Blog
buying a home in Pune

Everything a first time home buyer looks for while buying a home in Pune

Pune’s real estate sector is buzzing with investment opportunities. High disposable income and easy availability of finance have made buying a home in Pune affordable in urban India. However, buying your first home can be an exciting yet quite stressful endeavor. There are so many questions to ask and so many different aspects to buying a home that it can be a bit intimidating at times.

Whether it is 2, 3 & 4 BHK apartments in Pune when you are buying a home for the first time, it can raise a lot of questions and there are several things you should know in advance so the process goes smoothly.

So what are first-time home buyer tips? Let us run through the following pointers to help you get your dream home.

 

Tips for First-Time Home Buyers
  • Timing

A smart buyer would know what time is suitable for him to invest. It is your financial position that has to be the decisive factor. A slow market would not be the best time for you to invest in property if you have some financial crisis. Similarly, there is no point sitting and waiting if you have enough finances and prices are comparatively high at that time.

 

  • Budgeting and Financial Planning

Before you can buy a home, you must first determine how much house you can afford.  Current debts can include credit card debt, student loans, car payments, etc. If this is your first time buying a house, the lender will run your credit report and ask for things like current pay stubs and prior tax filings.

Plan your EMIs keeping in mind your monthly household expenditure and some amount for contingencies.

 

  • Need Assessment

For home buying, choose the property as per your need whether it is for raising your family, capital gains, rental income, or maybe you would want to move closer to your workplace.

 

  • Credit Score

Know your credit score before applying for the loan. Credit bureaus like CIBIL give you credit reports if you apply online.

 

  • Research Locations

High growth area with better amenities such as connectivity to business areas, proximity to educational institutions, malls, and hospitals gets you a better deal in the long run.

 

  • Builder’s credibility/ Legal Due Diligence of the Property

This essentially means assessing the developer’s past projects, quality of construction, and future projects. You must ensure that the builder has completed all legal formalities such as sanctions, plan approvals, and agreements.

 

  • Know what is sq. feet, built up and super built-up area

The carpet area is the space available for flooring a carpet, the super built-up area is the carpet area including the wall, balcony space, and other areas. The super built-up area is the built area plus the corridor space including the lobby, lifts, staircase garage, alley, etc.

 

  • Negotiation with builder

Sometimes builders offer promotional discounts during festive seasons or if their sales are slow. Don’t lose out on that.

 

  • Pick the best lender

With a plethora of options available, do thorough background research and pick the best deal based on interest rates, processing fees turnaround time, etc.

 

  • Interest Rate Options

Fixed or Floating: With a Fixed option interest rate remains constant during the entire loan tenure and for floating loans, it changes with market fluctuation.

 

  • Payment Plan

Construction-linked Payment Plan: Here you are paying an initial booking amount upfront while the rest is linked to construction milestones.

Time linked: You pay according to a set timetable, whether the construction is on time or not even though the property has been delayed.

With the above checklist, you can be better prepared and know what to expect when you start the home buying process. The above said home buyer tips would come in handy when you are buying a home in Pune. Good luck!

Leave a Comment