If you have decided to buy a property, you have to dive deep into researching. It is one of the biggest purchasing decisions of your life. So you need a clear knowledge of the different processes before purchasing.
Terms in Real Estate to be Aware of:
While buying a home, you will also come across several unique terms. These terms have explanations of their own and play an important role in the purchase decision. We provide you with some of the popular words among the real estate service providers in Jaipur.
- Per Square Foot Rate: This is the most basic price structure offered by the builder. As the name suggests, you have to pay for the home according to each square foot. This price is a guiding factor of the total value of the property. The total area determined by square foot is measured in an approximate value.
- Carpet Area: The carpet area is the area on the surface that excludes the thickness of the walls. The bathroom and kitchen are also included in this area. The areas of common usage are not included in a carpet area.
- Open Space Ratio: This is the ratio between the common space and the building space of the house. The open space ratio reserves the area of common usage such as the park, swimming pool, jogging tracks etc.
- Built-up Area: It is an addition of the wall area and the carpet area of a house. It is also known as plinth area and can measure 15-25% more than the carpet area. Unlike the carpet area, the depth of the wall and the area of balcony, kitchen and bathroom are counted here too.
- Floor Spacing Index: The FSI or Floor Space Index is the ratio between the total built-up area of the floor and the total plot area of the house. A builder knows the limit of the FSI. Constructing beyond that limit is illegal. A high Floor space index means an increase in the super built-up area.
These are some of the basic terms that you may come across. Basic knowledge of these terms will help you make an informed choice before buying a property.
If you dream of owning a home, contact Search Abode. We are a reputed real estate builder in Jaipur. Get the home you are looking for easily with us. A smooth property handover and zero hassle payment will make the process easier for you.
Reference Link: https://www.rohanbuilders.com/blog/7-basic-real-estate-terminologies-to-know-before-hunting-for-a-new-home.html