Challenges faced by a homebuyer when purchasing a property

We all know that buying a home is not that easy, it is a very challenging task. If you are planning to buy a new home, you need to know the common problems every homebuyer faces.

Purchasing a home is just like running into flying monkeys and wicked witches along that yellow brick road to home ownership. Also, hunting a suitable property is imperative. It requires a lot of negotiation and homework of mind and money to be done.
If you’re reading this, then it’s probably because you’re thinking of buying a home. You may still have a few lingering doubts. Here we have put together a handy guide for first-time homebuyers in India. This talks about how to overcome several obstacles that come in the way of buying a home.

1) Finding the right property

Purchasing a property is both financial as well as an emotional decision. You need to look for a home that not just fits your pocket but one that is also close to your heart. After all, a home is a feeling where your heart resides.
The entire process of searching for your dream home can go sour, if you are not able to find a project that you like, you will only be disappointed a few years down the line.

2) Saving for a down payment

One of the biggest curbs for first-time homebuyers is saving enough for the down-payment. Although home loans are readily available, they don’t cover the full cost of the property. The lender usually pays only up to 80 to 90% of the cost of the home. Whereas the rest has to come out of your pocket, but you need to know 10-20% of a property is a huge value, and it can be difficult for homebuyers to pay such a huge amount.

3) Finding the right home lenders

Another big obstacle for purchasing your dream home is finding the right lender who is willing to lend you the desired amount. As you know property prices are soaring, paying for it out your own pocket is next to impossible. Even if you manage to secure a loan, but if the interest rates are high, it could end up costing you more in the long run.

4) Authentication of Property Registration and Other Related Documents

Buying a property involves several checks like- RERA certificates, NOC (No Objection Certificate) by relevant local bodies, title deeds, building approval plan, environmental clearances, possession certificate, completion certificate, buyer-builder agreement, allotment letter and many more. Indeed it can be an overwhelming process for home buyers.

The above-mentioned are the three most common obstacles faced by a home buyer. Purchasing a home may feel overwhelming and intimidating, especially for first-time homebuyers. Here’s a tip for you that can help you step into your dream home without major hassles.

Tip: Always search for a real estate company that would help in your home search process, making it easy for you. PropertyPistol is one such company that can help you find your dream home. Just few clicks and you have list of properties to select from.

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.