Tips for hassle free home buying
Tips for hassle free home buying
Buying a home can be very stressful. With lots of options and several inputs from lots of people, often a person gets confused over the choice. The more is the mouth, the more are the words, and the more are the suggestions. While buying a home is one of the prime goals of many in India, the Home buying help relishes a dream for many. The home of one’s own, help many in offering a private space of one’s own and offers several benefits to the people.
Why are people in need of a home of own?
Before we move onto the tips for buying a home hassle-free, let’s discuss, why a home of one’s own is so desired in our country:
To offer a private space for the family, thus allowing them to do whatever they want to, within their own home. No one’s going to disturb you and restrict you from doing anything, within your own home.
Allows a complete freedom for the family and offer them a liberty to do whatever they want in their own home. Most of the cases, a family requires a space, which they can call it as their own. The freedom to decorate and renovate a home based on their own preference is one aspect, which allows them with a sense of eternal joy and happiness.
You feel accomplished and financially stable over buying a home. A sense of achievement is felt, when you own a home and you feel safe, over an asset you own.
You feel an inner joy and happiness over achieving something
Renting a home comes with several restrictions from the landlord end. There are several restrictions, which a landlord may impose, while you are on a rent and these restrictions offer a very limited scope of complete freedom while, being there.
Rental appreciation is one aspect, which is motivating more people towards the buying of own home. Every year, a tenant has to face the increase in the rental, which in turn is motivating the person living on a rented accommodation, to better purchase a home of own
The gap between Rents and EMIs has gone narrower over the year. Gone are the days, when living in rented accommodation saves you money. Now, the home loans are easily available and since they are available at the affordable rate of interest as low as 8.6%, the amount to be paid in the form of EMIs has gone drastically lower and stand just adjacent to the renting of an accommodation.
The renting of an accommodation doesn’t make you liable to own it. For how long you stay in a rented accommodation, and whatever you pay, you are never going to own it. This fact is allowing several minded people towards going for the buying of a home of their own.
Appreciation in property price is another aspect, which motivates a person to get a home of own. With the property prices on the rise, you stay until you want to, and you can sell off the property, whenever you want to and get the increased price for your property.
The home loans, which in most of the cases, are opted by the home buyers allows them with several tax benefits, and thus in a way help them in saving a good amount, in the form of non-taxable income. So, if you are looking to save your taxes, buy a home with the home loans, and get an exemption of your income.
Tips for hassle-free Homebuying
While the homes are a good asset for many, what are the tips to buy a home hassle free? Here are some top tips for hassle free home buying:
Evaluate your Budget
The first thing first; Do a complete evaluation of your budget. Any homebuyers should decide the maximum limit they can go for while purchasing any home. Consider all the factors, while calculation of your budget. The factors, which features in the calculation of your budget involves the money, you have for the down payment, the money you can take a home loan, the salary and other source of income, the present liabilities, the nearby future liabilities, and all other such factors while evaluating the final budget for your home.
Do your Research
A thorough research of the market is utmost important if you are unaware of the real estate market. You can opt for keeping a track of the property prices of various areas of the city through various modes of knowledge like TVs, newspapers, through real estate agents, through the internet and other such. Keeping a good track of the real estate market of the city can help you in understanding the market very well and help you in taking the best decision for your property purchase.
Start collecting money for the Down payment
The buying home is a long-term planning, as you just can’t wake up early in the morning on any given day and can get the task done for your home buying. The home buying is the decision, which a person needs to take much before, he/she actually get it done in actual. You need to have a complete research, evaluation of your budget and at the same time, need to collect the enough down payment money for buying a home. So, kick start your process from today itself, and start collecting your down payment money, if you haven’t collected it yet!
Be the Early Birds
There are several builders, who offer exclusive prices on the properties, which are yet to be completed. The builders in order to collect funding offer several unmatched benefits and packages for the early birds. Hence, it would be a good idea to invest in any upcoming projects (if you are not in need of the instant home solution), and take advantage of the attractive schemes and discount offers available for the people.
