Problem Areas To Watch Out For When Looking To Buy A Home

Life is all about ticking the bucket list. In most cases, the tick that tops this list is buying a home of your own. It is considered to be one of the topmost accomplishments of life.

The fact that buying a home is one of the most important things in life, there are many problems you may come across. These problems differ from person to person, as it depends on numerous variables like personal preferences, budget, location etc. 

The problems of buying a property in Mumbai or any metro city differ from the problems in tier 2 or tier 3 cities. However, certain problems are common to all flat/house buyers irrespective of the location.

Here’s a look at the 5 common problems that every home buyer faces during his/her home buying journey:

Arranging the down payment

A home buying deal is regarded as incomplete unless you make some advance payment. This amount is called the down payment. The bigger the down payment the smaller is the loan component. The bigger the loan amount the more is the interest you need to pay. Also, while getting a housing loan through any bank, the bank will certainly ask for a certain amount of down payment to be paid.

Loan eligibility

Home loan eligibility depends upon various factors like the repayment capacity, income, existing loans or debts and age of the loan applicant. The maximum loan that one can avail varies from bank to bank & the eligibility criteria may vary according to the RBI regulations.

The dream home dilemma

The definition of a dream home differs from person to person. Some prefer a good location while some emphasise on the amenities while some look for a trusted developer & more. Find a home with an excellent location offering the best amenities is difficult to find and even if you find such a property it should fit in your budget. All these factors combined make the journey of buying that dream home difficult.

Selecting the right developer

The real estate industry comprises of small, medium & big sized developers who offer a gamut of projects. With so many options available it is very important to identify a developer who is trustworthy & will deliver the promised output within the stipulated period.

Getting the right value for your current home

This factor is important for those homebuyers who are looking for a property exchange i.e., they want to sell their current home and source the down payment for their dream home. While there are many options available to sell your home quickly care should be taken that you get the best resale value.

With regards to getting the best value for your current home, there is one such medium that will help you with the same. Homexchange as the name suggests is a medium wherein you can move into your dream home by exchanging your current home. A first-of-its-kind concept in India, Homexchange is a seamless, speedy, and stress-free way to move to a better home, instantly.