Steps to Buying New Home
1. Think of buying
• Thinking of your Goals
If the home is your first home, then the home buying process can be exciting. Before you start planning, take some time for thinking and talk about how could buying property will fit in your future.
Summary you should know
► You should carefully of your long-term goals and how will you get there.
► Always ask yourself why you buying home? You want to build or buy your first home, buying a bigger home or investing in rental property?
► Deciding whether the buying is right for you. Will your renting will suit your lifestyle better in future?
► You should discuss your plans with Family, together if you are in a relationship.
• Think of Finance while buying Home
The first step towards purchasing of home for most of us is to save bank deposit or else taking out the home loan.
Summary you should know
Home loan is the biggest financial commitments you will always make. Before you take home loan always understand it’s important to investigate and understand the loan options.
► To first home buyers, most lenders ask 20% bank deposit before lending money to pay for the property.
► If you are buying your first home you are eligible for the government help. In your home buying process, it is always important to look at the early option because application processes take time.
► If you have help from your family & friends. There are many of the options to think
► While buying a home there are many additional costs.
• When buying Home Build your Support Team
Buying property is more expensive, if something goes wrong it can cost more. Because of which it is always important to have a good team of professionals for support.
Summary you should know
► Before you start looking for the property, find a lawyer or the advisor. Buying decision will move faster when you find what you like.
► Before you make an offer, we would like to recommend you to hire a qualified property inspector for checking a property.
► Paying to professionals for helping you is a good investment. If things go wrong, the cost of not getting sound advice can be very high.
► Remember one thing, real estate agents will always answer your questions, always keep this in mind they work for seller not for the buyers.
► For the home buying journey, taking help from the family and friends could be helpful.
• Understand Home Buying Process
If you haven’t purchase before, then buying a home can be a very complicated process. The buyer journey will guide sets out all the end to end process.
Summary you should know
► Planning & Thinking of buying? Agree on goals, sorted your finance and builder a supported team for helping you to make decision informed.
► Search property – try learning the languages of the property so that you will be better informed when you will visit the open homes.
► Property research – before making an offer do your homework and study the issues and hazards.
► Offer making – Understanding the method of sales, the offer process and the multi-offers; confirm your finances, ask for the title, offer to make and meeting the settlement condition.
► Move-in & Settle – always plan your settlement days, making a pre-settlement inspection, and always make sure that your insurances and finances are in the order before picking up the key’s ad move in.
► For more information download buyers guide.
• Buying Property in Pune
When you move to a new city, purchasing the property can help you to settle. Following are the key things which you should know while buying your home in Pune.
Who can buy property in Pune?
Generally, only the residents and the citizens of Inida can buy the residential property in the Pune, but there are exceptions. Find out the property in Pune on the Grow Empire website. If you are immigrating to the Pune, so you should also know the living cost as they may be quite different from your home town or home country.
The Pune Property Buying Process
Buying property can be very complicated, when you are not familiar with the process of buying property, and you haven’t been in Pune before.
In Pune, the process for buying the property depends upon the method for sale is used. We have more than 5000+ listing on our website you can go through it.
Types of ownership in land & housing styles.
Four types of land ownership
- Freehold | Leasehold | Title unit | Cross lease
Each to the land ownership has a different requirement and the restrictions.
Housing Styles
Villas, flats, duplex flats etc. are different types of homes in Pune. Each style has its own different characteristics and the challenges which should be aware of.
Expectations from the Real estate agent
In Pune, many of the properties are sold by the real estate agent.
Unless and until the agent is working with the buyer’s agent, they are always working for the seller. The seller always pays some of the money to the real estate agent when the property is sold.
Under the Pune law, real estate agents must: -
- Treating the buyer equally and fairly
- Informing the buyer about the defects in the property and agents should answer the question very professionally.
- Giving buyer a copy of the purchase agreement should be guided before signing the sales and purchase agreement – if you don’t receive one, you should ask for it.
Professional who can support you through the buying process
It is always a good idea that having the right people to support you for the buying process.
