In the days of yore, the real estate agent used to enjoy the trust and confidence of all home buyers. But this tribe has almost vanished in the present days of direct dealings between the buyer and the seller. How best can one take care of one’s interests while finalising a property deal? Can we fully go by the declared details, beyond which there can be fineprints and trade secrets?
These are days when the new generation has very little time to apply its mind when it comes to personal matters like taxation, health coverage, retirement plans, etc. Most people depend on the ‘Net’, the online shopping mechanism for things like shopping, purchase of a motor vehicle, insurance matters, investment options and the like.
This is equally true even when it comes to buying a house or an apartment, once in a life time. People are carried away by glossy ads and model/sample units at a property expo or at the site. While a car can be exchanged for a new model or brand easily, changing a house is not that easy and more hazardous. In fact, buying a house/apartment needs plenty of planning and home work.
Let us look at technical/engineering aspects involved in a housing deal.
Everyone knows that the location, builder’s reputation, competitive cost etc., are the fundamental requirements for deciding on the purchase of a house or apartment. But how many of us know that there are other technicalities like quality of materials used, load bearing walls, energy saving ventilation, security options etc? Similarly, how many new home buyers are familiar with the concept of ‘super built’ area in the case of an apartment complex as compared to the commonly known ‘carpet area’, which can be a bit tricky and need not be in the knowledge of the common man, to avoid pitfalls.
In engineering connotation, apartments in multi-storeyed buildings are actually measured in super built area and prices quoted accordingly. This is simply because the passages, pillars, duct area etc., are all part of an apartment complex. This means, the super built area will be higher than the actual carpet area which we occupy. Whereas, in an independent house, such ‘measured’ areas are not there.
Approach to an independent house is from the main road or access road and there are no passages, lifts, ducts etc. These technicalities need to be kept in mind while agreeing to the price. One need to be aware of these and many other technicalities while finalising a home purchase deal.
As for the cost quoted, it is inclusive of facilities provided, such as lift/s, back-up power, solar lighting and heating, swimming pool, gym, club house, walking track, children’s play area etc., whether one uses them or not.
Similar to equating the ‘common area’, price also is equated while quoting the ‘launch’ price. As normally, no buyer measures the super built area and as no builder ever tell a prospective buyer to measure the offered area, there can be some misunderstandings in the area concept. Legally, a builder cannot be faulted for any ‘shortage’ as the drawing by the architect is the basis for the quotation for construction and construction work is also tendered accordingly.
Measurement of areaNo builder will tell a buyer to measure the area of a flat being purchased. Normally, no buyer too checks it. It is always a ‘trust factor’. This ‘grey’ area of super built vs carpet area can be avoided once for all if suitable legislations are made by the government.
Restrictive clausesThere are many covenants in a sale deed relating to an apartment restricting the buyer from the use of common areas, alterations and additions to the building etc. It would be advisable to have a legal verification of these clauses In case one is utilising a loan while purchasing a house or flat, it is to be understood that the agreements and the insurance clauses need to be fully understood before they are executed.
To sum up, all property buyers and especially, the first-time buyers, are to be very circumspect while finalising deals and do the required home work.
