When you buy a house, it is a feeling of pride but to sustain the feeling of pride, you have to be wise in your approach viz-a-viz several questions come to your mind which needs to be solved before-hand. I am here to guide you so that you move into a property of your choice with complete peace of mind.
The financial obligations must be taken into cognizance before finalizing any home. It means insurance amount and other loans must be taken into consideration to ascertain the right amount of EMI. This calculation will give you a rough estimate of how much you can afford to pay in addition to pay for your daily expenses. There are several hidden charges too that you are required to pay like registration charges, stamp duty, parking charges etc. which must not be neglected. You need to consider all those expenses. The amount paid towards down payment makes the difference as it has a ripple effect on monthly instalment too. The higher the down payment, the lower can be the monthly instalment and vice versa.
The loan application and credit score have its own importance and can’t be overlooked, especially for those who are interested in purchasing property on loan. You might not be aware that credit score which is a yardstick in the hands of the lender, as the credit score is given by independent bodies determines the applicant’s creditworthiness. The higher the credit score, the better it is as this ensures smooth processing of a loan.
Another, crucial factor for which advice from a real estate expert is must, and it is none other than the legal aspect besides inspection of a home. The happiness halts for a buyer when the sale procedure does not happen smoothly due to incomplete documents like Registration, Encumbrance Certificate, Occupation Certificate etc. As already mentioned, potential damages and the existing defects of the home must be ascertained so that you might not end up being surprised later.
The location and builder are of paramount importance as your hard-earned money is invested in it. Pearl Investment Clinic states factors like safety, proximity to educational institutes and availability of public transport that makes a superior location sets apart from an average location. Besides, future development of the area also plays a key role. Additionally, the track record of the builder has its own importance and can’t be ignored. Special consideration to the factors like construction quality appreciates rate of the property can be afforded to be missed.
In nutshell, it is better to be vigilant before finalizing any property.