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Home work before you buy a home...

Friday, July 28, 2017

Before you set out on buying a new home here are a few recommendations by Nilesh Ghadge, which should be helpful as you plan along

While property prices have become expensive, the laws, legal compliances and clearances for making a building have also become a bit stringent, more so with the Real Estate (Regulation and Development) Act, 2016 coming into effect. Nowadays, real estate market being lucrative, it is essential for you to know the basics of home buying process.

Importance of location
It is important that you look at a location of the property  in regards to connectivity from Main roads, Railways Stations, Schools, Hospitals and your work place. Any property in a location which is far and wide may be a bit cheaper but with a potential of future development in the area, it can become a good investment but for present, if the property is ready possession you may have to go through some inconvenience which is worth the wait at times. Do not compromise on safety and security elements while buying a home. Before  making final decision  please check on the internet or local  news papers about the prices and the proposed developments in the area. Visit the offices of these developers with your trusted and experienced real estate agents or if you are visiting directly, don’t be hesitant to ask straight questions on prices and negotiations. Most of the builders negotiate today marginally and it is only when you are serious about the property. Most of builders today give you pamphlet which tells you the Down Payment, Stamp Duty and Registration values, time frame to pay the balance amounts and details on slab payments etc.

Do proper paperwork
It is very important to verify property papers.You would require to look at a document called a “CC – Commencement Certificate”. This permission is given by the BMC to the Builders to construct the proposed building. There are many more documents like Title Deeds, Conveyance of the land in favour of the Builders, Title Certificate from a Lawyer, but a lot of builders may not be open to show you these papers directly at the time of enquiry, however, they will show you these papers if you require, if you are buying the property. But then if you cannot understand them, you will have to hire a professional lawyer to review them.

Loan essentials
Bank loan is the major factor in the process of buying your dream home. It is essential for you to be pre-qualified and have a personal eligibility sanction letter with you. This letter will highlight that you are entitled to a  home loan. If you are equipped with this letter, you will have no problems in buying any property as you will know both the Disbursement Values and the Monthly EMI you need to pay and based on both these figures you can take a calculated decision.

Flat inspection process is for precaution and certainly not as discouragement. Inspect the flat before making any commitments. Temperature during the day time, water, supply position, whether tanker or direct municipal water, brightness in the flat without electricity etc. Imagine the flat while empty and after arranging the desired furniture.

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