Here is why Buyers Start Taking Wrong Decision While Buying a Home
Feb 12, 2018 Home Trading Steps
Everyone does their home work before going out to buy their dream home so, that they do not have to bear any kind of loss, as it is a matter of their time, effort and hard earned money. But whenever you ask the buyers they are never satisfied with what they have bought. If asked, they will say that due to some or the other reasons they have to make the buying decision. Therefore in this article, we will discuss those reasons wherein the buyers are not left with any option but have to consider the reasons and make their decisions.
The urge for something better: When you are out for home shopping you tend to exceed your budget, no matter how strict and precise you are. Actually, it’s not related to unavailability of property in that certain range rather it’s all about human psychology. When you know you can afford something, you aim for something better, which is better than what you are getting and you will start going beyond your budget limit. In order to get what you think is better for you will result in stretching your limits. And this is a never ending process.
The eligibility criteria: Nowadays, it is very easy to find your loan eligibility. When you know you can get a loan of Rs 30 lakhs you will opt for a house worth Rs 50 lakhs. Accordingly, you will find a home and proceed with your buying process. But when you actually apply for a loan, the bank will assess the value of the property and find out the property value is Rs 35 lakhs. And the bank will not sanction the amount you were expecting and hence your loan eligibility will remain as it is. This is one of those situations when you are bound to take a drastic step.
At the earliest: Usually, there is a certain period of time to close the deal after the buyer has deposited the down payment which is ideally 10 percent of the total value of the property. Generally, it is one month after. If the buyer fails to do seal the deal, then there is a risk of losing half of the down payment amount in most of the cases. This is a scenario, where the buyers tend to come under pressure and take some wrong step. Such as if you as a buyer find out that the bank is not giving you that much of loan amount which is required, then you might apply for a personal loan in which the interest rates are much higher than the home loans. And handling these two kinds of loans can be draining for you.
So, don’t get pressurised in such situation, be calm and make decisions carefully.
The urge for something better: When you are out for home shopping you tend to exceed your budget, no matter how strict and precise you are. Actually, it’s not related to unavailability of property in that certain range rather it’s all about human psychology. When you know you can afford something, you aim for something better, which is better than what you are getting and you will start going beyond your budget limit. In order to get what you think is better for you will result in stretching your limits. And this is a never ending process.
The eligibility criteria: Nowadays, it is very easy to find your loan eligibility. When you know you can get a loan of Rs 30 lakhs you will opt for a house worth Rs 50 lakhs. Accordingly, you will find a home and proceed with your buying process. But when you actually apply for a loan, the bank will assess the value of the property and find out the property value is Rs 35 lakhs. And the bank will not sanction the amount you were expecting and hence your loan eligibility will remain as it is. This is one of those situations when you are bound to take a drastic step.
At the earliest: Usually, there is a certain period of time to close the deal after the buyer has deposited the down payment which is ideally 10 percent of the total value of the property. Generally, it is one month after. If the buyer fails to do seal the deal, then there is a risk of losing half of the down payment amount in most of the cases. This is a scenario, where the buyers tend to come under pressure and take some wrong step. Such as if you as a buyer find out that the bank is not giving you that much of loan amount which is required, then you might apply for a personal loan in which the interest rates are much higher than the home loans. And handling these two kinds of loans can be draining for you.
So, don’t get pressurised in such situation, be calm and make decisions carefully.
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