Buying a gated community apartment in India is an enticing option for many. There are innumerable options to choose from, including a vast array of real estate developers. It’s common knowledge that most first-time homebuyers look at investing in gated community apartments rather than villas. This is due to the fact that apartments are usually cheaper than villas. However, buying a gated community apartment in India has its own challenges that one should be wary of. Let’s take a look at a few important aspects that one should be wary of before investing in their dream home.
Budget & Finances
The most important aspect to consider when buying a gated community apartment is your budget and finances. For most people, owning a home is directly linked to taking out a loan. Make sure that your ambitions of owning a home are proportional to the income that you generate. Do not make the mistake of over-burdening yourself with EMIs beyond your repayment capacity. If that means settling for a smaller space, then that’s what you should go for.
Home Loans
Today, many developers have an association with leading financial institutions to provide the best home loan rates for you. But do take the extra step of doing a thorough search on whether you can find a better option elsewhere. While the standard interest rates are known to all, it would do you a world of good to research on the best options available.
Amenities & Property Management
Many developers claim to have the perfect after-sales service for their projects. These include options like 24-HR maintenance and waste management, among others. Speak with people who have invested in the same project and verify if they carry out the mentioned services for that particular project with utmost dedication and care. If it’s an upcoming project that you’re looking to invest in, then contact owners who have made investments in projects that are already completed or are its residents.
Construction Quality
The quality of construction, when it comes to buying an apartment in India, is another important aspect to be very careful about. If you are purchasing from a reputed developer, then there is nothing much to be worried about. But if you are looking at homes from small-scale developers, then make sure that the building standards they follow are in sync with the approved protocols and guidelines set by the authorities.
Taking Possession
Recent trends show that more and more prospective homebuyers are looking to invest in new launches or under-construction apartments. This is mainly due to attractive rates quoted by developers as a project once completed will only be sold at higher rates. Here, one has to check the track record of the developer when it comes to the timely completion of projects in their portfolio. Anything more than a few months of delay could be a problem for families who have certain plans and deadlines to meet.
