Property Knowledge: If you are preparing to buy your first house, then it is important to keep some basic things in mind, so that you do not face unnecessary problems or losses in the future… Let us tell you that most of the people make some mistakes like this. . After which they may regret it.
Buying a house is one of the most important decisions of life. The person fulfills his dream by investing all his savings. People prefer to buy flats/apartments in a ready-made society or building. Many people do not like flats or apartments, so they look at the option of buying an independent house.
If you are going to buy a house for the first time then you should keep some things in mind. It is not possible to buy a house again and again, in such a situation, if you are preparing to buy your first house, then it is important to take care of some basic things, so that you do not face any problem or loss in the future without any reason… Mostly some mistakes like this Let’s do it.
1. Emotional decision-
First of all, know that buying a house is an emotional decision for everyone. It gives people a feeling of emotional security. One should never buy a house out of sentiment.
2. Financial situation-
Apart from this, it should also be kept in mind that buying a house is a big decision from the financial point of view. That’s why one should not buy a house under any pressure. A person should take this decision keeping in mind his future financial situation.
3. Right location-
Not buying a house in the right location can prove to be a big mistake. If the area where you are buying a house is sparsely populated, there is no adequate public transport system, there are no facilities like school or hospital, then do not buy a house in such a place for the sake of cheapness, because this will increase your transport expenses.
4. Make preparations regarding the loan-
Generally, 10 to 20 percent of the price of the house has to be made as down payment. Banks finance the remaining money. You can also take a home loan to build a house. It is good to take pre-approval from the bank for home loan.
5. Take care of EMI-
Banks assess your loan repayment capacity and tell you how much loan you can get. Your EMI should be such that you can easily pay.
6. Manage these expenses first –
Many people take personal loans for down payment and other expenses, which pushes them into the debt trap. Avoid this. Avoid rushing into buying a house. First arrange the remaining money, then prepare to buy a house.
7. This mistake is the biggest –
do not trust the builder or property dealer blindly. There are lakhs of people who had booked a house or flat many years ago. In such a situation, on one hand they are paying the loan installments and on the other hand they are also paying rent.
