| PART – 1 | TOP 20 MISTAKES OF A HOME-BUYER |
Table of Contents
Part-1 of Top 20 Mistakes of a Home-Buyer
The purchase of a home is frequently the most significant investment a person makes in their lifetime. A first-time buyer is often prone to mistakes due to the excitement of purchasing a home and worrying about its financial implications. A successful and litigation-free home-buying experience depends on researching and performing meticulous inspections before you spend. Read the list of errors first-time homeowners frequently commit. Please stay away from these!
Please take note of these 8 Points of the Top 20 mistakes of a Home-Buyer
1. Not conducting a background investigation: The project’s developer and contractor should have experience, be able to carry out their work efficiently, and be financially secure. To quickly assess their authenticity, look at their prior work and customer reviews.
2. Not determining the resale value: Real estate is an investment, even if you are buying it for personal use and want to make a good profit when you sell the property. Check the area’s rate of appreciation and the resale value before investing in a home.
3. Not verifying certificates: If you are investing in a ready-to-move-in (RTMI) project, be sure the builder has both an occupancy and commencement certificate. If these are not in place, avoid making a property purchase. One can also inquire with the relevant RERA Authorities in their state to see if any complaints are filed against the builder.
4. Verify the developer’s financial standing: Keep an eye out for potential lenders like real estate funds or private equity partners of the project and investigate their credentials. Check if the developer has fallen behind on bank loan payments. Public portals typically have access to this information. You can also look at the news to see whether the developer has recently been involved in any controversy. Look for project ties to banks or other financial institutions; this will show that the project has complied with all applicable laws.
5. Forgetting about other costs: When it comes to budgeting, the majority determines the net price of the residence and, in the case of a mortgage, the net due amount. Many people don’t realize that you need to spend 10–20 percent more than the home’s purchase price. Other expenses the buyer must cover from his contribution include stamp duty, registration fees, GST, agreement scanning fees, and loan processing costs. Therefore, buyers should carefully assess their financial situation and level of affordability.
6. Ignoring tax advantages: If a husband and wife choose a joint house loan, both are eligible for tax advantages. According to section 80C, they can claim this benefit according to their income. Deductions are possible for a principal of Rs. 1.5 lakh and interest of Rs. 2 lakh. Accordingly, based on their respective loan amounts and EMIs, both the husband and wife are eligible to claim a total deduction of Rs. 3.5 lakh.
It takes time and involves legal and financial considerations when buying a home. SSS Realtors is aware of this challenging circumstance. Therefore, it may be wise to use our specialists’ assistance when performing duties requiring in-depth legal or financial understanding.
After all, we understand that buying a house is a significant emotional and financial investment, and we want it to be just right! Contact us to make suitable real estate investments and have happy lives.
This was Part -1 of the Top 20 Mistakes of a Home-buyer, There are More Points you need to know from the Top 20 Mistakes of a Home-Buyer in Part-2. Click on the Link Below :
Top 20 Mistakes of a Home-buyer: Part – 2
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