The next step, once you decide on the locality, is to check the developers that are building there. The only way to do this is to educate yourself. Figure out who are the developers and what they will be selling. Check out the floor plans and the kinds of properties they are constructing. Many of these are available online so you can do this at your own convenience. When you have any assets in shortlist, do your own footwork. Check out the on-site programs. For an expert on taking you around like a dealer. Sometimes when you see it on the ground what looks good on paper might not feel right.
If the building is fresh it is a big decision to select the contractor. Check the track record of the contractor, his financial power, his ability to perform on schedule, standard of construction and the terms of payment, particularly in the case of a local contractor. Do a background check on developers and make an estimate of where you’d be secure to invest. One should always check the last transaction price or the price of the similar property in that location with local real estate brokers.
Bargaining Ability: When remembering all of the above, your bargaining skill is important, which involves taking all of the knowledge available and getting a clear view of the issues raised in order to negotiate a successful agreement. In the housing industry the concept of ‘area’ is used very vaguely. That ambiguity benefits some builders and sellers.
Carpet area is known as the specific region within your home’s walls. When you were to put a wall-to-wall carpet in your whole house, it’s the carpet field that will be covered. Built-up area includes not only the carpet area but also the area that the walls of your home occupy. Super built-up area takes into account all the area beneath the open spaces that is the proportionate component of the entrance, stairs, and elevator and outside hallway of the apartments. According to the builder’s decision, the uncertainty about super built-up area emerges over what everything is actually included in this description.
The terrace, security room, electric room and/or pump room could also be included in others. Account is taken of the combined sum of these ‘extras’ and divided by the number of apartments in proportion to their size.
- If you get a quote for 1,000 square feet, immediately find out if it is the carpet area or super built-up area.
- There is no fixed ratio of super built-up to built-up or carpet area. Generally, the ratios in multi-storey apartments are 75:35 (super built-up area to carpet area). In a single floor there is very little loading of common areas to the tune of 5-10 per cent.