Buying a house is the most important decision a common man makes in his life and with the coming of low-cost housing he can reach his goal with much more ease.

But as it's the most valuable buy of your life you need to be very careful with every step.

Affordable housing has become the new mantra in Indian real estate where builders are luring investors to buy houses which not only come under their budget but also fetch good returns.

However, as a consumer you need to be aware of the fine print before you take the plunge as many consumers are very easily fooled by fancy promotional campaigns and hidden charges.

After recession builders have been reeling under pressure of a credit crunch, thus many projects have either been delayed or some compromises have been made with what was promised and later what was delivered as the final product.

So it is very important to do your homework and a proper research before singling out a specific house.

Pick 5 to 6 projects that may suit your requirements and then finalise your dream house after considering various charges involved and the facilities being provided by the builder.

Visit the construction site and analyse the particulars involving the built up area, carpet area, super built up area and also the room height.

Carpet area is the actual area that would be used; it excludes the area where the walls are built.

Built up area includes carpet area and area of walls and ducts. It should be around 10 per cent more than the carpet area.

A terrace is considered as half the actual area for calculating built up area. Some projects charge dry terrace same as internal rooms.

Super built up/saleable area is the built up area and mark-up for common spaces like lifts and stairs. It is usually 25 per cent more than the built up area.

Super built up area is billed to you by multiplying it with the rate per square foot. So while buying the flat you need to understand the difference between the carpet area and the super built up area.

Thus, you would know what all are you paying for and what is the extra charges. This area should include common amenities that are built but are not directly charged to the consumer.

Verify the sale document being signed with the builder, it should have all the details about the carpet area and other built up area.

While comparing different projects find their carpet area and then calculate the cost being charged according to the rate per square foot being charged.

There are several other charges like electricity backup charge, parking charge, maintenance charge and so on and so forth included in your bill while you select that beautiful apartment.

Do compare and consider these charges before you select the right project.

Height of the ceiling is also an important factor that needs to be considered. Make sure the height of the room is not less than 10 feet.

You should verify that the project has been constructed in accordance with local laws and is free from litigation or is not subject to adverse court orders.

Check whether the plot on which the building stands is non-agricultural and has a clear title.

Study the market for at least a year. Study areas include rates (real and quoted rates), resale rates, negotiation skills, loading factor (carpet vs saleable area), water and infrastructure issues, builder's credibility, delay considerations, EMI and interest calculations.

Don't be emotional while buying your dream. Don't over-stretch on your budget.

Consider rent vs buy calculation and if buying is costly, then reconsider.

Persuade your family members that buying is not favourable in current scenario.

Don't believe in speculation that after couple of years prices will double so you don't need to worry about high prices.

Be smart and don't let anyone eat up your hard earned money. Make wise decisions.

Happy home hunting.