- Lawyer or the advisor to view all documents
- For telling the condition of the property you should need a property inspector
- Banks, lender if you need loan for buying the home.
- Valuever if you want to know about property value.
Hence you ask the agents or the seller if you have any question about the property you can ask it. You should you own research if your agents don’t have much information about the property.
The agent should have all the evidence of the property when he talking about the changes in the property. For example: - If the agent is agent is telling you that the roof of the house is changed, so you can ask him for the proof or the document for the roof changing.
2. Finding Property
• Property Options should be considered
Many people will love to buy a stand-alone house, but when you decide to buy property, but then there will be many alternatives to think.
Summary you should know
► What is your property need nowadays, and what is your property need next 5 to 10years?
► Priorities identification always helps you to figure out what’s negotiable and what you are willing to compromise on.
► You want to do work in your new property, or you want the property with all the work done before you purchase it?
► Always think about the place where you would like to live, is it location for you or the property itself is important?
► Are you interest in buying the undergoing construction property, or you want to purchase the property you would like to move it now? Are you interested in building the home, moving in a home, or downsizing to an apartment?
• Understand types of Property ownership
There are various types of ownership of land in Pune. It is a direct impact on what can you and cannot do with the property.
Summary you should know
► There are four types of property ownership in Pune – Leasehold, freehold, unit title and cross lease.
► Each has different types, restriction and responsibilities for the owners.
► Tell your lawyer and advisor for reviewing the record of the title. It is the legal documentation which contains the legal description of the property, details of the ownership and the restriction and right which are registered against it.
• View an Open Home
Going to open home or start searching the property online. Once you like something you start searching for the property in more the details.
Summary you should know
► Open home or viewing, you should have a good look around and check problems and make sure your needs meet it.
► Before buying process, it is always important to identify the problems and the potential issues with the property.
► You should get to know about the neighbourhood, what are the neighbouring property, look at what are the facilities which are close by and look for the public transport options.
► Always get professional advice before making an offer.
• Buying Privately or with the agent
It is always important and understands your rights and responsibilities whether you buy the property with agent or privately.
Summary you should know
► Real estate agents are well trained and have well experience in the real estate industry they follow all rules and regulation as the real estate agents. Agents also know how to take care of the client.
► Real agents always work for the seller for which agents gets paid from the seller.
► The agent should inform you all the problems of the property. & must not hold any details.
► Sometimes buyers called real estate agents as the buyer’s agent because they help buyer to buy the home.
► During a private sale, buyers and the seller get in touch with each other directly rather through real estate agent.
► During private sale, always make sure you and the seller signs the sales and purchase agreement, it will include all the standard obligations and the responsibilities for both the parties.
► In a private sale it is important to pay the purchase deposit to the lawyers and the advisor so that it can arrange and held safety for completion of the sale.
► Always get the legal advices for whatever you buy from the agent or privately.
3. Property Research
• Neighbourhood Learning
It is always good to have an idea of the neighbourhood before making an offer, whenever you find the property you wanted to buy.
Summary you should know
► Always check your neighbourhood and talk to your neighbours and make sure you’re happy with the area.
► Try visiting the property at different times of the day and weekends to check sun, traffics and activities in neighbourhood.
► Try getting in touch with the council of the area for the changes in the zones and nearby development plans.
► Learning about the neighbourhood cannot get more relevant information to your property. Try getting advice from the lawyer and the advisor and other registered professionals.
• Property Learning
Whenever you find the property you want to buy, it always important to find as much as possible before you make an offer
Summary you should know
► You should hire the property inspector and try producing property inspection report.
► Always look at the roof and find out the maintenance which is required.
► If the house has piles, check whether it is in good condition and well property-based.
► Pay attention to large walls when buying a home, retaining walls are very costly to repair.
► Look out for the sign whether the wiring is performing good, for examples flickering of lights and sockets are hot to touch.
► Also, check for the piping water. Some have limited life span and fail, leading to the flooding and leaks.
► Fences for the boundary are owned equally between the neighbours. You need to replace them if they’re not in good conditions.
