Home Buying Guide

Buying homes is a decision of a lifetime, that requires meticulous planning and relentless research. Homebuyers are spoilt for choices as there are plenty of options available in terms of size availability, budget, and location. Pune is no different. As the city of choice for real estate investments, the options are many for home buyers. 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; depend on the personal needs, and ability to pay.

Setting the criteria for the 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. Mortgages against movable and immovable property, loans from NBFCs, 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 verifying 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 on your present and future requirements, the purpose of investments, and family dependents. A word of caution. Often, people buy bigger homes than what they afford, remember life always gives you another chance to buy bigger homes!

Budgeting and expenses

Sit down calculate finances, and allocate a 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, and other incidental expenses (such as maintenance, and hidden charges).

Location, amenities, and neighborhood

Place of commute, school for children, amenities, and recreational choices in the neighborhood are some of the factors. Municipal resources such as electricity, water supply, roads and transportation, and local infrastructure have to be taken into account.

Neighborhood matters yes! Neighbourhood matters. Check the surrounding areas for the living standards of people, factory/industry/warehouse situated in the vicinity/river, and wastewater accumulation. Remember that they have a 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 neighborhood of Wakad, Bibwewadi, Hinjewadi, and Senapati Bapat Road. With state-of-the-art infrastructure and fine amenities, life at Pride Purple Homes makes for a joyful experience.