Buying a home is one of the most important decisions of one’s lifetime. Each one of us wants to make sure that we do all that is possible to find the best property or the best deal before buying that dream home. However, home buying is a long process that has many critical aspects, and overlooking even one can prove to be costly in the long run. Read on to find out the five must-dos before finalizing the deal and purchasing your home:
- Always keep the future in perspective
It is imperative that you make an honest and rational assessment of what your needs are at the moment, what your long-term needs may be, your current lifestyle, financial situation, future prospects and goals. On the basis of this, decide on the amount of home loan you can take. Remember that you can avoid paying both rent and EMI, if you opt for ready-to-move-in flats. Otherwise, map out a financial plan such that you can balance the rent and pre-EMIs without putting excess strain on your resources.
- Pay Heed to the Locality
While choosing the locality, home buyers should keep an eye on the past price trend (per square feet) of the area. This will give a fair idea about the expected gain from home buying as a real estate investment. Other factors to look for are infrastructure, security, liveability and connectivity. Do research about the future developmental plans in and around the locality to get an idea about how things will look in the future. It is worth noting here that prominent industry leaders like Shahid Balwa of DB Realty have propelled the construction of numerous up-scale residential projects in Mumbai and its suburbs which are being liked by new and prospective home buyers.
- Check the credentials of the developer
Remember to opt for a renowned and experienced developer in that region having a credible reputation and goodwill. That is possibly the most prudent decision to take financially. Home buyers must also watch out for the quality of construction material used in the project. The developer’s commitment to executing projects as per plan and the track record of timely possession of flats are other aspects to be looked into. Enquire about other projects undertaken and/or completed by the particular real estate developer in the past.
- Review Proposed Project Layout Plans
According to Shahid Balwa, it’s important to go through the project plan in advance to ensure if all that has been promised is being included in the project layout. Projects with modern amenities like guest parking, sports pavilions, common halls, clubhouse are preferred by home buyers. Yoga centres, walking pathways, children’s play area etc. are also some of the sought-after features usually found in good residential projects.
- Look For Transparent Deals
Home buyers must look for transparent deals. Check if the developer’s project is approved by leading home loan companies. This would also help you in getting faster loan approvals. Also, insist on receiving the Occupation Certificate or Completion Certificate from the developer on completion of the project. Before signing the Sale Deed, read its clauses carefully to avoid any unpleasant surprises later. Also, double-check the details like your name, address and PAN, address (specification) of the property being bought and clause of parking, if any.