knowledge of real estate investment, he recommends investing in Nimbus Hyde Park including some more projects in Noida for good return on investment.