Buying a home is often a long-drawn process, as one has to evaluate multiple properties and consider various variables such as location, pricing, amenities, project completion timeline, developer’s reputation & track record, etc. However, there may be situations when you want to buy your home in a hurry. It can be because you need to shift urgently or you have some funds you want to utilize as soon as possible. It can also be simply because you just don’t have time or you are just trying to avoid all the fuss. Well, irrespective of what reasons you have, here are some great tips to help you buy your home in a hurry.
Choose a renowned developer: When buying your home in a hurry, choose a renowned developer. This will significantly cut the risks associated with build quality, promised amenities, handover, project approvals, legal aspects, etc. You can check the track record of the developer you are approaching to ensure that they have the capability to deliver within the time period you have in mind.
Don’t reveal all your cards: You may be in a hurry to buy your home, but do not reveal this information to anyone you might approach such as the agent or the developer. If you reveal that you want to buy your home in a hurry, there’s a high probability that you might end up paying more than the market rate. There is also the possibility that the agent or developer might push you a bad deal or try to do away with the offers / freebies that might normally be available. Pretend like a normal homebuyer when you approach, so that the probability of being hustled is reduced significantly.
Spread the word: Engage your social and professional network to see if there are some good deals available. With a booming property market, home buying and selling have become quite commonplace and yet, not everything is published in a newspaper or posted on the internet. People still like to use their social networks for such deals, as it’s a lot more convenient and safe, since the other person and their credibility may already be known in the respective network. It is possible that you might find someone who may want to sell their property on an urgent basis. If so, you might get a pretty good deal.
Ask questions early: When you approach an agent or a developer, ensure that you clear all your doubts in the first meeting or the first few meetings. It always helps if you can jot down the questions you have prior to the meeting. This will ensure that you don’t forget anything, and can take action quickly based on information provided by the agent or developer.
Get all the documents ready: You will need a lot of documents when buying a home. It may include identity proof, address proof, income tax returns, salary details, etc. These will be required at various stages of buying a home such as at the time of booking, applying for a bank loan, property registration, etc. Make a list of all documents that may be needed and keep them ready so that the deal could be executed in the fastest possible time.
Choose the developer’s Home Loan partner: When buying your home in a hurry, it’s advisable that you take the home loan from the developer’s home loan partner. If your developer’s home loan partner is SBI, LIC Housing Finance, HDFC, etc., you can go ahead and sign the papers. When a developer has a home loan partner, it means that the project is already pre-approved and the loan can be processed quite quickly.
Don’t fall for “only few units left” claim: A developer might tell you to book soon since only a few units are left. However, don’t fall for such claims even when you may be in a hurry to buy your home. Take your time, especially if you are evaluating multiple properties.
Read the fine print: Read the fine print carefully before you finalize the deal. This is essential even when you may be in a hurry. For a small amount, you can ask a professional lawyer to vet the documents.
Make a time-bound checklist: This will keep you on the right track and help you measure your progress in a time-bound manner. It will also ensure that you do not miss out on anything important.
Take a day off: To ensure everything gets done perfectly, you can take a day off or a couple of days off to finalize things. You can use the time to ensure that there are no roadblocks ahead.
You will be spending several lakhs for your home, and when decisions are taken in a hurry, it can be a bit of a gamble. When buying your home in a hurry, focus on key aspects such as developer’s reputation & track record, locality, connectivity, and price appreciation potential. It will help to significantly reduce risks associated with your investment.