► Check for the drainage in the property. If the property is in the downhill from the properties, find out the drain in the property you are interested in.
► Whatever the information you are trying to learn about the property may not be relevant to you or your property. Try getting advice from the lawyers and the advisor and other registered professionals.
• Doing Homework
Before making any offer, it is always important to read all the documents of the property, whenever you find the property you wanted to buy.
Summary you should know
► We would suggest you to catchup the lawyer and the advisor and search the title, which is a title search. The title should be specific to the property which you are buying and has record things which can have an impact on what you do with the property and any of the access you provide to others.
► Title of the property provide all the information which is of the property. It will have all the information. It consists of all the information for any work done in the property and it will also have the information such as the area of flood risk.
► Property file content the site map and the original plan of the house.
► There are many websites which can give you the estimated price of the property, by filling all the relevant information.
► Information which is collected during your homework, may not cover all the relevant information of the property. You should get advice from the lawyer and advisor or registered professionals.
• Learn of Leaky Building
It is a risk that it may a be leaky building, if the homes you want to buy is built till mid-2000s. The term is use for the apartment which is use as Leaky building. Getting all the information is must before you buy the property, because of which the buildings are very expensive to fix.
Summary you should know
► Leaky building gets more moisture between the outside and inside walls.
► Build having ahigh risk of leaking were build in 2000s using the plasters. The exterior walls are broken or the smooth appearance.
► If you are interested in house or the apartment with the leaky building, you should get independent inspection of the building or hiring an expert to inspect the property.
► When you buy a property you only know whether it is leaky or high risk of becoming leak, be aware of the risk to health and financial impact which may have.
• Learn Problem of Building Material.
If you buy the property which is made with the problematic material, we would suggest you for the inspection of the property.
Summary you should know
► If the property is built in the 2000s check the piping whether it is leaking
► Weatherised is exterior house plastering products popular in the earlier 2000s
► XYZ was the building material in the 1940s until the mid-1990s. It is found at property; you should get specialised advice on how much risk it is poses.
► Information regarding the problem building material may not cover everything relevant to the property.
• Understand Impact of Natural Hazards
Before making an offer before buying, it’s important to find out much about the potential hazardous, whenever you find the property.
Summary you should know
► Before you buy the property, always find out the natural events relevant to the properties and how you can reduce the risk damage.
► You should inspect the property which you are interested in and the area is impacted by the earthquakes.
► If the property is with claim of EQC, check EQC scope of the work what was done and seek legal advice before signing the sale and the purchased agreement.
► This information regarding the natural hazards may not cover everything which is relevant to property. You should take advice from lawyers and advisors or the registered professionals.
4. Making an offer
• Confirm your finance
Before your offers goes unconditional, check you pre-approved home loan with a bank or the lender and you find a home to buy.
Summary you should know
► Getting the pre-approval of the loan from your bank or the lender it means you can know how much you can spend, and you can move quickly for making an offer when you will find the home you like.
► Before confirming the home loan most of the banks or lender who gave pre-approved loans, will ask for the property information.
► Your bank or the lender likely need all the proofs, so that they will get to know you have arranged the insurance of the property before the settlement.
• While buying Home Understand the sales and purchase agreement
The contract between the buyer and seller is known as the sale and purchase agreement.
Summary you should know
► When you buy property sign a written sales and purchase agreement.
► You should check the agreement with the lawyer or the advisor before signing. You need to understand it and then sign it.
► You should get legal advice before signing the agreement throughout buying process.
► You are allowed for the negotiation in the sales and purchase agreement.
► Agent always help you and the seller to addup some condition you both always wanted.Agents always try to deal fairly with both seller and buyer. Agents can withhold any information, agent should tell you all the defects with property.
• Buying Home in Auction
Property auction, public sale and fast-paced. The property is been sold to the buyer with the highest bidding after seller price reserved is reached.
Summary you should know
► Buyer should registered with the agent and also ask him to informed if any other buyer makes an offer before the date of auction.
► Auctions bids are always open so you can know what everyone else is bidding. If you haven’t been to the auction we would suggest you to be the part of the auction so you can know how it works.
