House hunting for the first time can be exciting but sometimes it can be stressful and a confusing process. A major milestone lies behind purchasing a home at any place like Burnaby. Hire a real estate agent in Burnaby B.C. who will take care of your interests and not just think of its personal benefits.
Purchasing a home is a major milestone that is on the list of many people’s to-do-lists and they have financial fear too. You can take control of home buying process with time, care and research. There are some terms related to this process, when you consult a real estate agent for the buying or selling process.
- Super built-up Area: This area is the saleable area as the per sqft rate affixed by the developer is based on this area of all the common amenities like lobby, lift shaft, staircase, garden, gym etc.
- Built-up Area: It is also known as base area. The area under this is the total of carpet area and thickness of the walls in lobbies, lift area, basement, staircase etc. Usually this area is 15-20% more than the carpet area.
- Carpet Area: The area that the buyer of the flat actually gets to use is the carpet area. The floor space available within the inner walls of the flat is for the use of the owner.
- Floor space Index: Floor space index is the ratio between total built up area of the building to total area on plot which is allowed by civic body.
- Premium FSI: The additional built-up area constructed over and above the normal allowable. When the individual pays a premium to the authority, permission is granted and normally done in areas where land prices are very high. This allows the builder to better utilize space and provide adequate value to the buyer.
- Guideline Value of Land: Value of the land is the land as determined by Govt. on which stamp duty and registration fee is payable. This may vary with market value that is determined by certain factors. It is calculated based on facilities and infrastructure and is periodically revised.
All these terms may be explained by some agents but prior knowledge is important.
