7 Things to Consider Before Buying a Flat

7 Things to Consider Before Buying a Flat

People love the idea of a new home because it gives them a chance to improve their living standards. They get to upgrade their furnishings and decorate the house to their own taste and liking. But before proceeding to all the fun stuff, you need to look for a perfect flat for sale in Lahore. There is much logistical matter that demands due diligence before gaining ownership of your dream flat.

Here is the list of 7 important things to consider before buying a flat:

  1. Find Litigation-Free Land

Before making any kind of property-related commitment, it is imperative to ensure that it is a litigation free property. You may need to enquire about its legal status. If there are any legal problems associated with it, bow out before you have to move out. If the flat you are interested in is under construction, ask the builder to furnish the building permit. Otherwise, ask to check the completion certificate for complete flats.

  1. Government Issued land Permits:

Any property requires government permission to carry out construction. This land is categorized as ‘build-able land. Check the public access records or sanctioned building plan to make sure that they have the necessary permissions to build. A building without proper Government-issued permits is considered illegal construction.

  1. Property Tax

Whenever you look for luxury apartments for sale in Lahore, do make sure to check the tax records of the property or the building. It is a false assumption that the owner has to pay property taxes after the purchase. If a recently bought property has pending taxes, the current owner is held liable for it. All reputable sellers will well-maintained records of regularly paid land or building taxes.

  1. Flat Ownership

All property investors have to make sure that the seller has the actual ownership of the flat, apartment, or building. They also have to conform to all legal formalities before making any monetary commitment. It means to make certain that the seller acquired this building legally as well as has the legal right to sell it. Properties with shared ownerships can be problematic too. They have the potential to fall through at the very last minute due to mere disagreements.

  1. Price Verification

The foremost rule of buying anything of value is to compare its price. The same is the case with property investment. The price of a flat or an apartment should be according to the current market rate. The price of the land and the building itself is calculated by measuring the carpet area, the built-up area, and the super built-up area. The novice buyers can ask the builder to clarify the concept.

  1. Paperwork

The transaction paperwork incurs some fees which the exclusive of the flat prices. It is advised that a buyer should ask the builder to reveal any hidden costs that might affect their decision late on. The total cost of purchase is calculated by adding all the additional charges of paperwork, stamp duty, registration, and any other charges applicable.

  1. Check for General Amenities

No residential place is complete without the basic amenities. The necessary facilities include water, electricity, gas, maintenance, etc. There are also some additional fees for these amenities that are paid by the owner monthly. Therefore, it is better to clarify and consider these charges before buying a flat.

When it comes to property investment of any kind, a buyer’s motto should be, “better safe than sorry”. So, take the time to enquire about everything to your satisfaction and then finalize your choice of flats for sale in Lahore to develop healthy living.