It is never easy to buy a house. It is a step in one’s life that will stay with you for a long time. There are so many things that you need to keep in mind when buying a house. However, this decision involves a lot of thinking and suggestions and sometimes we may overlook a few important things which we shouldn’t. Some commonly overlooked things can be:
Hiring a professional advisor: The herd mentality of the common man believes more in an inexperienced broker than a qualified and experienced advisor. We tend to shower money on attorneys only after some damage, save ourselves some or rather, a lot of money. You ask the whole IIT questionnaire while buying a washing machine but blindly believe a mediator while buying a property? Hire a real estate professional, the fact is they are good with paper and words plus the legal due diligence will save you from future litigation expenditure.
Verifying the seller: Before you buy a house and wire a hefty amount to your builders account, take a background check, the advisor might come handy here. Check for any proceedings against the builder and its projects, ask for documents like the title deed, approved layout plans and others. Question the agent, you can even post your queries on online real estate forums. If any more doubts then do visit one of builder’spast projects to have a look at construction quality, the maintenance and repair facilities.
Taking into account a property’s Resale Value:It is often for buyers to lookout for new home after few yearsof staying at one home. That’s why it’s important that when purchasing your dream house, you remember that many things can happen in the future that might mean you’ll have to sell quickly. This is why you should discuss current trends in the area and what might cause them to fluctuate so you can decide whether or not this is something you’ll want to do down the road – regardless of how many years away. Buying a house isn’t simply acquiring a place to raise a family or starting a new chapter in your life. It involves an investment that should increase in value over time, but make sure any potential problems don’t get in your way from being able to enjoy the experience!
Adding a female co-owner: If you’re an independent woman buying a property, then the following will apply to you too. Home loan benefits are multi-fold for women who want to buy a house as the government and financial institutions are taking various steps to incentivize women to buy a house. Delhi, UP, Punjab, Haryana, and Rajasthan, offer relaxations in stamp duty for women buyers. Additionally, many banks such as SBI, HDFC, ICICI, etc., offer discounts on home loan interest rates to women as compared to men. This varies from bank to bank and goes up to nearly one percent. There are several benefits to buying a property in a woman’s name, either as the sole owner or as a joint owner.