First-time home investment in Pune is always multi-dimensional. Your home provides you the much-needed shelter, security, satisfaction of having achieved a major milestone in life, an elevated social status, a sense of responsibility, financial commitment, and better returns on your investment.
• Budgeting: First-time home investment in Pune is always multi-dimensional. Your home provides you the much-needed shelter, security, satisfaction of having achieved a major milestone in life, an elevated social status, a sense of responsibility, financial commitment, and better returns on your investment. A well-thought-out budget is, therefore, the stepping stone for first-time home buyers in India. Fewer people have the ability to fork out the large investment needed for a home from their owned funds. Housing loans thus form an integral part of the home buying exercise. A typical home loan stretches over 15 to 20 years and even a 0.25% savings in interest can translate to a neat pile of money over the tenure of the loan. The equated monthly installment or the EMI should be extremely comfortable for you. Remember that the repayment obligation will keep visiting you month after month for several years. Setting aside 4 to 5 EMIs as reserve funds will work wonders with your personal finances, particularly when unforeseen demands exert pressure on resources available at your disposal.
• A‑ffordability: Many first-time homebuyers in Pune, India fail to factor in a long list of expenses after they have moved into their new home. Furnishing, interiors, painting, and another miscellany can potentially gobble up several lakhs of rupees. When these expenses are not factored into your acquisition price, you can potentially face grave financial instability for long years. Finding an affordable home in Bavdhan, Pune, and making the space comfortable for you and your family should gain priority over your passions and other influences.
• Location: Choosing the right location in Pune is another important step for first-time home buyers. Your job and other personal circumstances can take you places. Are you better off buying a home in a town/village where you expect to spend the evening of your life or would you rather buy a home in a metropolitan city? You may also want to conduct a detailed analysis of the costs involved in city dwelling vs. village dwelling, rate of appreciation in values, and your sentimental pulls.
• Tuning into your needs: For first-time homebuyers in Pune considering city dwelling units in particular, the wide array of options can present signicant confusion. What door should you choose in high rise structures and why, what is the quality of material used in the construction, is there a recurring monthly cost of maintenance, is the water supply arrangement adequate and hygienic, what deviations from standard specifications are possible and at what cost are among the major questions that should be answered to tune into the needs of your family.
• Scalability: The acquisition of a home for most first-time homebuyers is among the earliest investments in life. The number of occupants in most families will steadily go up over a period of time. Is space you plan to acquire adequate for an enlarged family. What scalability options are available to you? A mezzanine floor is an option that some people consider. However, the floor-to-ceiling height should be suitable for such an expansion when needed.
• Know-how to deal with builders: Dealing with builders offering high-rise structures and/or group housing is no mean task for first-time home buyers. Use a magnifier to understand every bit of print in your agreement with the builder. Interpretation of various clauses and ambiguous specifications can potentially cause serious difficulties for you during the progress of construction. Many builders are known to create artificial demand for space and pressurize you into signing on the dotted. It is your money and the principle of ‘caveat emptor applies in a large measure in your home building exercise.
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