► In case if you win in the auction, then you are committed to purchase the property. And it is cimpulsion of paying the purchase deposit on that day.
► Reserve price wont be reveal by the auctioneer.
• Buying Home in Tender
When a tender sale the property, buyers should the confidential offer in written to agent before the date end.
Summary you should know
► If the seller decides to accept the offer, the property can be sold before the end date. The marketing should say “For sale by tenders” if early offer is accepted by the seller.
► Buyer should registered with the agent and also ask him to informed if any other buyer makes an offer before the end date.
► There is price indication from seller. Buyers can offer more or the less amount indicated.
► Buyers should attached the condition of their offer, for an example expiry date offer, property inspection report, valuation approved finance or selling property.
► Seller can attach the terms and conditions to the sale , like settlement date.
► If the buyer doesn’t meet the conditions or the needs more time, they can talk to lawyer and advisor as soon as the possible.
► After signing the sales and purchse agreement the deposit is usually paid. Purchase price reminder is due on the settlement day. Check the date of settlement and make sure you have finances and arrangement in placed before.
• Buy Home in Negotiation
During this sales method, there is no an end date for the offer, and make the potential purchasers makes offered by thinking the property and its worth in the current market.
Summary you should know
► The seller can choose to sell by using the negotiation process or method when it's difficult to estimate the property market price.
► If the property sold by the negotiation, the seller can set an asking price or different price range through which the buyers can choose to offer according to them and negotiate the sale. For offer, there is no end date.
► Buyers should attach the condition of their offer, for an example expiry date offer, property inspection report, valuation approved to finance or selling property.
► The seller should attach the terms and condition for sale for example settlement date with the chattel should be included.
► If the buyer doesn’t meet the conditions or the needs more time, they can talk to a lawyer and advisor as soon as the possible.
► Sale may become the multi-offer process if they're more than one offer.
• Understand the multi-offer process
When more than a buyer makes the written offer on a property.
Summary you should know
► There should be more than the offer in writing, if there is no offer written in writing, the agent can say you in multi-offer process
► During multi-offer situation, the seller can choose offer which works best for from numbers to offers.
► If you are a buyer during multi-offer process, you should put the best offer in front you cannot have another opportunity for increasing your offer.
► If you problem with the multi-offer process, you can contact and speak with the agent or the branch manager about the concern.
5. Settle and moving in New Home
• While buying Home plan for settlement day
Making sure everything is running smoothly, there are number of things you should do before the settlement day.
Summary you should know
► Inspecting the property before settlement day. It is pre-settlement inspection.
► Before settlement day you should make sure your finance for purchase is ready.
► For settlement, property insurance should be placed.
► Property settlement is a large legal process. Lawyer and advisor will help you.
• While Buying set on settlement day
Settlement day is the day where you pay the balance of purchase price and property will become yours.
Summary you should know
► During the sequence of the settlement day between the lawyer and advisor, the number of things should need to happen, seller, lawyer, and advisor, banks or lenders.
► You should plan when you are organising to move you in the new home, for example, you should think of a moving company for day rather settlement day.
► The settlement is managed by the lawyer and advisor, and there is not anything to do for you if all document have signed before. Your lawyer will pay the price of the purchase to seller lawyer or the advisor. Your lawyer or the advisor ensure the ownership for the property transfer to you and registering the changes of the ownership and mortgage on the record title.
► Your lawyer and the advisor will let you know once the document and payment is completed. After that, you can collect the key from lawyer or advisor.
• Get help if things go wrong while buying
Some of the time things go wrong while property buying. There are many steps which you should take and organise that can help you.
Summary you should know
► You should write down all the step from start to the finish, and make sure you have all the relevant documents, along with the emails, letters or the photographs.
► Always think about the outcome.
► Talk with a person or company which is involved. Explained everything what and when. Always remember that other party will have own version what happened there. Listen to it carefully and give opportunity for responding to reasonable timeframe.
► If the approach wont work, you can have a word with persons or the company compliant manager.
► There are many organisation who can provide help and advice further if you are not satisfied.
