I want to buy a house in Pune. Now what?

Pune’s job market has been on a roll since a long time. Presence of companies such as Tata Johnsons, TCS, Larsen and Toubro, etc. have moved the working force of the country to the city.
This job market has affected real estate industry to a great extent here.
While a number of employees are on a contractual basis, and thus living in rented accommodation; there are other types too. A large number of people have planned on settling in the city, considering the stable job market here, making it convenient to have a flat in Pune.

If you are one of them, keep reading.

Have you been successful in arranging the funds for the down payments? Have a stable job? And tired of paying rents? If the answer to these questions was a yes, then you are probably ready to buy a house now.

But there is a lot more to making your dream of owning a house true, than a mere feeling in your bone. Here are the 5 things that you need to know before you jump to buy a flat in Pune.

1.      Don’t buy if you don’t plan on living
Buy a house only if you plan on living in Pune for a minimum time of three years. If there’s plan that you can be relocated to some other place, don’t go for it.

2.      Get your credit score
Before you start house hunting, make sure your credit history clean. Get your credit report from bank and make sure you are eligible for loan.

3.      Go for a house that you can afford
It’s always better to go for a house that will not make you bankrupt. The ideal rule is to invest in a house that does not cost more than 2.5 times of your income. If unsure, you can always opt for calculators that are available online, to ensure that you have some contingency fund left.

4.      Use professional help
No matter how much your colleagues and friends know about the purchase/ sell of property, talk to a real estate agent. Now, just being in contact with a broker is not going to help. You will have to do some homework in terms of location, price trend of the project, kind of people who live there etc.

5.       Pay attention to the distance factor
How distant your house is from your workplace, nearest leisure place, educational institute, hospitals and other similar places is an important thing to consider. This will make your life easier while saving costs.

The ultimate mantra to bag the house of your dream is – Think realistically. Make a planned budget of your income and expense limits. Research on the right time and locality to buy a house in.

Take this decision after considering your future requirements too. If you plan on marrying soon, search for a 2 BHK flat in Pune, go for a 3 BHK one if you want to bring in your folks to live with you.

Buying a house is not a child’s play. It requires homework, loads of it. But, owning a house in a stable metro like Pune is surely going to reap benefits. So, go for it, with full preparations.

All the best!

Tripti writes on the behalf of 99acres.com Her articles talk about new developments in the real estate industry. She is an avid fiction reader, craftsman and a keen observer. Being someone who just observes without having a point of view, she keeps herself updated in real time. You can reach her on G+ and LinkedIn.