Begin the journey of owning a home by thoroughly exploring the real estate in Maharashtra. Understand the regions and cities that are best for living. There are several things to consider, like location, budget, amenities, proximity to schools, hospitals, public transport, etc. Start by creating a list of your preferences and needs for your future home. Consider contacting a real estate agent who can help you to find your dream home.
As per Real Estate Regulation Authority (RERA), every real estate agent must be registered with the authority. On RERA’s official website, check out the information of your chosen agent by searching for his/her name or agent registration number. If you want to look for an agent, then go to the state-specific website (MahaRERA) and check out the list of registered agents. The Act is not merely for real estate agents, it is also for properties, ensuring transparency and consumer protection.
With your preferences in mind, it is time to commence your hunt for the right property. Do your online and offline research and get help from your real estate agent to discover available options. Visit potential properties and neighborhoods to check them out for yourself. Pay close attention and inspect the property and its surroundings thoroughly. You must ensure that the properties that you explore are registered under RERA. Use the MahaRERA website to search for registered properties.
Before you dive deeper into your property research, establish a clear and strong financial plan. Firstly, determine your budget for the property. Along with this, consider the price of the property, home loan interest rates, stamp duty, and registration charges. Then, check your salary and savings to see how much you can pay upfront. Familiarise yourself with the various home loan options available from banks and financial institutions. Consider factors like loan tenure, EMI, and eligibility criteria. Ensure that your financial planning aligns with your budget and long-term financial goals.
After identifying a potential property, conduct a thorough inspection. Pay extra attention to the structural integrity, quality of construction, and compliance with building codes. Consider hiring someone to inspect the property. It helps to ensure the property’s quality and any hidden issues.
After this, it is time to negotiate the price of the property and the terms of buying it. Engage in a negotiation process transparently. Seek the best possible agreement for both parties. It will help you get the best possible price for your home.
If any issue were to arise during this stage, be prepared to address them calmly. The main goal here is to ensure that the property meets your standards and the agreed terms.
Buying a home is not merely about fulfilling your lifelong wish; it is also a significant legal responsibility. Buying a home in Maharashtra, India, contains several legal aspects for which it is vital to leverage a lawyer.
The list of legal documents you must consider before finalizing anything are:
- Sale Deed
- Title Deed
- Building Approval Plan
- Construction Approvals
- Occupancy Certificate
- Compliance under the Real Estate (Regulation and Development) Act 2016 (RERA)
Gather and review all the crucial documents for the purchase. Make sure that all agreements comply with RERA regulations, providing transparency and protection.
As you approach the final phase of this exciting journey, the anticipation grows. After countless hours of exploration, careful financial planning, and thorough inspections, it all leads to this crucial moment. You need to finalize the sale agreement, which should be signed by both parties and make the payment to receive the keys and the ownership of your new home.
