9 Things To Look For When Buying A Flat In Pune
Mihir and Riya, a young couple from Delhi, are tired of living in rented accommodations for years. It has been hectic for them to search for houses for rent in Pune and adhere to the landlord’s terms and conditions. Looking at all the constraints- budget, location, distance from the office they are unable to finalize any given rented apartment choices. Now, they have decided that buying a flat in Pune will end all their worries once and for all. There will be no stress of transferring rent to the landlord’s account every month, and they can invite their friends and family without fretting much. Mihir sits at the dining table with Riya and starts searching online for options for buying a flat in Pune.
Here are 9 Things To Look For When Buying A Flat In Pune
1. Location:
First and foremost, the location needs to be shortlisted. Selecting a location near the workplace is always an important factor. Picking up a location near the office will reduce the travel time on the road and provide the luxury of more time at home to rest and unwind. Connectivity to main roads, proximity to metro lines, and distance from the airport and railway stations are some of the factors that determine the price of the location.
Must Read: Top 5 Affordable Localities in Pune
2. Builder:
Today, there are plenty of options in the market when considering buying a flat in Pune. The customers have a wide variety of choices in every budget, be it for 1 RK, 1 BHK, 2 BHK, 3 BHK, villa, row house, or commercial property. From big names in the business to mid-scale players and budding builders, the buyers can choose what may seem fit to their preferences. The builders are leaving no stone unturned to attract the buyers into buying their property. When searching for best real estate builder in pune make sure to study their track record of completing projects on time and the quality of construction.
3. Budget
Perhaps this point is the most important consideration when buying a flat in Pune. Every search starts with a budget in mind, and the buyers go for a property search with this specific budget in mind, and the same is communicated to the sales team. It is imperative to fix a budget according to the location chosen because some places might be expensive as compared to others; for example, areas near the Pune airport or Kalyani Nagar will be much costlier in comparison to areas like Punawale or Marunji.
4. Size –
For buying a flat in Pune, the size majorly depends on the family size. If a working professional is investing in a property in the early years of his career, he/she generally prefers 1 RK or 1 BHK. For a couple or a family of 3 people, 2 BHK is mainly preferred. For a large family or buyers who have some specific consideration in mind, 3 BHK or a row house is generally preferred.
Must Read: Size vs Location – Which is more important for first-time home buyers?
5. Amenities –
In the present scenario, the customers are spoilt for choices. Amenities like a gym, children’s play area, swimming pool, lounge pool, community party hall, basketball court, landscape garden, jogging track, library, etc, attract buyers for selecting a particular property. But one thing a buyer must understand is that the more amenities, the higher the price of the property because the development and maintenance of the property is an expensive affair. When buying a flat in Pune, the buyer should always keep in mind the additional cost of amenities once they start living there.
Must Read: Things to Look for When Buying a House | Buying Property in Pune
6. Legal Aspects-
Due diligence in legal aspects is very important for any property deal. When buying a flat in Pune, the buyer should ensure that the property is free from legal disputes or liability, shielding buyers from deceitful actions. The legal process enables a thorough investigation of the property’s title, ownership, or any pending litigations, if any. It is advisable for the buyer to review documents like sale deeds, title deeds, construction approvals, payment of taxes, building approvals, and property tax records. When the buyer pays attention to legal matters when buying a flat, it ensures a peaceful transition and protects buyers’ interests when purchasing a flat.
7. RERA Registration –
By law, it is mandatory for every real estate project to be registered under the respective state’s Real Estate Regulatory Authority (RERA). It implies real estate players adhere to its strict regulations and guidelines. It is a major guardian of the home buyers’ rights, which can be exploited by fraudulent builders and false claims. When buying a flat in Pune, one should also check if the property is registered under Maha RERA.
8. Loan Options –
Not everyone can afford to buy a flat in Pune in one go. There are so many home loan options that one can choose from. From LIC and SBI loans to banks like ICICI, HDFC, etc, the buyer can look for options that fit their pockets the best. Some charge low interest rates, some charge a higher one but give better facilities- the choice is plenty to choose from.
9. Resale Value –
When buying a flat in Pune, also consider the resale value of the property for times when you would want a house upgrade or you are moving to a new city/ country. When you want to sell off the property, it should generally generate a profit of 15-20%, depending on the location.
Conclusion
A lot of people are investing in real estate as it gives many prospective benefits. Though the process is tedious and time-consuming, it’s essential to conduct in-depth research, evaluate your risk tolerance, and review aspects such as location, market state, property form and size, and personal economic goals before making any investment choice.
Buying a flat in Pune might look daunting at first, but if Mihir and Riya consider these 9 things, it will be easy for them to shortlist and finalize properties. Decisions like these will take weeks and months to eventuate, but it’s absolutely necessary to take your time and search for the best options available in the market. It is of utmost importance that the investor/ buyer thoroughly researches the market and makes himself well-versed with the terms and conditions of purchase before making such a big decision to buy a flat in Pune.
