7 Real-estate Terminologies You Should Be Aware of before hunting for a new home
Choosing the right home has always been a difficult feat to achieve. It might be both exciting and terrifying at the same time.
How to choose the best location??
What if in a case the house has problems you cannot afford to fix??
What if you love two distinct places equally??
The right choice is always clear only and only after you take all the critical factors into consideration and evaluate them carefully. All these initiates with the very basic step, that is knowing your own desires actually.
Yes, you heard it right!!
Why buying a home (property), it’s indubitably very necessary to be clear on your choice. Means you should be aware on what sort of house you want – big or a medium, you want a house by the side of a happening and busy street or by the country-side with no hustle and bustle.
It has always been referred a good idea to first consult an expert or any of the informative articles before hunting for a new house and its several features. Because of the dynamic environment and the ever-increasing real-estate prices, it is always advised you to be on the smarter side of the spectrum and be aware of exactly where your money is being invested on.
In order to make your work easier, here below some of the most vital real-estate terminologies have been mentioned.
Real Estate Terminologies You Should Know Before Hunting For Home
All these are important for you to know before making an investment of time and money on flats or property in Patna or several other cities.
Terms such as loading factor, OSR, and FSI have been utilized for the area you will charge for:
As the name implies, the carpet area is the area which is covered by the carpet. Or you can say it is the area that does exclude the internal as well as the external thickness of the walls. This area excludes the area covered by the stairs, lobby and the play area.
Carpet area is actually the area that is to get used in the house. Thus, it is always suggested to have an idea of the carpet area before buying a house. Knowing about the space you would have at your disposal will provide you with a rough idea about the area you can make use of for your furniture.
The built-up area is comprised of both the wall area and the carpet area. Wall area is neither concerned with the thickness of the wall nor with its surface area. Wall area is also known as the plinth area, which is 20% more than that of the carpet area. Besides the internal and external wall space and the carpet area, the built-up area comprises of the terrace and balcony as well.
So, in a case, if you think about it, only 80% of the built-up area can get utilized. Means if the house is 1000 sq. feet, you actually get to utilize only the 800 sq. feet completely.
Super built-up area
The Super built-up area is a selling point for real estate agents & builders. It is basically the added built-up area as well as the common areas like a corridor, lobby etc. Some might include the common facilities such as gymnasium, clubhouse, and the swimming pool. Now since the real estate agents charge you onto the basis of super built-up area, so that’s why it is also known as saleable area.
Open Space Ratio
OSR (or Open Space Ratio) is a common term utilized in the development of residential sectors. It is calculated via obtaining the ratio of commonly owned place to the total area of land proposed regarding development.
OSR simply does not include the land parcel proposed for development. The primary motto of OSR is to reserve area for the community swimming pool, clubhouse, parks or resident association that is accessible to residents of the area or the apartment.
FSI or Floor Space Index
Also known as FAR or the Floor Area Ratio, FSI or the Floor Space Index is a new terminology which one should know before hunting for a new home. According to real estate researchers, it is nothing, but just the ratio of the total built-up area of all the floors to the total area of the empty plot.
Thus, the high FSI, the high total super built-up area would be. What’s more, it is also important to know the FSI of your plot or property in Patna or other places before investing in it.
Per Square Foot Rate
Per square foot, the rate is the most transparent information of which your builder can tell you about. This is mainly because it is the per square foot rate which he/she uses to determine the exact cost of home or property in Patna or other cities.
Per square foot, the rate is the cost of carpet area and the super built-up area which can get measured in distinct ways.
The loading factor is usually determined via multiplying a factor with the carpet area that provides us with the super built-up area. The multiplier applied is the actual thing which determines the flat’s proportionate share of the common area.
To be frank, the loading factor is actually the quotient of the super built-up area with the carpet area minus 1. Builders calculate it in a different manner for increasing their profit on a large extent.
So, this was all about major terminologies you should be concern about before hunting for a new home.
With all the aforementioned information in your hand, it is hoped that now you can for sure make a smart and informed decision before buying home or flats in Patna (Bihar) or other cities.