FAQ

Stamp duty @ 4.5% of the consideration amount and Registration Fees @ 3.5% of the consideration amount plus nominal administrative charges.

Yes. There is no prohibition on Indians from other states purchasing a property in Goa. There is absolutely no ambiguity in this matter.

What should you do, Rent a home or Buy one?

A common dilemma faced by those interested in creating a home of their own is whether to buy or rent. There are contrasting views about this and if you ask your friends or well-wishers about it, there is bound to be a massive difference of opinion. Before making a decision, it is necessary to weigh the pros and cons of either of these choices, in order to make a well-informed decision that will serve your purpose completely.

Benefits of Buying a Home 

• The long term benefits of security and growth in personal wealth
• Most homes appreciate in value over a given period of time and you can expect a tidy profit if you decide to sell it.
• Customize your home as per your need and style
• If you have more than one home, the second property can be put out for rent and the income can be used to fund either of the homes.
• A home loan availed gets you tax benefits which lead to substantial savings

Drawbacks of Buying a Home

• It is a huge financial responsibility with long term effects
• A home is not a very liquid asset
• If the economic conditions are on a downslide or if home loan rates rise dramatically, the homeowner risks reduced profits or perhaps losses through a property sale.
• In case there is a need to relocate, the process of selling a home can be quite time-consuming while a tenant does not face such issues.

Here’s how you gain by Renting a Home

• Renting a property gives tremendous flexibility in case of relocation & there is no long-term commitment.
• You could rent a home in a posh locality and stay in a dream house which wouldn’t be possible if you had to make a one-time purchase.
• Moving out is easy.
• There is zero maintenance to be paid as the owner is responsible for it

The downside of Renting a Home

• With renting, there is no wealth or asset creation as is the case while buying a home.
• Many societies have lots of restrictions on tenants which may not be in your interest
• You are at the mercy of your landlord for rental escalation or earlier termination of rental agreements.

If you are confused about renting or buying, talking to a qualified Realtor can put you at ease and help you navigate the complexities of homeownership. It can be in your interest to speak to a few of your friends or relatives who have bought a home recently and learn from their experience.

Q & A

1. Does it make sense to buy a home when the real estate market is not stable ?

You can never time the real estate market and find the right moment to buy a property. If this is your first property, then every time is the right time to buy your home and build your wealth.

1. While buying a home in an under-construction project, what is the safeguard I need to take?

It makes sense to do your homework before you book your apartment in an under-construction project. Check all the details of the project on the RERA website and understand the finer details of municipal permission and sanctions for the project. Speak with your friends and family and understand the developer’s reputation for giving timely possession as well as the quality of construction and adherence to their commitment

Article Courtesy

REALTOR® Ramprasad Padhi
CEO – Mumbai Properties Consulting Pvt Ltd.

http://www.mumbaiproperties.com

Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

Listen to your real estate agent’s advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms, and the seller’s situation. By the time you’re ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.

Your real estate agent will assist you in making an offer, which will include the following information:

• Complete legal description of the property
• Amount of earnest money
• Down payment and financing details
• Proposed move-in date
• Price you are offering
• Proposed closing date
• Length of time the offer is valid
• Details of the deal

Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.

It’s not required, but it’s a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you’d like to purchase and it is a good time to ask general, maintenance questions.

An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.
The Inspector does not evaluate whether or not you’re getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.

It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house “as is.” Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.

There isn’t a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, homebuyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you’re looking for. It will help avoid wasting your time.

In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following:

• Is there enough room for both the present and the future?
• Are there enough bedrooms and bathrooms?
• Is the home structurally sound?
• Do the mechanical systems and appliances work?
• Is the yard big enough?
• Do you like the floor plan?
• Will your furniture fit in the space? Is there enough storage space?
• Imagine the home in good weather and bad – will you be happy with it year round?

Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.

The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

You can find out by asking yourself some questions:

• Do I need to Buy a home ?
• Is the present Accommodation i live in is sufficient for me ?
• Do I have a steady source of income (usually a job or Business)?
• Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
• Do I have a good record of paying my bills?
• Do I have money saved for a down payment?
• Can i save from my monthly income at present ?
• Do I have few outstanding debts, like car payments?
• Do I have the ability to pay a mortgage every month, plus additional costs
• If you can answer “yes” to these questions, you are probably ready to buy your own home.
• We can assist you in choosing right Home for you also we assist in checking the documents of the property.
• We can asses the loan eligibility based on your Income Pattern and assist Arranging finance for your house with  choice of various Banks and Financial Institutions.
• We have various homes options to suit your need.

       If you are Ready ; We are also ready to celebrate your New Home