Home Buyers Speak: This Finance Professional Bought Both Under-Construction And Resale Homes. The Experience Has Been Different

Mohit, 41, Finance Professional, Hyderabad
Bought an under-construction home in Thane and later, a resale home in Hyderabad

Mohit, who uses his first name, is an avid traveler and reader. A small town boy, he trod the beaten path for the early part of his life and studied at IIT-BHU in Varanasi and IIM-Calcutta in Kolkata. After working for a number of Indian and multinational firms in India and the United Kingdom for 15 years, Mohit is now a freelance finance professional based in Hyderabad. Father to 2 kids, aged 10 and 15, Mohit says the pride and joy of his new home is his library!

When did you buy your present home? What does it look like?

I bought this home in Hyderabad in September, 2013. It is a 2550 sq. ft. apartment with four bedrooms. They say that they have done something here to adhere to the Vastu rules. I don't know much about that and I am not really interested in such things. But, I must say that the Sun rays do fall in the house. I insisted that there should be sunlight in every room of the house either in the morning or in the evening.

How did you find this home?

I used to rent a home in the same society, where my flat is. This society has around 1000 plus homes. I approached a broker and asked him to find me a home to buy in the same society. That's how I found this home. I wanted a place where there was sufficient open space. People these days prefer swimming pool etc. But, my first concern was sufficient open space, particularly for my children to play. I come from a small town. So, open space mattered a lot to me.

Why did you think you needed to own a house of your own?

I had bought a property in Thane 12 years ago. When I shifted to Hyderabad, I was paying rent here. Property in Thane was not earning me anything. So, I sold it and bought this home in Hyderabad. I really didn't think I needed to own a home. But, then rent in certain areas is significantly high compared to the actual property value. Landlords would ask for further hike every year. Also, you may not have the freedom to change anything as you wish in a rented home.

How much did it cost? How did you manage it?

It cost Rs. 1.65 crore. I paid for the apartment with the money I earned after selling my property in Thane.

You bought two properties in two cities at two different times. Could you please share with us your buying experience?

My property in Thane was an under-construction property, which I had bought in 2004. It was a good experience buying property in Hyderabad. Once I zeroed in on the property, everything else was smooth. The authorities in Hyderabad have computerized land records, which shows the chain of possession of that particular property. It would show if there are any court cases pending. It provides you all link documents and the link actually starts with the original landowner. Every single deed is there and it remains with the society. Finally, when you land up in the registrar's office, you just have to spend two hours there. There is a format and you need to follow that. There is a specified payment to the government to be made the next day or the day after you have the registration document in your hand. Compared to Thane, Hyderabad was significantly systematic in terms of all these processes and procedures.

Could you please tell us your experience of buying a new property and a resale property?

My property in Thane was a new, under-construction property. In Hyderabad, we bought a resale property. However, we did investigate when buying a resale property in Hyderabad too. While buying a new property, you should make sure that the builder has taken all permissions. Ensure that the land is not under any dispute. Also, make sure that the builder has applied for electricity connection etc. In a resale property, you need not worry about electricity connection and other basics. According to me, the biggest hassle in resale property would be the mode of payment. A builder would ask you for more cheque payment but in the case of resale property, the owners in most cases ask for cash payments which might affect your loan prospects. In resale property, many shortcoming of the houses would be hidden which you will end up repairing later. But, in a new property, you could still call up your builder and get it fixed if you find something is not working.

Is it your dream home?

To a large extent, it is. More than money, I have spent a lot of time and energy to rebuild a lot of things in this house to make it more convenient for us. This is a home we will enjoy living in.

What is your advice to new home buyers?

Do whatever is required to. Visit your property a couple of times to see everything is working. Visit in the morning as well as in the evening as the home you found perfect in the morning might be boiling in the afternoon. Know what you want and not what your friends want. Look ahead but not too ahead as you are not going to stay there forever. Waiting for an absolutely perfect home will only make you end up in paying more. So, don't wait. Buy it. You can always upgrade it. Don't look at it as an investment. It is the place where go for peace. It is your home.