Monday, 15 June 2015

Home Buying steps for a Wise Purchase

In India, for the majority of the people Home buying is a long process that is an overwhelming experience, both financially and emotionally. In order to make this process of buying property in Pune easier, we share few home buying steps to help you get your desired property in an easier way.
1. Identifying the right location & property: The first step is to narrow down a location or set of areas that you are interested in buying a property in a particular city. Having a checklist to monitor the properties that you see, whether you like or dislike, in certain areas/neighborhood will be helpful. Evaluating the properties you see on the basis of your needs in terms of property specifications & features like the layout, number of bedrooms, size of the kitchen etc. can be done with the help of the checklist. Also, if you are planning to opt for a home loan, then finding out if there is any home loan scheme available from the financial institutions and also about the credibility and authenticity of the builder is also important.
2. Legal due diligence on the property: There are two types of properties you can buy, ready possession property, or a newly constructed property. In either case, you must be sure that the seller owns the property and has legal documents of the property to sell the property to you, and that later on confusions regarding ownership rights can be avoided. For example:
a) Pre-existing property: When you buy a pre-existing property, you need to firstly do the transaction with the seller, agree on the terms and conditions, verify documents, and finally get loan approval if you need a loan.
b) Under-construction property: When buying a property that is under construction you must confirm that the development is legal and that sanction plans have been approved. Otherwise, you might be risking your hard earned money on something that is illegal.
Having discussed about the initial steps to begin with while you plan to buy a property in Pune, it is important to consider the fact that buying a property is not an easy task and takes a lot of well planned steps in order to have a smooth transaction and taking ownership of the property. We shall discuss the remaining steps too, but in our upcoming post. So, till then explore some of the ongoing residential projects in Pune