Pune

Whether you are an investor or end-user, pay close attention to these five points before you close the transaction.

Buying your dream abode is one of the key decisions you take in your lifetime. Hence, it is extremely crucial to factor in all these key concerns before taking the plunge. So, whether the property in question is going to be your home or an investment, ensure you take qualified advice from friends, family and experts. Here’s what to bear in mind:

Budget: 

1 One has to be sure of the budget he/she has in mind, as this decision will directly have an impact on the area you would end up investing in;

Brand name:

2 The track-record of the developer is the second most important aspect to be verified. "It gives a clear idea of the past history of the developer i.e. number of projects he has completed; timeline of delivery; construction quality and pricing of the project (read: whether or not it is at par with the current market rate, etc)

Approvals:

3 "Is the project RERA certified? Is the project home loan approved by the major banks and HFCs? Is the project legally sanctioned by the government authorities? The answer to these questions is mandatory before finalising the deal," 

Agreement:

4 The sale agreement should be given a good amount of attention, as it includes a number of clauses, terms and conditions and legal implications, which shall safeguard all the stakeholders involved;

Finance:

5 If you are an end-user, chalk out how you will arrange your finances (will it be self-funded or would you have to borrow the money?). If you intend to borrow from financial institutes, make sure you do a thorough research and conduct a comparative study w.r.t. interest rates, processing fee, monthly EMIs, etc. In case you are an investor, meet your financial planner and understand what financial structure best works for your property investment.