Factors to Keep in Mind while Buying a House

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Factors to Keep in Mind while Buying a
House March 12, 2018 Real Estate buying a
home, buying a house, homes for sale, houses for
sale, houses to buy, new homes for sale, property
blogs, property for sale, real estate blogs, real
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Buying a home is the dream of everyone. It is a
long-term commitment as well as a lifetime of
savings that actually goes into buying a house.
Thus, the decisions make in buying home process
can make a huge difference in a home that is a
blessing to the family for years to come and hope
that becomes the financial burden. Altogether,
the home purchase shouldn't become a stressful as
well as draining experience. Rather, it should be
fun. Here are some factors to consider before
making the huge decision- The credibility of the
developerTracking the financial developer and
project card report is crucial. Most information
about the developer or builder can be obtained
online on the website which comprises of complete
information pertinent to the ongoing and the past
projects. This certainly can go a long way in
ascertaining the market reputation of the
developer and help understand the product
portfolio. Ground and research work can help in
choosing the dream home. Locality- Whether are
you planning to buy or invest the house for the
end user, the location of property plays a
significant role. Also, it becomes dedicated
factor whether you buy the house or not. For
example, the distance between nearby market and
the home is pretty crucial. Other questions you
should address are- What is the exact travel
time to work back? What about the
infrastructure of the area Is there regular
supply of electricity water? What about
the present amenities? Is there sufficient
public transport? What about open spaces if
the buildings are in a complex or township?
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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 sufficient parking space? Also, do check on
social infrastructure such as multiplexes, malls,
restaurants in proximity to the
project Security- If you reside with your family,
then the factor takes the precedence. Most of the
home buyers consider this as an integral factor.
No one would actually like to buy the property
that is located in the crime zone. Also, some of
the properties proffer CCTV security monitoring
to actually prevent the serious incidences. Are
you financially ready to purchase a house? Buying
the house is probably the biggest purchase that
you will ever take. Are you actually sure that
you are ready? Answering these questions will
definitely let you know Additional tips for
younger buyers Be the well-informed home buyer
prior to the investing or purchasing a house
either for you or the family. Information is
always available readily provided you actually
know where to look. Here are suggestions for the
young home buyers before taking the plunge. Know
your rights At present, Real Estate Regulatory
Act (RERA) aims to bring transparency as well as
protect the interest of the consumers. When
searching for homes offline or online, it is
important to see if the project is RERA
registered or not. Most of the developers will
highlight the respective RERA numbers on the
projects. The numbers will correspond to the
state the project is actually based on. For
instance, the properties in Maharashtra state are
prefixed with the MahaRERA which is followed by
the number. The RERA registered project provides
you the security against the delayed projects and
other fraudulent practices from
builders. Maintain the credit score This
certainly is the prime thing any financial
institution will actually check when applying for
the home loan. Thus, it is important to maintain
the credit score. Ensure you pay the credit card
bills and other loans on time. This will instill
the confidence of the ban in your ability to make
the payments timely. A high credit score will
make it pretty easier for you to apply for the
loan. Also, the percentage varies from one bank
to another, so you will certainly have the down
payment amount that is required
beforehand. Understand that the home loan
procedure thoroughly, documents that are actually
required, look-in clauses and exit penalties if
the planning to foreclose the loan before final
year. Not having many credits such as personal
loans, bike or car loans or huge credit card
balance, will demonstrate the ability to handle
the debts efficiently. Ensure you have resolved
most of the existing debts since the home loans
will take a huge portion of the salary. Consider
your capacity also to repay the loan and examine
the complete tenure closely. How long do you
actually intend to pay? Sometimes, a huge tenure
may necessarily not always be helpful. If you
have the capacity as well as the financial
strength to pay off the home loan in the shorter
tenure or foreclose, it in advance to the final
year, then its strongly recommended to do
so. Factor the total costs There are numerous
examples when there are various costs associated
with the purchase of the property. While making
the down payment, it is important to know about
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all the added costs. Do a thorough check on taxes
that one have to pay, the advance charges for
parking, clubhouse memberships, initial
maintenance charges, etc. Continue
investing Dont let the home loan be a dead end
for the alternative investment options in other
markets. If you can actually invest in other
markets such as mutual funds, or stocks or
anything that is suitable to the financial
portfolio. This basically works as the backup in
the case of any unforeseen emergency. Also, it is
beneficial if there are numerous earning members.
For example, in case of husband and wife, if
either of two is paying the complete home loan,
other can actually concentrate on the generating
secondary source of income. The secondary income
can actually be used to either generate savings
for the emergency or for making additional
payments to the existing home loan.
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