8 point for buy new home in kohinoor

8 Point Checklist For buyer of New Homes in Pune

Homes in Pune, Residential Apartments in Pune Years of savings and nurturing of your dream to finally take a leap of owning a Home of your own! How many of us millennial who if not want to go to US, want to invest in a house of their own? How about keeping a Checklist handy before putting your long term dream into practice?

1. Mr. Sharma bought after comparing with the neighboring houses. What about you?

Check out comparable apartments and houses in the area to get an idea of pricing. There are many ways in order to get parallel with the surrounding builder’s properties and specifications, such as:
a. Online portals
b. Brokers
c. Newspaper listings
Remember to check the difference between the circle rate and the market rate in the past and at current levels. A lower gap between the circle rate and market rate will be beneficial since loans are given on the basis of sales deed which is closer to the circle rates.

2.It should be RERA Approved.

It’s a no brainer for all the new homes in Pune these days. Any property should be RERA Approved to be on the safer side from a customer’s point of view. Along with that you must check a company’s profile and professionalism as it does convey your long term relation with the builder for incase you have to get any fixtures made in future.

3.Use an experienced realtor who knows the area and the market.

The job of the realtor is to match you with your perfect property as per your needs, knowing its availability and knowing a price of similar properties in various other locations. The new homes in Pune might not need repair as such, but when buying an older property & if the house is in reasonably good condition, requests for repairs can make or break a deal. The agent will have a good sense of what's reasonable to request and what's excessive. Not just that a good and honest realtor will take you by your hand up till tackling the paperwork, whether or not you’re buying the house for the first time.

4. Make a short list of your non-negotiables.

While buyers may be willing to compromise some of their needs surrounding the purchase, they will undoubtedly regard some issues as being totally non-negotiable and something that will have to be factored in to the buying decision.

Buyers should consider making a list of the ‘must-haves’ they need in a home. Don’t rush it, take your time and consider each aspect of your life which you would need your new home to cater you with. What features would enhance your well-being? And what would make you miserable? From there, make a list of non-negotiables. This will also help your realtor if you’re going through one.

a) Minimum size of the property
b) Growth potential
c) Modern lifestyle features and security
d) Location, etc.

5. Draw up a hard budget and stick to it.

Let’s say you have decided on purchasing a house, but it is out of your budget. Well no problem there, as you can start with mortgage calculator to determine your monthly payment for a mortgage of 30 years, after your down payment. However, keep in mind the Monthly payment = total mortgage + maintenance cost of the property.

If for the particular house, the total monthly payment + all your other expenses exceeds the amount which you can afford to pay then it’s time to move on.

You can also enlist the help of your bank’s loan officer to help you arrive at a figure. He or she will be able to tell you how much the bank will lend you and at what interest rate. While this figure doesn’t necessarily equal what you can afford to pay for a home, it will give you an idea of the most you are able to pay.

6. Do a Sample Flat visit and cross check the specifications

Do you get what you see?
It is most likely a sample flat shown should be taken with a pinch of salt as it is different from what is delivered to you for real. Here’s how:
1. The main entrance of the door is usually made 30% taller and 10% wider with top quality wood used, to make it look grand and bigger than what is delivered.
2. Sales Office – The condition of the sales office has a lot to say about your builder’s future treatment towards you during the entire course of business till delivery.
3. Make sure there aren’t any cracks or unfinished textures on walls or ceilings. The finishing of the sample flat matters. Depending upon that you can expect what you’re going to get delivered with.

7. Understand the actual cost of the property you need to pay

All for-sale homes in Pune have a price tag, but there’s much more to the actual cost of a home, both when you buy and every month after. Before you sign on the dotted line, it’s important to keep in mind the hidden costs of homeownership. Here are a few of the most prominent — and pricey.

1. Mortgage Payments
2. Closing costs
o Appraisal fee: the professional estimate of the home’s value.
o Survey fee: the cost for verifying a home’s definitive property lines.
o Wire transfer fee: the charge to wire funds to purchase the home.
o Underwriting and origination fees: For homes in Pune it is the charge
associated with evaluating, verifying and processing the loan application. o Document prep fee: the cost associated with prepping your loan documents for processing.
o Discount points: For homes in Pune, it is paid at the time of the deal to lower the interest rate on your mortgage.
o Credit report fee: the charge for pulling your credit history and scores.
o Title insurance: a must-get policy that protects you in case the seller doesn’t have full deed and authority to the property.
o Recording fees: government fees for entering new property records.

8. Possession and future maintenance

The checklist can be broadly classified into two categories – List of Documents to Verify and Things to check within the project and respective unit.

Things to check within the Project/Unit

1. Amenities
2. Lifts and common areas
3. Features and fittings
4. Doors and windows
5. Wall Paints
6. Look for cracks
7. Drainage outlets
8. Check for leakages
9. Check switches and plug-points
10. Obtain all sets of keys