Buying homes is decision of a lifetime, that requires meticulous planning and relentless research. Homebuyers are spoilt for choices as there are a plenty of options available in terms of size-availability, budget, location-specific. Pune is no different. As the city of choice for real-estate investments, the options are many for homebuyers. The article serves as a primary guide for home buyers, based on three factors, including (i) Type of property, (ii) Budget and (iii) Location.
While the type of property depends on whether it is pre-owned/ready-to-move or under construction, budget, and the location- self-explanatory, as they are; depends on the personal needs, and ability to pay.
Setting the criteria for search
Depending on the purpose, decide on the area, size of the apartment/home and the real estate investment. Skim through properties online for primary research on the basis of builder reputation, locality and other factors including budget, and amenities.
Loan and bank assistance
Decide whether you wish to pay upfront or seek bank assistance to finance homes. Mortgage against movable and immovable property, loan from NBFC’s and private lenders are the options. However, it may require extensive paperwork in each case.
Pay special attention to the hidden charges that most financial institutions charge and understand the extent of your liability in relation to the actual loan sought. Understand the implications of fixed and floating rates.
Builder reputation, paperwork
Be ready to spend a lot of time to verify paper and records and marketable titles. Understand the RERA compliances, the title deed, revenue records, for encumbrances and legal titles. If need be, seek advice from legal advisor to clear all doubts.
Terms and Terminology that you must be familiar with
The Real Estate Regulatory Act (RERA) uses terminology such as super-built-up area, built up area, carpet area, loading, PLC (Preferential location charges), floor rise, RERA, possession date, slab wise payment schedule etc. Acquaintance with these terminologies may be handy while buying properties.
Size and budget that matters
Choose the configuration and area depending your present and future requirements, purpose of investments, family dependents. A word of caution. Often, people buy bigger homes that what they afford, remember life always gives you another chance to buy bigger homes!
Budgeting and expenses
Sit down and calculate finances, allocate tentative budget based on cash reserves and the loan amount that you are eligible for. A tentative budget should take into consideration the available cash in hand, expected EMI, other incidental expenses (such as maintenance, hidden charges).
Location, amenities and neighbourhood
Place of commute, school for children, amenities, recreational choices in the neighbourhood are some of the factors. Municipal resources such as electricity, water supply, roads and transportation, local infrastructure have to be taken into account.
And yes! Neighbourhood matters. Check the surrounding areas for the living standards of people, factory/industry/warehouse situated in the vicinity/river and waste water accumulation. Remember that they have direct impact on property appreciation from the long-term perspective.
Pride Purple offers a wide choice of lifestyle homes across the city of Pune and in an enviable neighbourhood of Wakad, Bibwewadi, Hinjewadi, Senapati Bapat Road. With state of the art infrastructure and fine amenities, life at Pride Purple homes make for a joyful experience.