by akshayA Complete Guide for Buying a House in Pune
Pune, located in Maharashtra, is a popular tourist destination for visitors from all over the country and the world. People from all over the country come to this metropolis for better educational and economic possibilities. However, they have different needs than the average resident when buying a house in Pune.
Pune boasts a wide range of housing choices, from inexpensive studio apartments to mansions fit for a king. Since more people are finding work in the information technology industry, real estate in Pune has been in high demand, especially in the city’s commercial IT hubs.
Follow the Below Stages When Buying a House
Stage 1: Choose a good construction group
It’s crucial to do thorough background checks on potential builders to ascertain their reliability and consistency. Since this is such a substantial investment and a gamble, you should undertake as much thorough research as possible.
Stage2: Decide a budget
One of the first things to do is settle on a budget. Instead of buying a house decides how much money you have to spend. Deciding a budget will let you know the type of residence you can afford and can start your search from there.
Stage 3: Be certain of why you are purchasing a home
If you want to avoid being taken advantage of, you should grasp the ins and outs of affordability analysis before buying a house that seems like a steal.
Stage4: Determine the location and type of property
A significant amount of importance is placed on the home’s location. If you want to locate the finest place for your family to live, think forward at least 20 years. Please consider the quality of local educational institutions and the ease of traveling to and from them.
Stage5: Examine the property’s rent rates
To arrive at a simple value, the comparative approach is often used. In this step, the appraiser finds other apartments in the same neighborhood or location to use as comparisons. You must consider the renting rates of homes if in case you want to rent your built home.
Stage6: Property’s Resale Value
This is the most important consideration when setting a price for a future sale. Location, a house that is near to the office, excellent schools, hospitals, and leisure centers is likely to appreciate over time.
Stage7: Check Loan Eligibility and EMI
You can use the home loan eligibility calculator to calculate your loan amount and EMI. Once you’ve familiarized yourself with the requirements for a house loan and EMIs, the application procedure should go more smoothly and quickly.
Stage8: Stamp Duty and Registration Fee
You’ll need to pay the stamp duty amounts applicable and the registration fee to get real estate officially recorded in your name. However, doing so protects yourself and your assets from potential legal trouble in a disagreement or theft.
Stage9: Additional Property-Related Costs
Buyers in Pune must also pay extra stamp duty and registration fees when buying a house. In addition, mandatory fees must be paid to the government at the time of registration.
Stage10: Obtaining Property Insurance
If you’re wondering why right house insurance is crucial, the answer is that insurance helps you recover financial losses if anything bad happens to your house. This is crucial in the event of destruction brought on by unforeseen circumstances, such as earthquakes, hurricanes, cyclones, floods, etc.
Is this the ideal time to buy a new house?
There are no hard and fast rules for determining when the best time to buy a house is, but you may use these guidelines as a starting point for making that decision:
- Low real estate prices
The real estate market goes through cycles, with periods during which property values are either relatively constant or relatively low. Such times should be excellent opportunities to purchase a property at reasonable prices.
- Lowest interest rates ever
Higher interest rates result in longer loan terms and larger monthly payments. As a result, it is best to close the agreement with low-interest rates.
- Processor charges
For loans up to Rs. 40 lacs, the processing charge is between 0.5% and 4% of the loan amount. The price of a home includes not just this but a wide variety of other fees.
- Reduction of stamp duty fees
In the context of paying stamp duty on real estate, the term stamp duty value refers to the amount determined by the federal or state government.
What are the eight important documents that need to be a part of your home-buying process?
The eight most crucial pieces of paperwork when buying a house are as follows:
- The Sale Deed – a legal document
A sale deed is a formal document used in real estate transactions to prove that the seller has sold and the buyer has acquired the property.
- The Mother Deed
A mother’s deed is a vital document if buying or selling property. This record includes the original deed to the property and any subsequent conveyances.
- The Sale and Purchase Agreement
A Sale and Purchase Agreement is a legally binding contract between a vendor and a purchaser to sell and acquire goods or services on the specified conditions.
- The Possession Letter
The developer will hand over ownership of the property to the buyer on the date specified in a possession letter. This document will be provided when the developer has received a completion certificate from the appropriate agency.
- The Building Approval Plan
Construction plans and floor plans are both parts of the approval process. Local development and planning agencies provide their stamp of approval to these projects.
- The Completion Certificate
A completion certificate is a legally binding document attesting that a recently erected building complies with all of the Buildings Act 2004’s safety standards and requirements.
- The Khata Certificate
The Municipal Corporation is responsible for issuing legal documents, such as the Khata Certificate, that prove property ownership.
- The Allotment Letter
A valid allotment letter is crucial when buying a house in India. After the buyer receives the deposit, the builder provides the assignment letter.
Also read: Know 5 Perks of Real Estate Investment In Bavdhan, Pune in 2023
Conclusion
The ability to make the initial down payment and regular EMI payments on schedule is the most crucial aspect to consider while buying a house in Pune. After that, you’re in a good position to start house hunting as things stand.
