Questions that Concern Every Home Buyer
Jun 26, 2019 Real Estate News
Home buying is a process that needs a lot of careful planning and consideration. One wrong choice and your entire investment can turn out to be the bad one. Entering the world of real estate can be intimidating with all the complex jargons and paperwork. Asking for help from the right person to help you make the right choice and right investment can make your home buying process a lot easier.
As a first time home buyers, there are a lot of questions that concern every buyer. We discuss them here.
1. Is this the right time for me to invest in real estate?
Investing in real estate needs a lot of funds. Even though the banks are ready to give out the home loan for almost 80 percent the cost of the property, the rest 20 percent needs to be paid from the own pocket of the home buyer. Moreover, some time homebuyers succumb into the peer pressure of buying a house. Make sure you are mentally and financially prepared to take the decision and your friends and family pressure do not influence your decision.
2. Am I ready to take the burden of the debt?
Buying a house comes with a financial burden. Gone are the days when people used to save for their entire lives and buy the house before or after retirement from their savings. With banks and financial institutes now giving you a home loan, it is possible for home buyers to get into the real estate as soon as they find themselves financially secure. Make sure you have done the proper R&D before taking the home loan from the bank. Buying a home loan does not mean you should put every last penny of your savings into buying the house. Make sure you have some savings for the rainy day.
3. What if I am not about to pay the debt?
Future is uncertain, and bad days do not knock on the door before coming. It is a common worry amongst the loan borrowers, what if they are not able to repay the debt? The banks will not immediately take away your home if you miss one payment. In such a case, it is better to inform the bank regarding the financial situation you are in. There is a good chance that the bank will give you EMI holiday where you will not have to pay the interest.
4. What if the investment goes wrong?
It is justified for the home buyers to have concerns about the project and its completion. With the news of developers defaulting and the buyers being put in stressful situations, it is understandable why one would feel like it. As a buyer, one can do proper research about the project and the builder and track their past projects. Going with a reputed developer is a first step to make sure your investment will not go wrong.
As a first time home buyers, there are a lot of questions that concern every buyer. We discuss them here.
1. Is this the right time for me to invest in real estate?
Investing in real estate needs a lot of funds. Even though the banks are ready to give out the home loan for almost 80 percent the cost of the property, the rest 20 percent needs to be paid from the own pocket of the home buyer. Moreover, some time homebuyers succumb into the peer pressure of buying a house. Make sure you are mentally and financially prepared to take the decision and your friends and family pressure do not influence your decision.
2. Am I ready to take the burden of the debt?
Buying a house comes with a financial burden. Gone are the days when people used to save for their entire lives and buy the house before or after retirement from their savings. With banks and financial institutes now giving you a home loan, it is possible for home buyers to get into the real estate as soon as they find themselves financially secure. Make sure you have done the proper R&D before taking the home loan from the bank. Buying a home loan does not mean you should put every last penny of your savings into buying the house. Make sure you have some savings for the rainy day.
3. What if I am not about to pay the debt?
Future is uncertain, and bad days do not knock on the door before coming. It is a common worry amongst the loan borrowers, what if they are not able to repay the debt? The banks will not immediately take away your home if you miss one payment. In such a case, it is better to inform the bank regarding the financial situation you are in. There is a good chance that the bank will give you EMI holiday where you will not have to pay the interest.
4. What if the investment goes wrong?
It is justified for the home buyers to have concerns about the project and its completion. With the news of developers defaulting and the buyers being put in stressful situations, it is understandable why one would feel like it. As a buyer, one can do proper research about the project and the builder and track their past projects. Going with a reputed developer is a first step to make sure your investment will not go wrong.
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