Published on Friday,
Before you purchase a home, whether it’s apartments in Bannerghatta or villas in Electronic City, you need to know the ABCs of real estate. It is crucial to know at least a handful of basic terms, before deciding to buy a home. Here are a few of them to help you in your search to find the perfect home: 1. Carpet Area: Carpet area is the area that is enclosed within the walls of the house. It does not take into account the thickness of the inner walls. It is the actual area that is used for an apartment or office. The carpet area usually includes a certain percentage of the other areas of the home such as the terrace, balcony, and verandah. This can result in your usable carpet area being much smaller than you expected, which is a common mistake made while calculating the total carpet area. If you’re planning on buying a luxury villa in Bangalore, make sure to calculate the carpet area carefully. 2. Built-up/Super built-up Area: The built-up area includes everything from the thickness of the outer walls, balcony area, and the carpet area until the inner walls. The super-built up area is also known as the saleable area. It is the total built-up area of the house, plus a proportionate share of the area of all the common amenities in the complex. These include the entrance lobby, terraces, corridors, staircases, lift shafts and lobbies, clubhouse, and other common areas. However, this is only if they are not separately charged for. Also, some of the areas that are not included in the super built-up area are open-sky swimming pools, water tanks, and open sports facilities. 3. Floor Space Index (FSI): The Floor Space Index is also known as the Floor Area Ratio. It is the ratio of the combined gross floor area of all the floors to the total area of the plot. It differs from locality to locality, and depends mainly on the infrastructure of the project. The only areas exempted are those that have been specified by regulations. A higher Floor Space Index has a higher built-up area. 4. Per Square Foot Area: The developers of the area decide the value of the property based on the per square foot rate of the super built-up area. This is the reason why the super built-up area is termed as the ‘saleable’ area. 5. Loading: The difference between the super built-up area and the carpet area of your home. It adds the constructed places that are not allocated only to you. The shared areas, as well the balcony and terraces, are included. If your residential area does not have a lot of amenities, the loading factor is low. A high loading factor will reduce the carpet area of your house significantly. Being familiar with these real-estate terms will help you act smart and save money. Keep in mind that a lower price does not always mean a better deal. Keep these terms in mind while purchasing your new home!