Guidelines Before Buying A Home

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Guidelines Before Buying A Home
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Things to keep in mind before buying a
home Buying a home is a tough and a big decision
for the home buyers. So the first thing to be
done before buying a home is to figure out if
investing in any property is the right choice for
you or not. This decision depends on the home
buyer and his financial status. The buyer should
take potential cost saving moves before buying a
home. Below are some guidelines mentioned for
making the home buying an easy and cost-effective
process! Buy or Rent Possessing a home is
expensive. There are people who buy a home
thinking they will use lease to pay EMIs. This
certainly is the wrong way of doing it as the
rental yield on housing properties is generally
2-3. There are chances that the property may
remain unoccupied for months before finding the
right resident. In addition to the down payment,
there are other charges for insurance and
maintenance. To figure out if it's financially
smarter to buy or rent, calculate and compare
total home possession costs to lease rates. Don't
commit unLess you are ready to purchase Buying a
home is a big commitment as it involves a lot of
expense. So, before purchasing a home one has to
be sure that he is financially ready for such a
huge commitment. As, in addition to monthly loan
payment, there will be other expenses for the
homeowner's insurance, property tax and
additional cost for buying a home. Verify the
constructor Before buying a property, a detailed
study has to be carried out by the buyers. It can
be that the piece of property you are thinking to
buy may be under any lawsuit or any other legal
dues. Hence, an extensive verification of the
constructor has to be done. One can talk to
friends, business agencies, look for the
builder's current and past ventures or can even
post questions on the various real estate columns
available online. Know how much you can
spend This comes after the verification of the
constructor and can be easily known by starting
online. There are numerous online mortgage
calculators that help to calculate an affordable
monthly loan payment. There are home loans
available with little or no down payment. A home
loan expert can guide the home buyer to
understand all loan options, fees, and the
closing costs. Estimate the total price While
buying a property make sure to ask the agent the
final property cost. Most of the times it is
found that the brokers or the agent only mention
the basic price and no other charge for location,
parking, external and development fees, service
and concierge services which increase the final
cost.
Precise plan to invest
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Before investing in property one has to know the
various payment options available in the market.
These various payment plans are construction
linked plan, flexible payment plan, possession
linked plan and down payment plan. It needs to be
selected very cautiously as there is an
additional cost for every single facility and
service in the property. Home buyers should also
know that any delay in the payment on the part of
the builder will impact the credit history. Check
the infrastructure location The right location
gives an additional advantage to the property. So
make sure that the property is in the vicinity of
big infrastructure development or has great
connectivity which can boost return on investment
tremendously. Also, ensure that the property is
not close to any polluting industry which might
cause major health issues. Survey the site It is
seen most of the time that outline of the
property as mentioned in the catalog may vary
from the reality. So, a site visit is a must
before booking the property. One can also have an
interaction with the nearby residents who can
give an idea if there are any legal disputes
related to the property. Book the property After
complete survey and selection of the property,
one has to register the property with the
respective authority to become its legal owner.
By registration of the deed, one acquires the
right to the property from the date of execution
of the deed. At last, one has to ensure that
there is no possibility available that may hinder
the property development. For this, one can
probably refer to various online real estate
forums. All these guidelines would help one to
make their property search experience fruitful
and not get into any troubles or issues while
buying a property.
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