Buying a home is a once in a lifetime decision. Which explains why you must do your homework thoroughly and be aware of what you’re getting into. Of the many things that you should be aware of before signing on the dotted line and getting the keys to your new home is knowing the basic real estate terms which is just one of them. And, an important one at that.
So here are a few real estate terms that you might have heard of, but not sure whether you know them too well. Also, these are a few terms you’ll be hearing more often if you are on the verge of buying a home or have initiated the process. Let the developers know that you have done your homework and are serious about the biggest real estate investment you’re about to make in life.
Carpet Area: The carpet area of a home is the area that is within the walls of the home. From the terrace to the balcony, the kitchen to the bedrooms, everything falls under carpet area. What doesn’t include in the carpet area is the common space which are open spaces like the lift, common lobby, etc. In simple words, carpet area is the area within your home which you can use to move around or lay carpet.
Built Up Area: When you have to know the area of the entire property, or should we say the entire periphery of the property, the built up area comes into picture. This area includes even the thickness of the outer as well as inner walls, in addition to the regular area of the home. As in the case of the carpet area, built up area doesn’t include common open spaces like lift, lobby, etc.
Super Built-Up Area: You get the super built up area when you measure the entire extent of the house, including the built-up area as well as the other usable areas such as corridors, lobbies, stairs, lifts, and so on.
Per Square Foot Rate: As the name suggests, the per square foot rate is the price you pay for every square feet of the property you own or want. In the case of plots or individual homes, the area can be measured with ease. But in the case of apartments, the area is determined on the basis of super built-up area.
Freehold Property: When the owner has full and unconditional ownership of a property, it is termed as a freehold property. This term is usually used in the context of the property, where the owner has complete rights over the land as well as the building that stands on the area. This is an important aspect to be aware of, and helps during disputes, if any, that may arise in the future.
It doesn’t matter whether you are dealing with real estate developers in Bangalore, Chennai, Delhi, Kolkatta or any other city or town in the country; make sure you are aware of the basic real estate terms. Let the developers know that you have done your homework and are serious about the biggest investment you’re about to make in life. It’ll make the home buying process easier, safer and better for you as well as your family.
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