Pune

Are you a smart buyer? Investing in a property is a risk worth taking. Just keep these things in mind before closing the deal and you will buy smart.

Buying a home is a calculated risk. Are you game for it? Keeping a few tips in mind will help you buy smart. Keep it simple. Check out all pros and cons of the entire process that involves parking your hard-earned money. Surely, at the end of the day, you will come out a winner.

 "A smart buyer does not time the market. A smart buyer knows that the best time to buy a house is always now! It is not possible to time the market. The best time to buy a house is when you are ready and can afford it."

"Buying a home is one of the biggest investment decisions a person makes in their lifetime. To buy smart, one must keep in mind some pointers."  "Articles, communities and forums — all these are great educational tools for home purchasers, not just to understand the home purchase process, but also the documentation required in different markets and assess the credibility."

Key pointers that characterize a smart buyer

Pocket-friendly

First and foremost, smart buyers set a budget and know how much they can afford. The general rule of thumb is to not to spend more than 28 percent of monthly net income on housing loan payments.

Checks out the location

A smart home buyer knows that it is important to do research on where they want to live before hunting for a house. Not everyone can afford a house in a developed area. The trick is to find a location that has development underway such as construction of a metro, malls or commercial buildings. It becomes easy to choose a house once the buyer zeroes in on a location.

Agent can be helpful

While you don't need a real estate agent to buy a home, agents can sometimes land you good deals. Smart buyers would do their research and find a reputed and reliable real estate agent.

Smart homework

Smart buyers don't fall for the hype around a house. It is very important to physically inspect the house and check for any flaws before buying it. It is equally important to seek expert legal opinion before signing any legal documents. Smart buyers would make sure that the land where the property is located is not under dispute and the developer has all the necessary approvals.

Neighbourhood

Buyers should look at the area's connectivity via road/rail, ensure basic amenities are in place and look for close proximity to important commercial areas, educational institutes, hospitals and key entertainment hubs.

Legal eagle

While RERA is a central Act, it is subject to variations on a state level. Buyers should familiarise themselves with the key RERA stipulations and the peculiarities of the local market that work in their favour. They can also evaluate the credibility of developers and understand the status of the construction by logging on to the RERA portal.