6 Warning Signs You Must Not Ignore when Buying an Apartment
Caution! You are stepping into danger zone if you see any of the following warning signs while buying an apartment.
Warning Signal 1: A Not-So-Good Locality
No doubt, the features of an apartment are key decision makers. However, it is crucial that the surroundings also be habitable.If you are planning to move in with your family, it is vital that the neighborhood be safe, clean and pleasing to the eye. So remove the horse’s blinkers and look beyond the apartment and building. If it looks deserted or gives you the creepies, move forward!
Warning Signal 2: Disasters in Home Architecture
The kitchen cabinets that come within the package of your reasonably-priced apartment are definitely luring. But opening those cabinets maybe reveal carefully hidden and rampant leakages.Do not hesitate to do a thorough scrutiny of every nook and corner. The broker will most certainly tell you that these ‘minor’ problems will be fixed before the apartment is handed over to you.What may look as ‘minor’ are probably just the lull before the storm.Good construction is the foundation of a house.Even if takes multiple visits, ensure that you are not being taken for a ride. Ideally, request someone with experience in house-hunting to accompany you.
Warning Signal 3: Blurred Lines
One cannot emphasize enough on checking the final legal documents. Make sure you read all the fine print and carefully check what’s being brought to the table.It is important that you have good knowledge of terms like ‘carpet area’, ‘built-up area’, etc. The representative at the sales office may show you all the cards up his sleeve to get the nod from you.However, after getting possession you may find that the wardrobe unit missing and will hear the same representative say, ‘Sir, that was only for the model apartment. It is not included in the apartment.’Have a reliable lawyer check the documents before you sign the dotted line.
Warning Signal 4: Not Getting What Being Promised
A consumer recently won a law suit against a super market for unfair practices. The supermarket was claiming to sell bags of wheat flour weighing 5 kg but actually the weight was just 4.2 kg.Why are we telling you this? Don’t go by the face value of what is being offered to you. Unless the builder is reputed, chances are that there is scope for cheat tricks.If you have a lurking doubt but are keen on an apartment, have a surveyor assess the place. It will be a slight inconvenience but it will be beneficial in the final run.Also, when it comes to price calculations, do a double check. Clarify essential details such as the token amount, interest accrued in under-construction apartments, slab-wise payables, etc.
Warning Signal 5: Builder is promising too much
Have you seen those Ads where the builder promises a 20 Lakh car for a 30 Lakh apartment? Seems to good to be true? It probably is.If you see such offers, you shoud know that a business cannot sustain with such offers. If anybody does come to you with such an offer, know that they're taking you for a ride.A quick check to know if a Builder is genuine or not:
- How many past projects has the builder completed?
- Is the project approved by the relevant Govt authorities?
- Is the project approved by major financial institutions like HDFC and Axis Bank?
Warning Signal 6: No Clear Legal Status
Book the apartment now and get a complimentary 42-inch LED TV. A very tempting proposal indeed!But remember, the proposal is inversely proportional to the final deal. Better the proposal, the more you will regret your investment decision later.As tempting as a free LED TV may seem, make sure you check the paperwork with the builder.You may want to buy the apartment on the 10th floor of a proposed 15-storey building. However, documentation may reveal permission for construction only until the 4th storey.Take the papers to a reliable lawyer and have them checked thoroughly.Signs that a builder is reliable are tie-ups with well-placed banks, forthrightness in sharing documents, no over-the-top salesmanship.