5 Pointers For Being A Qualified Buyer Of Luxury Apartment


The house buying and purchase industry might be moving slowly because of the slow economy in the ongoing pandemic. However, things are picking up the pace and the people who are interested in buying luxury properties such as at the Medallion Mohali sector 82 Mohali have been quite active once again.

Although there is a good demand for buying and selling such luxurious properties, there are various tactics that you have to work on to make your buying experience and decision the best one. However, ensure before making the investment that your money is getting a luxury return as well since the amount you are paying is quite significant.

Sometimes, even the most basic properties are labeled as a luxury just to woo the customers. So ensure that you are not falling prey to such marketing tactics by the flashy brochures and get a closer inspection with a personal visit and thorough inspection. There’s a whole lot of difference you could spot once you compare an average apartment with a luxury one, and there is more than what meets the eye.

Luxury Apartment

A luxury apartment and its community are built from scratch to perfection and it requires a lot of effort to make and maintain the same. you will see that it holds various upscale amenities, reliability, security, and a reputation amongst the community of that area.

You step in and you see that the appliances are made of stainless steel, the swimming pool gives a texture of a resort-style, countertops are made from granite, advanced equipment gymnasium, and even a virtual fitness studio. There’s a lot that could go with a luxury apartment and the levels can be uplifted anytime soon.

However, the selection process isn’t easy and while you are selecting your favorite space, you need to ensure you are also amongst the ones who qualify for the same. Watch out for these top 5 picks:

Luxury Apartment
  1. Reputed Credit History

You might be planning to finalize on those 3 BHK flats in Mohali, ready to movein facilities provided there for your comfort. However, the dealer might look for your credit report once you are 18 years of age or older and being an applicant there.

Based on your credit report, they will get an idea of whether you have any outstanding debts, along with the following details such as your loans, mortgages, utility companies, and credit card companies. However, your medical bills or student loans won’t be considered to be part of your ongoing credit.

So make sure you are maintaining a perfect credit score, one within good range before you move forward to apply. Going with the best to get the best should be the mantra!

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  • Genuine Income Source

The combined household income you have must either meet or exceed 3.5 times the amount one has to pay for the monthly rent of the same luxury apartment you are eyeing for.

For instance, if the luxury apartment of your choice has a monthly rent of 2L, the household (everyone who is above the age of 18 years) must be having a combined gross income of at least 7-8L a month. This verification here is important for you as well as you to ensure that you have enough funds in your pocket to cover your monthly expenses without causing any stress.

  • Maintain A Positive History Of Rentals

When you put forward your application process, the rental history associated with it does play a crucial role here. Since the residence history of each applicant who is 18 years or older will be put under the bar of review.

If any of the applicants come with a history of later payments, damages, evictions, or lease violations, as per the rule, it makes them disqualified from renting or buying any luxury apartment.

  • Steering Clear From Criminal History

Once you have submitted your application process, there will be a complete check done for your criminal background. That is one thing you want to steer clear of while being qualified for a luxury apartment.

Make sure your record is clean and shouldn’t mention any criminal convictions in the past 5 to 7 years, that involve physically abusing a person or property. Along with this, there is little focus given on the possession, sale, or usage of illegal drugs or even the manufacturing of them.

  • Clean Finances

With your finances, a complete 12 monthly record will be checked where you shouldn’t have faced any eviction, bankruptcy, or foreclosure. Finding anything with your record will result in instant disqualification and you have to wait longer to get a step closer to your dream home.

Apart from this if you maintain a period of sustainability for 6 months with your finance, it will act as a crucial role in your financial report and qualification for the luxury apartment.

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