Mr. Milk Blog

Common Pitfalls of Buying a New Home and How to Avoid Them

Are you etting ready to buy your first home in Pune? Purchasing a new home can be exciting, exhausting, and overwhelming, too. You want a home that you love, at a price you can afford. However, big or small mistakes along the way can restrict the happiness from your dream home. The more you buy real estate, the more you learn. The confusing terminology, logistics, piles of documentation, etc. can make it scary for new home seekers. We bring you some common pitfalls to avoid so that you can skip the problems and simply enjoy your new home in Pune.

1. Not Getting Pre-Approved

The worst thing for a family is falling in love with a home that they can’t afford. That’s why it’s best to get a pre-approved loan. This way, you’ll know how much you can afford and what kind of monthly payments you’re looking at. Remember that even though a bank or financial institution might offer a higher amount of pre-approved loan, don’t go overboard with your budget. Be realistic of what you can afford and your future self will thank you!

2. Making a Small Down Payment

You might notice a lot of ads promoting 0% down payment in the city. While this seems like an exciting offer, it has its downfalls. Though it may be a good idea for certain homeowners, most millennial buyers regret not putting down enough payment. When you pay a bigger down payment, your monthly instalments are lowered. This gives you an opportunity to live a better lifestyle in your new home. If you want to buy a house in 2-3 years, start investing from today itself to save up substantially for the down payment.

3. Overlooking the Extra Costs

There’s a lot more involved in owning a house than the monthly payments. If you only calculate your EMIs, you’ll find it challenging to make your ends meet by the end of the month. Some common expenses you should save for include moving costs, loan fees, building maintenance, property tax, insurance, etc. Set aside some money to help you cope with the additional expenses that might arise during the home buying process.

4. Not Thinking About the Future

It’s impossible to predict the exact future of the neighbourhood, but you can make an informed decision to avoid regrets. Look at the development plans in the area to understand the appreciation of your property. Also, analyse the kind of traffic growth to ensure that your peace won’t get disturbed. Don’t forget to check about the rates of properties around and see if there’s been an increase or decline in the last few years.

5. Making Too Many Compromises

Sure, buying a home is synonymous with compromises for many. You may not get the space you want in a location you desire. Or you may not be able to afford a bungalow close to your work. However, when you’re buying a home, you don’t always have to compromise. Especially on the big things. For example, if you’re recently married and plan to have kids, consider buying a 2BHK rather than a 1BHK. After five years, it may not be possible to buy a bigger home again. Similarly, if you like lots of amenities, wait for a few months till you find a home that complements your lifestyle.

Buying a home can be stressful and overwhelming for most of us. And unfortunately, there are many pitfalls along the way. But being well-informed about potential issues can protect your family from costly mistakes. When you buy a home, make sure you choose a trusted builder in Pune who is RERA registered and offers a complete transparent deal. Since a home is one of the largest purchases you make in your lifetime, you should make sure that it brings you maximum happiness with minimum hassles.

Happy House Hunting!

Mittal Builders Blog

Important Neighbourhood Features When You Buy Flat in Pune for Family

While some areas are designed to be perfect for young professionals, others are more suited for families. If you’re starting a family, it may be time to evaluate family-friendly projects in Pune to ensure a safe and secure environment for your loved ones. Though earlier it may seem cool to stay in the bustling Koregaon Park with its close proximity to bars, restaurants and nightlife, priorities change once you have kids. You will now need a home close to schools, with minimum crime rates and a community living atmosphere. Read on to find the best properties in Pune for your family:

1. School Information

Normally, having a good school in the neighbourhood is one of the biggest factors in decision making for parents. You want a school with a modern and interactive learning environment for your little ones. If you like a particular area in Pune, make sure to check out the schools nearby and analyse whether they would be right for your children. Also, don’t just look for good schools, make sure they are open to having your kids in their next academic year. This will ensure that when you buy flat in Pune, your children have a chance to enjoy their childhood as well as get access to the best education in the city.

2.Crime Rates

Right from the time you become a parent, keeping your child safe becomes your No. 1 priority. Choose a neighbourhood carefully after analysing its crime rates and ensuring it is safe for your kids – during their childhood and in teenage. Visit the area at night and ensure there are ample of street lights, guards and safety around. Also, make sure to read about the area before you book your dream home. You can also talk to people living in the surrounding buildings to understand their comfort level with the safety of the neighbourhood. In modern times, you can also do a lot of online research to understand more about a locality and its crimes. If there are too many bachelors living nearby, it might be a red signal for the future.

3. A Strong Community Network

While you’d still want to hang out with your couple friends who don’t have kids yet, you will need some new experienced parent friends who can help out with baby queries. When looking at projects in Pune, check if there are families around, you see children playing on bikes, etc. This will help both you and your children make friends easily in your new home. Usually, children who have friends in the society to play with end up happy and healthy in the long term. Plus, it saves you a lot of time as you don’t need to send them out of the building all the time to make new friends. Similarly, they will always be safe when they are hanging out with friends within your own building.

4. Shortcuts for Drivers

With the outburst of cars and cabs in Pune, a number of drivers are now looking for alternate routes to reach their destination while avoiding traffic. When you go to look for an ideal neighbourhood, make sure to check whether drivers are using your home lanes as alternative routes. This can increase traffic in your area and cause trouble to kids who want to play outside. If you notice that many drivers are taking the building lanes as a shortcut, it may lead to major chaos in the future. Instead, look for the best properties in Pune that are located in a quiet neighbourhood away from the traffic. You should be able to find a balance between a home that’s connected to all your needs and yet, offers some peace and quiet for unwinding after a long day at work. None of us want to sleep with horns buzzing all around us, right?

5. Parks and Playgrounds

Check out the neighbourhood parks and playgrounds so that your kids can go outside and indulge in some outdoor activities. You can also arrange play dates with moms you meet there. Also, check if the best properties in Pune you have shortlisted offer a special children’s play area so that your kid always has a place to harness his energy. Having sports areas or tennis or badminton courts within the society or nearby can make a huge difference in the energy levels of your children. Not to mention, if your society has a swimming pool, it can be a wonderful way to utilize their energy and make them happier and stronger.

6. Access to Medical Care

This is an important factor to consider when you buy flat in Pune at any age. However, as a parent, it becomes even more crucial. Children are prone to getting hurt – on the playground, at home and even falling sick every now and then. If you have access to premium medical care close by, it will save a lot of traveling time. Plus, you can be assured that your child will also receive care urgently if required. This also helps if your parents are also living with you. Seniors might also need medical care frequently and having good hospitals or medical centres in the vicinity can make a huge difference in offering peace of mind and a healthy living experience.

It may seem daunting at first to find the right home for your family but following these simple tips will help you choose the perfect residence and neighbourhood for your loved ones. At Mittal Group, we offer some of the best properties in Pune for families. All our projects in Pune are equipped with state-of-the-art children’s play area, safety and security features and a prime neighbourhood. This makes it easier for you to commute to work and spend more time with your loved ones too! No matter what kind of home you’re seeking, Mittal Group offers everything under one roof.