10 Step Process in home purchase

10 STEP PROCESS IN HOME PURCHASE

I was asked this question in quora.

Its always wise to invest in real estate, but never invest wisely. Please see my post on “burning your fingers” Pounacha B M’s answer to How many buyers have burnt their fingers in Indian Real Estate?

Lets take the process that I now use before buying or advising someone to buy.

  1. Research – Start with main sites to get an idea of the area. Type properties in wakad and you will get a idea.
  2. Create a spreadsheet with a list of projects in the area (that fit your budget +/- 15%)
  3. List as much info about what they are offering and how much is already done. no point in investing on a brochure!!
  4. the last row of your spreadsheet should be the price. Ignore it as of now as you have chosen properties in more or less your budget range.
  5. choose which projects specs are interesting. I would suggest visiting each and every project thats in the area and within your budget range. this hardwork really pays off.
  6. Once you have shortlisted a few projects that fit your requirement, meet with the developers/builders and get a quote.
  7. evaluate the offers given.
  8. Re evaluate the offers given
  9. Make an offer to each of the developers.
  10. Take a final decision on which unit/project suits your requirement.