Check the Builder’s credibility
Just before booking any property blindly, check the reputation of the builder, very deeply. Investing money in any property calls for the thorough check of the builder’s reliability and reputation. There may be people, who are already stuck in investing in that property, and cross-checking all the available details very deeply can offer you a peace of mind, while in the home buying process. It would be better if you always opt for the reputed builder, as the reputation of any builder isn’t built in a good and it takes long time efforts, with the satisfactory solution to the people, to collect such a good reputation.
Check the Location of the Property
Checking the location of the property is another important aspect, which a person must pay attention at if he/she is looking towards the hassle free home buying. While, during the inspection of the location of the property, you can check, what amenities are available nearby the property, you should also opt for the cross verification of the location of the property regarding the legality issues. Consider, buying only the property, which has no legal issues and which is government approved.
Check your CIBIL Score
The CIBIL Score is an important aspect, which can approve or reject your loan. It also paves a way for the low-interest rate towards the home loan, and thus one must check the CIBIL Score. If you find irregularities in the credit score, immediately contact the CIBIL and get the issue resolved. Always try to keep an update record of your CIBIL Score, if you are thinking on taking a Loan in the near future. If you have a low CIBIL Score, opt for different ways to improve it.
Check your Home Loan Eligibility
Figuring out what’s your eligibility criterion for the home loan is the first task you can do when you approach any bank of your choice. You can seek all important information regarding the home loan and can ask them, regarding your eligibility criteria. Based on the information as furnished by you, the bank’s representatives can inform you about your approximate home loan eligibility and the approximate home loan, you can be sanctioned. Also, you can collect all relevant documents in support of the home loan application
Get a preapproval for your home loan
Getting a preapproval can help you in saving your efforts and time. Al home buyers can take help from financial institutions regarding their loan eligibility and sanction amount on the basis of income.
Buy only what you can afford
Just because your bank is ready to offer you the home loan featuring very high loan amount, it doesn’t mean that you buy a costlier home, which in reality you can’t afford. Avail a home loan based on your affordability. You must always keep some facts in mind that there are many other responsibilities and liabilities, which you need to fulfill, besides buying a home. It’s better if you analyze your complete financial aspects, take help of the home loan calculator and know, what you can afford while buying a home. Don’t extend your limit, beyond your capability.
Opt for the sensible loan offers
There are several loan schemes and offer, which are designed in such a way that the home buyers, may fall trap into. Opting for the offers, which makes no sense, will get you into more troubles, instead of resolving your issues. Thus, do some brainwork and go deeper into the offers and promos and ask all relevant questions and satiate full, before closing any home loan offer. Don’t run behind offers.
Negotiate your loan rate of interest
You are always in full right to negotiate on your home loan rate of interest. While many people are of the vision that the rate of interest cannot be negotiated, the reality is that you can bargain on the interest rates on every loan you seek for. Ask them to lower the rate of interest, as even a slight reduction of the home loan interest rate can save you a very good amount of money when the final calculations are made.
Know the various terms related to real estate and home
Are you aware of the terms related to the real estate? Are you well aware of what, the carpet area is, what buildup area denotes, or what does it mean by super built-up area? If you are not aware of thee terms, you are not ready to make a deal for any home. Better, you collect all such information, before stepping out for the real purchase of your home.
Complete home inspection
If you made a choice of a home, getting the home inspection will be a better idea. More importantly getting a home inspection through a professional, will help you in getting it right and nullifies chances of purchasing a defected home. Look for every corner of the home on your own and through the professional. Look for the plumbing, the electric, the ceiling, any sorts of leakages and all, and get it done through professionals. Make sure that the home, you are going to purchase don’t require any modifications, and if does require, you must be aware of those defects and issues.
Consult a lawyer before finalizing any deal
Get yourself a lawyer! Hire a lawyer to accomplish two tasks; one for getting a thorough inspection of the home loan papers, and secondly, for thorough checking of the legalities of the property, you are buying. A good lawyer can cross check all the legal issues, which may have skipped from your eyes, and thus help you in ensuring that there is no legal dispute over the property, and you aren’t cheated. A lawyer can also read all the important terms and conditions of the home loan, which may otherwise, would have skipped from us. Thus, consulting a good lawyer and hiring for the task would be a better decision as this step smoothen the whole process of buying a home hassle free.