Looking out to buy a residential home? Follow valid 15 steps.

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Follow valid 15 steps

Looking out to buy a residential home? Follow valid 15 steps.

The dream of buying a residential home is common for many people for more than years and even more decades. Before beginning the process of purchase we have a clear picture of how many rooms, bathrooms, floor area, neighborhood locality, and the garden area should be? How Evers it’s more important to understand essential points rather than picking your luxury space and moving in.

Make a note of the essential points required before doing any booking of home. Points like 1. Where to buy it?
2. When to buy?
3. Any hidden cost applicable
4. How to close the deal?

By seeing a fast-moving price graph of the real estate market in Kalyan. It’s good to make an early decision to buy residential housing in Kalyan. Because the rising price is an indicator for buyers not to wait to buy a home. Instead buy a home and wait. But don’t take any hasty steps to book your living space. Either you can do thorough research first. Let’s take the help of the below points which make you more comfortable to book your affordable home.
Valid steps for buying a new home:
Before closing your final deal of booking a dream home. You must know the important steps to book your dream home. Navigating the home booking process is difficult, but it becomes easy if there is the best plan and clear way to forward
Walk through the 15 steps:

1. Take a note on Down payment Finances:
It is not possible to buy a home until you are not aware of your savings and personal finances. Be sure to have a good credit score to avail of a home finance facility. As good as your credit score easy roadmap for the loan is available. It will give you an estimate of how much down payment is required for the process.

2. Get Research About the Local Market:
Get in touch with the local real estate agents to know the latest market trend about the present properties in the local market. Also, it helps to get a clear overview of upcoming new projects and pricing.

3. Know about bank Tie-ups:
Usually, banks avoid financing to risk associated with real estate projects. Major Banks are public sector banks. Banks do proper verification before approving any loan. Sort out a clear list of banks associated with the project to provide an easy loan sanction facility to its buyers. Also, give priority to low-interest home loan

4. Note on pre-approval process:
In terms of home loans speaking with the bank. They will give you an estimated number. But it is a must to know about what the home budget bank decided to pay based on credit score and finances. To get a pre-approval loan bank required all financial information including all assets and debts.

5. Make a list of projects and pricing
Once you know your affordability to purchase a home. You can start searching with the name of real estate projects from the list. It makes it easy to walk through the local properties in local areas. Although it is difficult to find a project with matching all buying norms. It’s a very good note to keep your listing on top to ensure which project to consider first.

6. Adopt negotiation:
There is a negotiation at some level. Without negotiation, no deal closes. But to be in talk of negotiation we should know about the fair price about the real estate market. Try not to put a low-value offer it will dump you aside or feel ignorance from the owner or salesperson. Refer to the estate agent pricing value. They know in-depth pricing of the real estate market in local areas.

7. Do inspect the property before purchase
A home inspection is must its mandatory process. Everyone should adopt at least 2 times inspection before paying any token amount to the real estate builder and developer or the homeowner. It is an unskippable part of the home booking process. Professionally inspected property can give you a list of loopholes, damages, or major issues. Which you cannot ignore and it's a clear signal to move on next.

8. Track record of completed projects
We are all intelligent enough to do smart work. But some mistake happens when we are into a huge financial investment without any intention. Getting involved in the buying process before digging any past record, achievements, completed projects, its one of the most common mistakes every buyer do once in a life. So be aggressive on finding completed past projects and registration.

9. Check Builders Legal approvals and Government clearances
Once it is decided to buy a new home. You should know about the legal approvals from the legal authorities. Such as approval of building plans, clearance certificates, etc. please check out the list of documents below required before closing any home-booking deal.
1. Title deed: 2. Commencement certificate
3. Land use certificate
4. No objection certificate
5. Encumbrance certificate
6. Other miscellaneous

10. Check with builders stand and commitment
Keep a check on the reputation of builders and developers associated with the project. Make a plan to visit builders’ old completed projects to understand the quality material and construction used in the project. It helps you to understand the commitment and the promises by the builder are up to the mark or it is false.

11. Get total cost estimation
Most of the time builders and developers hide the total cost incurred with the apartment. Hide the charges like parking, clubhouse, electricity, maintenance, service tax, etc. All these hidden charges increase the basic costing of a flat or apartment. Think about cost estimation to avoid the budget issue.

12. What is the carpet area?
Do check on the carpet area offered by the real estate developer. The carpet area is the area that is more buyers interested in. The area that is enclosed within the four walls of the flat or the apartment is known as the carpet area. Usually, builders and developers quote the final pricing of the flats or apartment on the super built up area.

13. Check with location and nearby amenities
Smart people take a smart decision keeping in mind location a0nd nearby amenities as the top priority. Amenities like hospitals, schools, colleges, public transport facilities, etc.

14. Clear check on penalty fees on a late possession
Due to many factors, a real estate project may get delayed & it’s not in the control of builders and developers. And due to this, there is a delay in possession and commitment. Buyers need to keep a check on all the terms and conditions documented in the agreement. From the date of possession to any penalty on a late possession.

15. A thorough check on all the paperwork and submit
Do one to one meeting with the developer’s salesperson, bank representative to final check on any left behind documents. Clear paperwork speed up the process of loan approval. A final check on submitted documents streamlines the process of file login and alerts us about any missing documents.