It is everyone’s desire to own and live in a ‘dream house’. This concept of a dream house has been an age old thing. Different Hindi Bollywood songs have been framed on this concept. People work hard all their life and spend their lifelong investment to have a house that is solely their own. Buying a home is not an easy task; it requires your time as well as your patience. Many a times, while in a hurry to buy a property, people tend to forget about the financial capital they have. There are various points that a buyer must keep in mind when he is on a way to crack a property deal.
You must be thinking where you will get the useful Home Buying Tips from? We give you those constructive tips that will assist you in buying a home smoothly.
Finance your home :-
These days around 90% of the population that invest in buying a home or any other property take Home Loans. The market is flooded with banks and private companies providing loans at different interest rates. In the busy world where there is cut to throat competition companies try to influence you in every possible way. You must not just select the source on the basis of the Interest rates but realize that it is going to be an extended alliance. So, a loan must be taken from a trustworthy source. Also, attention must be laid on the EMI that one has to pay in order to repay the loan. Calculations regarding the EMI must be done prior to the approval of disbursed loan amount.
Acquaint yourself with the legal concepts:-
Many legal aspects that are linked with buying a home or financing a home are not easily understood by a layman. One must equip him/herself with the general terms that are used in legal agreements like super-built up area, built-up area, etc.
Examine your home and its surroundings:-
Before purchasing a home, proper investigation regarding the availability of the basic amenities must be thoroughly conducted. Things like adequate supply of water and electricity, proper condition of the floors, ceilings and walls must be scrupulously examined. The surroundings of your house should also be checked and it should be ensured that the market or departmental shops are nearby.
Understand the Closing Costs:-
Every property deal demands additional charges that are better known as closing costs. Registration charges, insurance, property taxes, stamp duty, etc. are all counted under closing costs.
So, ‘Think twice before you buy’ and ponder upon the tips provided by us. With the advancing of the world and rise in the economy, Real Estate is gaining success at a rapid rate. In India, although Home loans are becoming highly expensive yet the property market is progressing commendably.