Are you planning to buy a new apartment in Bangalore? With the demand for quality homes in the city escalating like never before, buying a new property in Bangalore will be a strategic decision. However, it’s easy to find yourself in a dilemma with too many choices. Reputed builders have come up with hundreds of properties across the city. So, how do you decide which property you must invest in?
In this guide, we have shared some valuable tips for buying apartment Bangalore. Before you make the crucial decision by investing in one of these properties, check out these guidelines to make the right purchase.
For investors planning to buy apartment in Bangalore, here are some crucial aspects to keep in mind.
In the first place, decide on a budget that you can afford while purchasing your new house. Many homeowners take the wrong approach, as they start looking for apartments first. This way, they end up choosing something that lies beyond their affordability.
Consider your monthly expenses and how much you can set aside for your home loan EMI. With a safe budget, you can start looking for a residential property in Bangalore.
The location of your home is one of the most crucial aspects to consider before buying one. As you know, Bangalore has issues with traffic snarls, so make sure to buy your home close to your workplace. Research the best areas to buy apartment in Bangalore from where you can seamlessly reach your office. Fortunately, the Namma Metro is connecting several parts of the city. Even if you choose a locality away from your workplace, you can quickly get across to it in the coming years. It should be situated close to reputed schools, hospitals, and your workplace.
When you buy apartment in Bangalore, consider the necessary space you would for living. For instance, if you are planning to raise a family, don’t go for a 1 BHK apartment. Consider whether or not you need an additional space to work from home. The demand for 2 and 3 BHK apartments is high in the city, particularly for growing families. If both you and your spouse are working from home, you need additional space to configure the operations.
The documentation process is one of the key aspects to keep in mind before buying an apartment in Bangalore. In the first place, seek professional assistance to make sure that all the property documents are in place. Getting the paperwork done right is one of the crucial steps when you buy a property. Otherwise, you may land up in a long-drawn legal battle trying to prove your ownership of the residential apartment.
Primarily, property owners need to keep track of two types of documents. These are the primary title document, which indicates the owner of the property. Also, you need to obtain a history regarding the ownership of the property. With the secondary documents, you can verify whether the information being presented in the primary documents is genuine. Besides, certain regulations are in place to ensure the compliance of the property. These are:
• The Parent deed, which includes the allotment letter, sale deed, partition deed, or gift deed.
• The sanction plan for the building was issued by the BBMP, BDA, panchayat of the village.
• Khata extract or Khata certificate that registers the transfer of the property from the BBMP
• Encumberance Certificate, which records the transactions registered in relation to the property. It includes sale, mortgage, lease, etc.
• The tax receipts paid on the property
• The Prevention of Transfer of Certain Lands Act endorsement from the DC or Tahsildar, which proves that the property is not owned by SC or ST communities
Now that you have decided on the locality to buy a residential property in Bangalore, how much can you bargain on the price? Remember, the price is likely to vary depending on the locality you choose. Other factors determining the price include the size of the home, its configuration, age, and the builder. The amenities and facilities in the gated community, as well as the furniture available in it, determine the property prices.
Reputed real estate brokers can guide you on the right price as real estate values tend to fluctuate. When you buy apartment in Bangalore, make sure to carry out adequate research so that you get the best value on your investment.
When you choose a property in Bangalore, you have two options. Either, you buy a new house directly from the builder, or you go for a resale property. If you are planning to buy a brand new apartment from the builder, it’s wise to carry out some research on its reputation. The last thing you would want is to end up buying a property which the builder didn’t have permission to sell. Otherwise, you will go through a difficult phase trying to regularize the new apartment. While such issues don’t show up much with reputed builders, you need to be careful about the new ones.
One of the key things to keep in mind before buying an apartment in Bangalore is to get it inspected. Particularly, if you are buying a new property, hire experts to inspect the electrical and plumbing systems, along with other structural aspects of the property. These days, many of the new properties in Bangalore come with rainwater harvesting systems. This goes a long way in saving your utility bills in the long run. Some of the apartments also hire takers.
Before you buy an apartment in Bangalore, it’s wise to check the source of water, too. For instance, you have different options like Kaveri water and bore well water. In case the building where you are planning to buy your apartment already has water problems, it’s wise to look for a different one.
Currently, working professionals often operate from their homes. If you are planning to work in the hybrid mode or set up a home office, it’s imperative to check the apartment for electrical issues. Make sure that the gated community gets 24/7 power backup, so that power outages don’t affect your work schedules. In case that’s not an option, you may consider investing in a generator to power your home. Factor in these additional expenses before buying the property.
While it might be tempting to purchase the first property you come across, don’t be tempted by offers. Remember, the property you purchase would probably the single largest investment you are making. So, take time to shop around and explore your options. Look out for deals and discounts from builders, lenders, and banks, particularly if you are planning to get a property loan to purchase it. Some developers also offer free modular kitchens, and sometimes, even cars. On the other hand, lenders and banks offer discounts and EMI facilities for holidays. Check out the right options and make your purchase.
One of the best tips for buying apartment Bangalore is to look for amenities that complement the lifestyle your family would love. For instance, families with kids often look for secure gated communities with crèche facilities and dedicated play areas for children. You need to prioritize your lifestyle while buying an apartment. Reputed developers come up with lots of recreational and sports facilities in new complexes. These include swimming pools, gyms, basketball courts, tennis courts, running tracks, and other amenities.
In this guide, we have shared the best tips for buying apartment Bangalore. Now that you are aware of the crucial aspects to consider before investing in your new property, you can choose the right one. Prioritize key aspects like location, distance from your workplace, and other places of interest around the city when you buy a new property in Bangalore. Consult reputed property brokers for the right advice, and they can help you find the ideal home in the city.
