The process of Buying an Apartment is more difficult than renting one. If you are going to buy an apartment for the first time, then we recommend you to follow the tips provided here.
1. Freehold & Leasehold:
Homebuyers should know the difference between leasehold and freehold first. In freehold property, the buyer owns the land and has the right to build, renovate, and transfer that property. The buyer can use the land for any purpose; hence, the owner enjoys complete ownership. In simple words, a freehold property is free from the hold of anyone, except the owner.
On the other hand, leasehold properties have built for a specific period of the lease. The owner of the property leased out the land to the builder for a certain time that varies from thirty years to ninety years. Major housing projects in Noida, Greater Noida, and Noida Extension are the leasehold properties.
2. Service charges:
Homebuyers should check the ground rent and other service charges they have to pay for the apartment. Furthermore, buyers should find out who will be liable for the common area improvements. It will help you in setting the budget for a new home.
Every Housing Project in Noida does not allow the residents to make alterations in the apartments. Homebuyers should ask the builder about all the restrictions for making changes in the property. Because these restrictions can be obvious or complex. If you have planned to make alterations in the apartment, in such cases, you may have to contact your lawyer sometime.
4. Maintenance Charges:
Buying an apartment is not an easy task. It comes up with a lot of services charges excluding stamp duty and registration fee. The maintenance charge is a service charge that has to be paid by homeowners monthly or annually. These charges have paid to keep common areas well-maintained. Commonly housing societies charge maintenance according to the size of the area like 2/3/4 BHK Apartments; higher the sizes may lead to high maintenance charges.
5. Legal Check of Property:
Homebuyers must-do legal check of the properties. They should ensure that the builder has the legal right on the plot and construction of the property. Also, check that the builder has approval and NOCs from development authorities, electricity board, municipality, and so on. Though, if you are applying for a home loan, then the concerned bank will verify your property certificates before loan sanction.