After a certain time, human beings tend to become independent. They become capable enough to make their own decisions. They become financially independent. There is a time when we start expressing our point of view. Some views or ideas are well appreciated; some are criticized. We gain knowledge from small experiences. We struggle to survive in our way in this hypocritical world.
However, there arise some situations when we become worried, we fail. Time becomes the best healer in certain situations. Again, we celebrate various events. We celebrate our birthdays, anniversaries, festivals, etc. For all these moments we need a space to express our emotions. Our home is that place where we laugh and cry together or alone. Thus, a house is not only a shelter, it is something more for us. Mere words can never describe the psychological needs of a home! This s why we spend a huge amount of our savings on buying a house for ourselves. But, there are certain myths related to buying a house.
If you are buying a house for the first time, you are right here because in this article I will demystify the misconceptions that the buyers have regarding buying a house.
The first misconception that any buyer has is that he/she thinks that real estate properties are too costly to afford. However, this is not the true picture. There are several areas where the price of land or house is quite affordable. The price changes from place to place. Further, a house or flat located near the main road is comparatively priced higher than the one located in the interior. You can set your budget and do exploratory research. There will be several houses or flats that will come under your budget. All these things can be weighed and the decision can be made accordingly.
As it is often thought that real estate property is costly, people tend to live in rented apartments. If you live in a rented apartment, you need to pay a certain amount of money every month for your rent. Further, you have to pay the electricity charge besides the maintenance charge. Don’t you think that it is better to give the same amount of EMI instead of paying the rent?
So, now if you have decided to buy a house, you might be worried about gathering money to make the down payment. “Oh my God! I need to have 15-20 % of the total amount to make the down payment.” Is this your thought? Relax! Though you have to make the payment, you can negotiate that amount as well. Sit will the seller and negotiate the amount. Both of you can reach a point that will be beneficial for both of you.
Few of us think that buying a house is an easy task. But it is not so! Buying a house is a challenging task. It involves several legal procedures and huge paperwork. You should have a good hold of the legal procedures involved in buying a home. Further, you have to have certain certificates like a completion certificate, etc. Make sure that all the documents are legal and valid before you proceed to buy the property.
You might enter into a contingency contract while you buy your house. But don’t think that the house will be yours while entering into the contract. The seller can include bump clauses and can bump you and enter into another contract with another prospective buyer if he/she feels so. But in certain situations, the seller has to return the earnest money (the money that you have paid initially while entering into a contract). But if you fail to buy the property within the stipulated time then the seller can bump you and sell the property to another person.
Further, it would be wrong if you think that the down payment is only what you have to pay initially. There are several other charges too which you might have to pay initially or regularly (for instance, sinking fund, IFMS funds, inspection fees, etc.). Hence, save some amount of money for some extra charges that you have to pay while buying a house.
Again it is thought that the price of tangible properties will always increase in future! But this is not so. The price can remain the same or even decrease in the future. For instance, the price of the flats, houses, etc. had decreased during the peak hours of the pandemic (Covid 19). It might also decrease if there is a financial breakdown in the country or any such undesirable situation. Thus, please don’t take it for granted that the price of the property will always increase in the future. Be prepared for unwanted situations too.
Another piece of advice would be to get in touch with a real estate agent while buying a property. The agent can show you several houses in your preferred locality that will be within your budget too. Further, he can help reduce the price of the house to some extent and can help you with legal matters and paperwork.
I hope that I have been able to unveil certain common misconceptions that you might have had regarding buying a house. Still, if you want more clarity you can reach our experts at Roodland by mailing us at firstname.lastname@example.org. Our team will solve your doubts with care and will help you in every possible way in buying your dream house. So, what are you waiting for? Mail us now to book an appointment!