How to wait but avoid regret while buying a flat?
How to wait but avoid regret?
Right from the time of conception, waiting is thrust upon humans – whether we know it or not; let aside like it or dislike it.
First, we wait for 9 months to be born. Once born, we have to wait to utter that first word, make that first turn, stumble to stand up, take the first step, so on and so forth.
Even as grownups, the waiting does not end. We wait impatiently for our birthdays, wait to complete our education, get that first job, buy the first home, get married, and become first-time parents…
Waiting for someone or something special can be exciting but also tiresome, and if that waiting is prolonged and fraught with uncertainty, it can get on our nerves and make us restless.
Take the example of waiting to buy the first home that you can call your own. Here’s what the process commonly involves: Waiting to find the best location and home, collecting enough money to make the down payment, getting the loan approved and finally waiting for the possession of the home.
Though this is a typical process for most home buyers in urban areas, it is not as simple and certainly not as definite as this.
Waiting comes with a cost
Imagine, you had a location in your mind, visited many projects there, found a home you would want to buy, made the down payment, even got the loan sanctioned by the bank, but the construction and possession is still long way down the line.
You have no option but to grudgingly continue paying the rent and even bear the additional burden of pre-EMIs (the EMI before taking possession of the home).
You start following up with the developer, visiting the project regularly, watching the progress of the project from one stage to the other at its own sweet pace… days turn into weeks, months and not long its already a year from the time you made that first pre-EMI and still your ready-home is nowhere in sight.
Now, you start calculating the mounting cost and questioning your own judgement when the wait for your new home should actually be coming to an end.
You could have avoided most of the headaches and heartburns if you had selected a project which is offering ready possession homes or whose completion within a specified time is absolute certainty and the developer is known to honour every commitment made for the home as well as the project in totality.
So, here’s how to find a home worth the wait, if at all you need to wait.
Say “NO” to uncertainty
Let’s begin at Wagholi in the East of Pune.
Wagholi has many things going in its favour to emerge as a favourite residential and commercial destination of Pune.
- Proximity to Lohagaon airport and Pune railway station
- Spread alongside the Pune-Nagar highway
- In the neighbourhood of Kharadi and Kalyaninagar
- Easy connectivity to IT parks in Kharadi and Hadapsar as well as 5-star MIDC in Ranjangaon
- Well developed civic and social infrastructure
- A wide range of project offerings to choose from – affordable to high-end
- A suburb of schools, colleges, hotels, restaurants, malls, marketplace, multiplexes, hospitals, etc
What makes Wagholi so attractive also makes it risky for the homebuyers unless they take due diligence in selecting the developer and the project.
A cheaper home alone should never be the criterion for there could be many hidden reasons below the surface. A little saving in the cost per square feet could actually hide a lot more spending by way of a far-away location as well as a longer-completion cycle.
Here are some landmines that you need to stay clear from:
- A location far from the main road could make commuting time consuming and costly
- A peripheral location will take time to develop and appreciate
- You won’t know future impediments in the location that could make the project unfavourable
- New or developers with shady reputation make tall promises which are not kept
- Projects at early stage of development could make the wait long and painful
In view of these and many other factors, it is always best to select a developer with a long-standing reputation and clean record in the industry. Further, select a project in near completion phase and even better, with completed and sold-out phases.
Where can you find surety?
“Thank you for this eye-opening information. But, where can I find the assurance of quality and timely delivery in this crowded real-estate marketplace?”
Well, you don’t need to look too far or wait too long.
Maple Woodz is the winner of ‘Best Residential Project of the Year-2015’ award conferred by Lokmat Media Group. The project is already home to over 200 delighted homemakers while the ongoing phase will be ready for possession by April 2017.
On the other side of Pune, Windsor County is the winner of ‘Best Residential Project of the Year-2016’ award conferred by prestigious Global Property Awards. The project has both ready possession and under-construction homes.
Windsor Shelters is in the real estate industry for two decades. It has successfully completed around 40 residential and commercial projects aggregating to 20 lac square feet developed area and 4500 and more delighted customers and members belonging to the Windsor Shelters family.
So, if Wagholi (or Ambegaon Bk.) is on your watch-list, congratulations! Go ahead and make an informed decision and your home will be worth the wait… for sure. That’s the surety of Windsor Shelters.