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Factors to Keep in Mind while Buying a House

Factors to Keep in Mind while Buying a House

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Factors to Keep in Mind while Buying a House

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  1. O^^€ Q Menu ▼ 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 forsale, real estate blogs, real estate for sale, real estate website blogs, townhomes for sale m Srishti Chandola ifc Like 0 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?

  2. ■ 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 it’s 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

  3. 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 Don’t 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. ^ Unique Living Room Designs for 2018 Leave a Reply Your email address will not be published. Required fields are marked * Comment Subscribe to our newsletter Want to be notified when our article is published? Enter your email address and name below to be the first to know. Send Facebook

  4. n Like Page unique living Room < 2018 Designs for Favista Real Estate Pvt Ltd on Friday Unique #Living #Room #Designs for 2018 Click here for the details... https://goo.gl/L6EsP2 li Like P Comment 1 Twitter Timeline Tweets by @FavistaRealty Recent Blogs Factors to Keep in Mind while Buying a House March 12, 2018 Unique Living Room Designs for 2018March 9, 2018 Extraordinary Women in the field of ScienceMarch 8, 2018 List of Some Ready-to-move-in Localities in DelhiMarch 7, 2018 What to Expect While the Bank is Processing the Home Loan RequestMarch 5, 2018 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSG Capital. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estate space. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services in India. ABOUT About UsOur TeamCareerContact UsTerms Privacy PolicyDisclaimer

  5. Site Map QUICK LINKS Post Property FREEEMI CalculatorBlogs Compare ProjectsDownload Mobile APPSale PropertyRent Property CONTACT FAVISTA Toll Free - 1800 2121 000 (ALL INDIA) Gu rgaon - +91-124-3378700 Noida - +91-120-4117463 Mumbai - +91-22-40142051 Email Sales - sales@favista.comEmail Enquiry -info@favista.com 9Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana 122002. 1 Square meter = 10.764 Square feet Have More Questions? Do not hesitate to contact us! Read our FAQ's or Leave a feedback for us to contact you shortly. © 2015 Favista Real Estate Pvt. Ltd., All Rights Reserved.