Owning a home in Pune is a major life decision. It involves a heavy investment of time and money. Since these are major financial decisions, any mistakes will have long-term repercussions. As a rule, it is crucial to follow some rules so that common mistakes can be avoided. These mistakes can occur at any time or at any stage during the home-buying process. By knowing about these in advance, these can be avoided easily and the process for home buying can be smooth.
Let us look at these:
1. Not planning
Like any major decision in life, we need to plan the process of buying a home too. This major financial decision requires systematic planning. The first part of the process is to decide on the budget. The budget will depend on the location, configuration, amenities, and other costs. After deciding the budget, you need to shortlist properties as per your budget. More than one location may qualify for your budget. Decide the location based on how convenient the location is and how easy it is from your work and other important hubs in the city. A project like Urbana is a good example of a convenient location. If you choose a project like Intercontinental Urbana, you will have the best amenities, a good location, and the most competitive pricing for the affordable segment of homes.
2. Ignoring legal due diligence
Important documents like land titles, no objection certificates, permissions from the municipality, clearance certificates etc. should be checked. A copy of these can be verified with a lawyer to make sure that the project is legitimate. Check for the project details on the RERA website. The details in RERA should match those mentioned by the builder in their communication. You should know the Carpet area, built-up area, and super built-up area of the property you are investing in. If you do not understand any technicalities, you must get them clarified with an expert instead of blindly believing what the developer and his team say.
3. Overlooking finances
Buying 2 BHK flats in Chakan involves a large financial investment. Before deciding on the property, you must put down the calculations on paper. Taking the budget into account you must factor in other expenses like registration fees and stamp duty charges. If you are taking a loan, it is best to have a pre-approved status with important banks that offer the loans. Only after such clarity will the buying process be smooth. The payments can be kept ready to pay out at the right time without being unprepared.
These are some important mistakes to be avoided when buying a home in Pune.