Main Criterias for exploring home :

• Location (eg. Kandivali or Malad in Mumbai)
• Configuration (eg. 2bhk or 1bhk)
• Price Range (eg. 2 bhk below 2cr.)
• Prefered connectivity (eg. Near to railway station, temples etc.)
• Size of flat (eg. 2bhk – 700 sq ft)
• Possession timeline (the time of delivery of the flat)
• Parking facility and type or parking (open parking or stack parking)
• Exterior Amenities (like Pool, Gymnasium, Indoor Games, Garden etc)
• Interior Amenities (like floor to ceiling height, sanitary fittings, tiling etc)
• Reputation & history of Developer
• Skills of Real Estate Broker or Channel Partner
• Any litigations (can be checked from RERA website)

Please note that your all preferences are very difficult to match so make a list of the ‘must things’ , ‘good to have things’ and the ‘can be compromised’ factors from the above list.

Other Points before a deal :

• Check if the construction is ongoing and also about the history of project for under construction properties

• Apart from the price of the flat also make sure you know the maintenance per month which will be applicable since it’s a recurring expense, so one has to factor that payment on monthly basis too while buying a house.

• After negotiation and giving the property token the buyer should check the property documents with help of a good property lawyer, a real estate broker can assist in this.

• If it is a resale property, then post negotiation the buyer should try and meet the secretary/chairman of society.

• In many resale properties or investor properties there is a transfer fee during a second or further sale, the buyer should check the society transfer charges before finalizing the amount or price.

• Parking provision and parking allotment must also be checked.

• Avoid exploring too many properties or else you’ll end up getting confused, for example there are plenty of options available if you plan to buy a property or apartment in Mumbai. So if you keep exploring your home in Mumbai you will never narrow down on your search.

• Be focussed on what’s the criteria and see those properties which fits in the budget and which matches your criteria, else you won’t like other properties, since you are not comparing equivalent homes or offices

• Take assistance of a good property broker or a real estate consultant for making sure you get the right property at the right price. Try to get help of a local broker in that area. For example if you plan to buy a home in Kandivali, Mumbai, take assistance of a good broker from Borivali, Kandivali or Malad region

• If you are taking a home loan make sure that you have checked your eligibility before finalizing a property if you are dependent on your loan amount

• Make sure you are prepared to bear the EMI and also the Interest amount if you are taking a bank loan

• Make sure you take the tax benefits in case you take a home loan, your real estate agent or your CA might guide you for the same

• Do not overspend for a luxury house if your budget does not permit, going slightly beyond the estimated budget is fine but make sure you have enough liquidity available for short term contingencies and emergencies

• Do not get lured by very low pricing or an attractive marketing scheme, make sure you do enough survey before finalizing your dream home. No one sells cheap or at a very less price compared to others, there is always a catch or a need of liquidity.

• See the hidden benefits of the property like quality of construction, the community around, the finish and the materials used. Price is not the only factor to buy a property

For any further assistance you can contact us on sales@urbanspacerealty.in or visit our website www.urbanspacerealty.in

We are an experienced Real Estate firm for more than 3 decades.

This article has been prepared by Vinod Gupta, Retail Sales Head of Urban Space Realty. These rules and criteria are edited by Karan Shah, Partner of Urban Space Realty. Please note that these are personal views and we have posted these guidelines of buying a home for information purpose only. You are advised to take legal or tax advice if needed for the above mentioned rules. We are not responsible for any reliance placed on the content mentioned above.