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Home buying: The perfect guide

Friday, September 29, 2017

The festive season for real estate is very much on. With Dussehra just a day away, it is a time many look for homes. Nilesh Ghadge shares some important tips on home buying

There is  nothing  more precious to us than the yearning to have our own home. However, the excitement of buying a house is often accompanied by anxiety. There are several things that prospective buyers should keep in mind before buying a house. It is essential that you should know how the home buying process works before making any drastic decision

It may be a good idea to look at the purchase of a home as a series of steps. The first step in the home buying is the identification and analysis of what you require from a home. The list may include features that must be absolutely present in the home, to features that are not absolutely necessary but are nice to have.

The next step is to estimate and establish the funds at your disposal. Given the variance in property prices today across most places, it becomes imperative to calculate in advance the total funding capability you have for the proposed purchase of your home and then arrive at a budget. The funds may be available from various sources: personal savings, Banks and borrowing from friends and relatives.

In case you find that you require a loan from a housing finance institution, a good idea would be to get a pre-approval sanction from a bank.  Getting a pre-approved loan means that you have already dealt with one of the trickiest parts of the purchase process, and can now focus your time and attention on finding the best property options available. Pre-approved loans also give you an upper hand when you are at the negotiation table with a developer.

Location
What makes the perfect location? Good neighbours? A great view of the local park? Actually, it takes a lot more than that. Don’t judge only by the actual site of the residence, or the cost of the property. Land and property rates do differ from area to area, and this is an important consideration as far as resale value is concerned. But the general state of the locality also matters a lot, both from a domestic as well as investment point of view. The neighbourhood locality consists of more than what you can see from your kitchen window. To get an overview of whether the locality of your intended home is on the way up or down, take a walk or slow drive around the residential and commercial areas.

Help of RERA
The legal status of the land is also an issue that you should address before short-listing a property. The main reason behind bringing the Real Estate (Regulation and development) Act, 2016  is to streamline the process of home buying and bring complete transparency. Once the project is registered with RERA, all the details about the project should be uploaded on the respective site along with other certificates required before the project begins by the developer.

Under RERA, following are important things buyers should keep in mind:
1.    Is the Project Registered under RERA?
2.     Does the developer have an Established Track Record ?
3.    Financially Stable Developer
4.    Approvals and License
5.    Check if the Land is under no Dispute

Cost of Property
How does one assess the cost of a property? It must start with the cost of land -- an important component in real estate development. Land value increases or decreases according to its location. After land, next comes the cost of construction. The basic cost of good construction is the same all over a city irrespective of the location of the land.

Difference between super built-up area and carpet area
While buying the apartment, educate self about the difference between super built-up area and carpet area under RERA. The super built up area includes lobby, stair case and outer area of the home, whereas the carpet area is the one that falls within the wall. The developer has to charge you for the carpet area, but not for the super built-up area.

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