The right kind of home is important and finding one is bit difficult. You will be able to do it successfully when you take the different critical angles and then check them out for the percentage of difficulties each pose. You should first take into account the features of the house that you want. Will it be big or a small one? Do you want it in a busy place or you want to live in the peaceful country side? Take an idea from the consultants so that you know about the features available and the prize difference for each type of real estate. You must be aware of the amount that you are trying to invest and what are the best ones available within that amount.
There are some terms that the real estate world uses and you need to know them in details to be able to converse with the agents or agencies. You are going to invest big time and you should know the words with which the real estate features are to be discussed professionally. You are looking for properties in Pune or Bangalore and you should know the terms like OSR or FSI and similar other terms.
Areas denoted by carpet area – The area that can be covered when you place carpets in the rooms are mentioned as carpet area. This excludes the thickness of the walls that fall at the outer and also in the inner side. This area also does not cover the lobby or the stairs and the other extra areas. The actual area that you can utilize when you are living in the flat or house is the carpet area. This will give you the idea of the space that you can get to set up your furniture and so you can plan your interiors accordingly.
Built-up space or area – when you are taking into consideration the area that are taken up by the walls and the carpet area, then it is the built up space area. The thickness of both walls of outer and inner space and the balcony with the terrace together makes the built up space area. So mostly if you have the whole house, you can use about 80% of the total built up space.
Space that is called super built up area – the estate agents often use this term and it consists the selling point of the property. When you know the built up area and then add the lobby and the corridors or the common area with other flats, it makes the super built up area. There are buildings that have got swimming pools and gymnasiums and these areas are also included in the super built up area. The more the area of the building, the more is the saleable portion. They will charge you on the basis of the super built up space.
Floor space index or Floor area ratio – The floor space index or floor area ratio is a term that each home buyers must know. This is the ratio of the total built up area of all the floors of the building to the total space or area of the empty plot. When the floor space index (FSI) is high, it means the super built up area is high too. The FSI of the plot shows the limit of the plot beyond which there should be no construction. The property dealer or builder should tell you about this and show how he has taken care of the limit. The municipal council keeps a check on the FSI limit of an area and if it is taken care of. This term is important when the building is a high rise one.
Ratio of the Open space – This is a term used mostly in residential areas and is the ratio of the commonly owned area to the complete area of the proposed land that has been taken for development. You may find that if the common land is of 2 acres and the land for development that they propose is of 4 acres. Then the ratio is 50% and this Open Space Ratio is calculated to keep aside land for community halls, swimming pools and parking areas for the people who own apartments in the plot.
Know the loading factor – A factor is multiplied with carpet area to bring out the super built up area. The factor that is used for multiplying gives the proportionate area of each flat in the common area. The actual equation is the quotient of super built up space that is calculated with the carpet area and then 1 is subtracted from the result. The loading factor is mostly about 30% of the of the apartment and when the builder gives more facilities, the loading factor can go up as high as 60%.
Rate of area per square foot – The builder of every building will provide this information for the client. This is the rate for each square foot that the builder asks for from the buyers. The rate is for the carpet area and also for the super built area. These areas are measured and then the rate is determined at an approximate way. The condo buildings have their specific ways of measuring the areas.
So now you have the terminology to understand and follow any write up or conversation regarding the real estate.
This industry is growing each day and it would be an intelligent thought to invest in this industry and buy some properties within your limit. Take a decision after taking into consideration everything that is necessary.
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