Tell me who does not want to stay in their own house? Buying your own house is a dream come true. But in the excitement of buying a house, you must not forget some things which you need to look into as a home buyer. House is not a small investment. It is one of the biggest investments in a lifetime. So, you have to be very careful while investing hard earned money in your dream house. In this blog, we will discuss things to consider before buying a house in India.
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This first thing to do while buying a house is proper research. Doing proper research will help you buy your dream house. In the past, home buying decisions were heavily influenced by real estate agents. But today, things have changed. Buyersget to see the properties they intend to purchase, through various interactive technologies. Homebuyers can easily gather all the information on the property online, and they can also compare properties.
Currently, purchase decisions of home buyers, depend on the services offered by the project. Before buying a house make sure all the basic amenities are available. It is advisable to learn everything on the property, before making a purchase instead of regretting in the future.
It is very important to considerlocation while buying a house. You must always take up a place, which is close to IT parks, hospitals, educational institution, and recreational centres. After shortlisting the property, you must visit the area at least twice, to get a feel of theproperty.
After the implementation of the Real Estate Regulation Act (RERA), each developer has to register with the authority and upload all details of the project. RERA helps to get the property delivered on time by preventing the builder channelizing funds to other projects. As the developer has to upload all the details of the project, customers get to know everything on the project. Many States have yet to implement RERA.
Some builders may try to dupe homebuyers, by mentioning super built-up area in brochures. Super built-up area includes common facilities like a staircase, lobby, elevator, and corridors. For instance, a two-BHK 1,000 square feet apartment, could be just 700-750 square feet. So it is advisable to know the carpet area of the property. It is the area enclosed within walls of the apartment. Whenever you buy a property, you must ask the builder, the break-up of the super built-up area and the carpet area.
Another important thing to consider while buying a house is to assess if you can afford the EMIs on the home loan. Many people in the excitement of buying a new house, simply make the purchase, without even thinking if they can pay EMIs on time. As per the rule, your home loan EMIs, maintenance charges, property taxes, and sundry expenses on housing should be within 30-35% of your total income. Also, total EMIs on all your loans, should not exceed 50% of your income. In case you fail to pay EMI's on time, there are chances of you falling into the debt trap.
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