Buying a home is an extremely crucial and significant decision that can redefine you and your family’s future prospects. Don’t leave this decision on destiny. We called in the best real estate experts from the industry to discuss some points. So, when you are buying a home, you don’t stumble on the wrong property.
Don’t go blindfolded in the property market
We understand that buying a house is a big investment, not only from a financial point of view but also from an emotional point of view. If you are making a significantly big investment that will redefine your future, you need to think about it.
Not only the money, but you will be spending your precious time and moments in that home. Your family will be living in that house. So, you need to check out these points to save yourself from wrong financial investments.
Here are some of the best property expert opinions that you need to contemplate before you jump into to buy your dream home.
1. Not engaging in proper research of property
As a potential customer, you should fully engage in every aspect of your home buying decision. You and your family will be spending your life in that house. Consider your family member’s needs and wants and then decide, whether this is a great or bad decision.
Then move to the financial point of view. Can you afford that house or not? Will you be in debt if you buy a house greater than your needs and wants. The amount of loan sanctioned by your lending bank is a direct mirror of your financial standing. Don’t overspend on a house that you don’t need. You will go into debt in the near future, if you buy a property far exceeding then your budget.
2. Applying for unsuitable house loan
This is another area, where you need to research well and deeply. You cannot leave this sector to banks. Research the interest rates really well and which bank is charging the different interest rates. You think if the interest rate goes up by 1%, what difference will it make? A house loan has to be repaid for a long time. Just a little increase in interest rate percentage can become a significant amount in some years.
Along with the interest rates, banks charge different amounts of fees or hidden charges on your loan repayment and loan processing. Clarify all the fee structures from the bank prior to your loan sanction.
Research well and choose the bank that suits your needs. You will save yourself from financial trouble if you just invest a little more time in bank loans.
3. Getting lured into a bigger house
We know that family’s needs increase with time and situations and you should consider a house that is a little bigger, but getting a house that is much bigger is not a great idea. The bigger house that looks so beautiful and roomy will sooner or later be a cause of financial trouble.
Plus, you will be spending much more than your decided budget and that can lead to financial situations like higher interest rates and higher repayment charges and longer timespan for repayment. Buying a home should be a joyful process and don’t need to turn into a regretful decision later.
The property agent will try to convince you into a house that is way over your budget. That bigger house will look amazing at start but it will be on your budget and your house needs.
Coming back to the last point, the bank has sanctioned a loan amount after recognizing your financial standing. Just be on that budget and don’t get the over- expensive house.
4. Don’t just jump on “this” house
While you are in search of a house with an agent and the agent shows you a house that you really like, just don’t be so excited about that particular house. Go back and think about it and discuss it with your family again about that house.
Buying a home is a once in a lifetime opportunity and you should not regret it later. Think and contemplate about the location and everything.
5. Price is one part of equation
Price is the important factor but not the most important factor, although everything comes to price at last. But, you should consider other things like locality and other aspects.
Not thinking about factors like location, surroundings and neighbourhood areas can become a surprise shock to you when you start living there. Research about the location and nearby schools or colleges or institutions or how far is that place from the main market etc. Does the locality have adequate amenities to suffice all your daily needs for living or you have to go far away just for simple needs.
Plus, the locality where you are living in has adequate security and safety or is it in some vulnerable areas.
6. The full cost of buying a home is higher
When you are in the market to buy a home, always estimate that budget higher than your fixed budget. In our country, there are many duties and charges involved when you are buying a house like registration cost, stamp duties or cess etc. You should add these taxes and charges into your budget.
In addition to that, there are many random expenditures that suddenly crop up as soon as we start living in the house. Set some amount for those expenditures as well.
7. “I am frustrated with searching” purchase
This can happen. You have been searching for a house for a long time, and months have passed, yet you don’t seem to find the right house for you. You have become dispirited and just want to find a house. You just said yes to the last deal without even thinking about all the other needs and wants you have.
This can be the biggest regret of your life, if you take this decision out of frustration and desperation. Maybe for some time just stop searching and then go back. This is best time to home buyers in India to buy a home and just move into that home of your dreams.
Buying a home is a dream for every Indian and these topics surely assist you in simplifying the journey of buying a house from aspiration to reality. We at Omaxe are the top real estate company in India that give reality to your dreams of buying a home and sharing the joy of owning a home. We strive towards this mission and work relentlessly towards making it a success.