7 Steps to Buying

This is the most important step as a realistic estimate of your budget will help you choose your dream home appropriately without any hassles.

Some questions that you must figure out answers to are:

  1. Would you need to sell before you buy? If yes, then get in place the market value of your property so that you know how much your financial capacity is.
  2. If you are planning on taking a loan then what amount will you be eligible for based on your credit? This will vary from bank to bank, so getting proposals from a couple of banks would help.

You would also need to gain clarity on the time period for the funds that you expect to be available.

This is the step that involves you narrowing down on what are the salient features of the home that you are planning on buying.

Some questions that you must figure out answers to are:

  1. Are you looking for an apartment, bungalow, tenement, row house etc?
  2. How much space do you need? Do you need a 1 BHK? 2 BHK? 3 BHK?
  3. What is the size in sq feet that you are looking for?
  4. Would you need a servant’s quarter?

What amenities will you want in the society?

This is the step wherein you would need to decide the location based on the following points:

  1. Decide whether distance from your work place/ children’s school/ spouse’s work place matter while taking a decision on the location of your home?
  2. Would the distance from public transport play an important role?
  3. Would you want to keep in mind nearness to a hospital/grocery store/airport etc?

Would you need the nearness to religious places?

This is the step wherein you should look for a good agent who will be your advocate in helping you buy your dream home. In this step, your actual search for options starts based on your requirements that you have identified in the first three steps.

  1. Search online on property portals
  2. Search through Real Estate classifieds in newspapers
  3. For new projects, get in touch with sales representatives at the site offices
  4. If you have identified any particular ready scheme then talking to the manager of that property to check if options are available can be another way.

One of the best ways to proceed with this step would be to contact a professional Real Estate Agent like a RE/MAX Agent who will be not only a one stop shop for all the above mentioned search steps but would also have one more added advantage of being able to give you more options instantly because of having a strong network of RE/MAX Brokers.

Get your Agent to show you options as per your requirements and then see a variety of options so as to make the right choice at the right price.

This is the step wherein the options that you have seen need to be evaluated based on what you need rather than what is available. This is where you need to keep an eye out for the following:

 

  1. What is the age of the people who will be living in the flat? If you have your parents or any other elderly people staying with you then looking for something on the floors would make sense.
  2. Are there any amenities that you are looking for in particular, which option best matches your requirements?
  3. Does the option that you have liked the best have enough sunlight coming into the house?
  4. What is the age of the construction and what is the construction quality?
  5. Is the option that you want to choose Vaastu compliant?

What is the super built up area and the carpet area?

By this step, you have finally narrowed down on what is the ideal option for you. Before you proceed ahead with closing the deal, you need to check for the following documents:

 

The list of documents that you need to furnish to a lawyer would vary from property to property:

  1. In case of a Flat or Office in a residential or commercial building / society following documents would be required:
  2. Sale Deed in favor of the seller or in case if the property is old then Allotment Letter and possession letter in favor of the seller
  3. Share Certificate in favor of the seller
  4. No Due Certificate from the Society / Association
  5. No Objection Certificate for transfer from the Society / Association
  6. Affidavit of the Seller that he has not created any encumbrance or third party rights on the said property

 

  1. In case of a Agricultural / Non-Agricultural land following documents would be required:
  2. Minimum last 30 years of land record (7×12 extract, Form no. 6 etc.)
  3. Sale Deed/documents by which the seller has become the owner of the said land
  4. If the NA land is part of any society / association, then a No Due Certificate and a No objection Certificate from the society /association
  5. Affidavit of the Seller that he has not created any encumbrance or third party rights on the said property

This is the last and final step wherein the payment needs to be done either as per the payment terms set up by the Developer or as per the agreement between you and the seller. This would include the following steps:

  1. Payment of token
  2. Payment at the time of the final agreement
  3. Registration payment
  4. Full & Final payment either at the time of possession or as per the payment timeline

Completion of the above mentioned 7 steps brings you to the stage of being “Proud Owners”.