Buyer Beware: 4 Risks Of Purchasing A Home
With the Dussehra festival approaching, developers are enticing consumers with different discounts and incentives. However, the ultimate buying choice should be guided by expert advice rather than instinct. Tempting offers for a limited time may drive you to conclude the sale quickly, but it might be a trap. Thus, here we are discussing Four frequent vices related with property purchase and how to prevent them.
Inadequate Market Research
People frequently go out into the market to acquire a house without knowing the dynamics of the real estate business. The ‘ask’ or ‘purchase’ rate of a real estate property is determined by a variety of market factors, such as circle rates, guideline values, builder equity, infrastructure quality, property age, and acceptability index, among others. As a result, it is prudent to develop a market checklist to prevent the danger of entering into a bad agreement. Conduct considerable study on the many aspects of house buying.
Not Doing A Financial Analysis
Buying a home requires a large investment, thus taking out a home loan is the most typical option for purchasers. All potential homebuyers should be aware that banks or other financial organisations award house loans based on a variety of variables, including your income and credit score. Banks often lend up to 80% of the entire value of the property. The outstanding sum, at least 20%, must be paid by the buyer. Without first analysing your finances and monetary responsibilities, your goal of purchasing a property will become a nightmare. Before you decide to buy a property, determine your EMI flexibility.
Not Seeking Expert Assistance
Another typical error that homebuyers make while searching for their dream home is failing to obtain professional advice. Many countries have devoted real estate consultants and experts who assist homebuyers in securing the best deal for their budget and priorities. People in India typically seek counsel from family members, which is sometimes influenced by preconceptions and biases rather than real facts.
Inadequate Builder Research
Not conducting builder research by seeing the developer’s finished projects or conducting internet research might cost you a lot of money. Make certain of the builder’s market repute. Check to see whether the builder is a member of the Confederation of Real Estate Developers’ Associations of India (CREDAI) or is registered with the state’s Real Estate Regulatory Authority. This will provide you insight to the builder’s full profile, prior delivery history, and the building quality of existing projects.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
