What Can You Do if You Bought a Wrong House?
May 15, 2017 Home Trading Steps
Buying a house is a lifetime investment and a dream come true. After months of searching and researching on the property, the feeling of finally buying the property that matches your need, requirements and budget is unmatched. But sometimes, the forecast of future need regarding the property many go wrong. The decision might not turn out to be what you expected and can cause unnecessary stress and financial burden on you.
The common mis-perception that can happen while buying the property is:
1.Going little too far on the financial front while buying the property.
2.Completely relying on brokers, and advertisements for necessary information.
3.Depending on the rents from the property to pay off the EMI.
4.Not enough liquid money.
5.Not thinking and planning for the future.
6.While calculating the cost of property, failing to add the cost of delay of the project.
7.Not understanding the terms and condition fully.
8.Not doing research on the property by themselves
When it comes down to buying a house, everyone has different needs and requirements. After choosing the location that suits your requirements the best, it is better to do a proper research on amenities, reputation of builders, other similar projects in the same location and budget.
It is difficult to reverse the damage caused because of buying wrong property, but there are several steps that a buyer can take to minimize the effect.
1.When the loan lender does not suit you:
If the buyer has taken home loan from a loan lender and they are not suiting their needs, in the long run, there is a provision to switch to a different loan lender. Though loan lender may charge a penalty for the same, but it will be worth in the long run.
2.When a developer does not keep his promises:
Buyers suffer a huge financial crunch if the developer fails to deliver the project in time. The only option here is to gather a group of buyers who are facing the similar issue and take a legal action against the developer. It is expected that all the problems that buyer’s face with timely delivery and developer’s false promises, will reduce once RERA comes into force.
3.Not enough appreciation of prices:
Investment in real estate is a long term process. High returns are not immediately received. It is better to check the market trends before investing.
4.Maintenance charges are more than expected:
It is better to check with the developer before buying the property regarding the maintenance charges. If the charges are burning a huge hole in buyer’s pocket, it is better to sell the property.
The common mis-perception that can happen while buying the property is:
1.Going little too far on the financial front while buying the property.
2.Completely relying on brokers, and advertisements for necessary information.
3.Depending on the rents from the property to pay off the EMI.
4.Not enough liquid money.
5.Not thinking and planning for the future.
6.While calculating the cost of property, failing to add the cost of delay of the project.
7.Not understanding the terms and condition fully.
8.Not doing research on the property by themselves
When it comes down to buying a house, everyone has different needs and requirements. After choosing the location that suits your requirements the best, it is better to do a proper research on amenities, reputation of builders, other similar projects in the same location and budget.
It is difficult to reverse the damage caused because of buying wrong property, but there are several steps that a buyer can take to minimize the effect.
1.When the loan lender does not suit you:
If the buyer has taken home loan from a loan lender and they are not suiting their needs, in the long run, there is a provision to switch to a different loan lender. Though loan lender may charge a penalty for the same, but it will be worth in the long run.
2.When a developer does not keep his promises:
Buyers suffer a huge financial crunch if the developer fails to deliver the project in time. The only option here is to gather a group of buyers who are facing the similar issue and take a legal action against the developer. It is expected that all the problems that buyer’s face with timely delivery and developer’s false promises, will reduce once RERA comes into force.
3.Not enough appreciation of prices:
Investment in real estate is a long term process. High returns are not immediately received. It is better to check the market trends before investing.
4.Maintenance charges are more than expected:
It is better to check with the developer before buying the property regarding the maintenance charges. If the charges are burning a huge hole in buyer’s pocket, it is better to sell the property.
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