If buying your dream home is at the top of your wish list, there should be certain factors that you must keep in mind before the final plunge.
Buying a home is everyone’s dream. It is a long-term commitment and a lifetime of savings that goes into purchasing a house. Thus, the decisions you make in the home-buying process can make a big difference between a home that is a blessing to your family for years to come and a home that becomes a financial burden.
Altogether, a Pros and cons of buying a property near the Airport home purchase should not become a stressful, and draining experience. Rather, it should be a lot of fun.
Below are a few factors to consider before making the big decision:
1. Credibility of the developer: developer’s financial and project card report is crucial. Most information about the developer can be obtained online on their website which comprises complete information pertinent to their ongoing and past projects. This can go a long way in ascertaining developer’s market reputation and also help understand their product portfolio. Research and ground work can help in choosing your dream home.
2. Locality: Whether you are planning to invest or buy a home for end use, location of the property plays a very important role. It also becomes a deciding factor whether you should buy that house or not. For instance, distance between the nearby market and your home is very crucial. Other questions you should address are:
- What is the travel time to work and back?
- What about the infrastructure in that area?
- Is there a regular supply of water and electricity?
- Is there sufficient public transport?
- How many hospitals are there in the area?
- What about the distance of schools from the property
- If you have a vehicle, does it have ample parking space?
- What about open spaces if your building is in a township or a complex?
- What about the available amenities?
Also, do check on the social infrastructure like malls, multiplexes, restaurants in the vicinity of the project.
3. Security: If you are staying with family, then this factor takes precedence. Most home buyers consider this as a very important factor. No one would like to buy a property that is situated in a crime zone. Some properties also offer CCTV security monitoring to prevent any serious incidences.
4. Are you financially ready to buy a house: Buying a home is probably the biggest purchase you will ever make. Are you sure that you are ready? Answering these two questions will help you know.
Additional tips for young buyers
Be a well-informed buyer prior to investing or buying a home either for yourself or your family. Information is always readily available provided you know where to look. Here are some suggestions for young homebuyers before taking the plunge.
Know your rights: Today, Real Estate Regulatory Act (RERA) aims to bring in transparency and protect the interest of consumers. When searching for homes online or offline, it is important to see if the project is RERA-registered or not. Most developers will highlight their respective RERA numbers on their projects. These numbers will correspond against the state the project is based on. For example., properties in Maharashtra state are prefixed with “MahaRERA” followed by the number. A RERA registered project gives you the security against delayed projects and other fraudulent practices from the developers.
Maintain your credit score: This is the first thing any financial institution will check when applying for home loan. Hence, it is important to maintain your credit score. Make sure you pay your credit card bills and other loans on time. This will instil banks’ confidence in your ability to make timely payments. A healthy credit score will also make it easier for you to apply for a loan. Monitor your CIBIL scores regularly. Most banks do not offer 100 percent loan. The percentage may vary from bank to bank, so you will have to ascertain the down payment amount required before hand.
Understand the home loan procedure thoroughly, the documents that are required, lock-in clauses, exit penalties if planning to foreclose your loan before the final year.
“Not having too many credits like bike, personal or car loans, or large credit card balance, will demonstrate your ability to handle debts efficiently. Make sure you have resolved most of your existing debts since home loans will take a large portion of your salary”, shares, Rahul Nahar, Founder, Xrbia Developers Ltd.
Also, consider your capacity to repay your loan and examine the tenure closely. How long do you intend to pay? Sometime, a longer tenure may not always be helpful. If you have the capacity and the financial strength to pay off your home loan in a shorter tenure or foreclose it prior to the final year, then it is strongly recommended to do so.
Factor the total costs: There are instances when there are multiple costs associated with property purchase. When making the down payment, it is important to know about all the additional costs. Do a thorough check on the taxes that you have to pay, the advance parking charges, initial maintenance charges, and club house membership, etc.
Continue investing:Do not let the home loan be a dead end for alternate investment options in other markets. If you can, invest in other markets like mutual funds, stocks or anything suitable to your financial portfolio. This works as a backup in case of any unforeseen emergency. It is also beneficial if there are multiple earning members. For instance, in the case of husband and wife, if either of the two are paying the entire home loan, then the other can concentrate on generating a secondary source of income. This secondary income can be used to either generate savings for emergency and/or for making additional payments to your existing home loan
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