Over the past few years, there’s been a huge development of the mid-segment flats in the metro cities like Kolkata. Besides affordable pricing, they bring you the promise of smart and hassle free lifestyle. No wonder, these affordable flats are making the dream of middle class home buyers true. According to a resident of a 2 BHK apartment in Rajarhat, the budget flats have been a boon to the retirees as well, who are not in a position to shell out a huge sum post retirement.
At this point of time the affordable flats are changing the real estate landscape of the city. And, here’s what you should consider while looking for these affordable homes.
The Budget Concern
This is the foremost considerations for any home buyer, no matter whether he is buying it before or after his retirement. Not everyone is blessed with an enviable bank balance post retirement. Again, the source of steady and regular source of income stops all of a sudden. As a result, finances should be taken into considerations. Quite obviously, people need to organize their finances in order to keep themselves covered during the post-retirement phase. Consequently, their investment plans and that too in the real estate sector become more limited. However, with the mid segment projects in Kolkata, the budget folks can opt for a home of their choice. All they need is to perform a pre calculation and look for properties according to that.
Conduct a Market Research
Considering the market research is one of the best practices to find a budget home. Mid-segments properties are now being developed in various areas across the city. However, as a home buyer, you need to take several points into consideration. You must have a location preference or have some special liking in terms of basic amenities and facilities. Conduct a market research on the basis of that to find a home of your choice.
Check if the Home Loan is Available for you
Even when a flat is budget friendly, home buyers need to avail the home loans for availing the same. For this purpose, it’s important to check out if you are eligible to avail a home loan. Apart from the income status, most of the nationalized banks check out a host of documents which ensure that you are eligible to repay the loan.
Check the Papers
When it comes to purchase a flat, always make sure that you are checking the papers thoroughly. Check if the property has the NOC from the concerned Corporation or Municipality. Also make sure that there are valid papers about land and the construction materials. Whether you opt for a luxury flat or an affordable one, make sure you check the veracity of all the papers from the developer.
Purchasing a home is not as difficult as finding it. Follow these tips to ensure that you do not end up making a bad choice.
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