Property investments are considered the most important of all forms of investment. Having a home of your own is crucial to saving up for a secure future. Residing as a tenant is great as you can save up money on a monthly basis. However, this holds good only if you want to accomplish your short-term goals. Saving up surplus funds for your own home is more likely to help you gather assets and provide for your loved ones during unforeseen circumstances.
For instance, based on property market trends, homeowners can sell their property or look for potential tenants to double up on an alternate source of income. When it comes to purchasing your own home, analyzing aspects that help you lead a convenient lifestyle is of utmost importance. To be in a state of remorse after any purchase decision is pointless. Therefore, before you go to look for property options, there are aspects that you should take care of.
Firstly, know that dream home endeavors are often long-term in nature. You need to have sufficient patience and must employ a logical approach. It is important to remember that you must not let your emotions take over. Here are a few things you need to know about property purchase to avoid buyer’s remorse.
Equip yourself with property market knowledge
Investors, especially first-time property aspirants, often make the mistake of heading directly to the site for price related negotiations without any prior knowledge. Make sure to educate yourself thoroughly on the property market before you invest. Case in point: Concorde Auriga is an upcoming residential project comprising of premier apartments at Medahalli in Bangalore, which is certain to help investors to plan and strategize their purchase decisions. To make worthwhile investment choices, you should also consider working with professional real estate advisers. This will give you in-depth knowledge about the property market and all its implications.
Know your loan eligibility
While purchasing property, investors should approach banks for home loans instead of self-financing. However, potential investors should keep in mind that there are eligibility factors that should be strictly adhered to. For instance, leading financial institutions provide affordable home loans only to candidates who have an average credit score. Also, if one does not have a steady employment record or has debts, they aren’t eligible for loans that will help them plan their financial strategies. Educating yourself on your options will help you choose the right home loan for a hassle-free investment experience.
Devise a budget
This is another common mistake that people make when they go about purchasing their home. Due to overexcitement, prospective homebuyers often forget to devise budgets and approach banks for loans instead. More often than not, lenders approve loans that the borrower cannot afford. To avoid such scenarios, people should start framing a budget. Devising a definitive budget will help you analyze other primary requirements and set aside funds for your home.
Prior property inspection is crucial
Too many people blindly believe whatever the property developer promises. Information about the project in the form of an email or a brochure is great, but not enough. Being physically present at the site is far more important. This is good for the seller too because, for any product or service offering, inspection before the final purchase increases its saleability and imbibes trust within customers. A proper inspection of the property before purchase will help you estimate the space required for a sustainable and convenient living experience. Also, you can even notice foundation defects, if any, so they can be rectified with immediate effect.
Expand your search and conduct extensive research
It’s great if one finds a home that they love in their first or second attempt. However, it is advisable for investors to undergo an extensive search to get to the right house. For instance, amenities, floor plans, location, connectivity, eco-friendliness – factors like these matter for a great living experience. In order to be close to your place of work or provide the best education for your children, thorough research matters and makes a huge difference.
Employing these steps will help you get that much closer to purchasing your home and providing for your loved ones in the future. Also, applying these strategies to prospective investment decisions will help you formulate ways for optimum resource utilization. At the end of the day, this will eventually contribute to profitable endeavors.
This post is brought to you by Houseey, an online real estate portal with an aim to help you find your “Key to Happiness”. Born out of a fusion of passionate problem solving and funded by top investors, Houseey strives to become the most trusted platform to find your DREAM HOME in India.