Is It The Right Time To Buy Your Dream Home?

Published on 8 Apr 2016 . 3 min read

To buy or not to buy – does this dilemma haunt you?

Here are five reasons why you should not delay stepping into your dream home.

All said, buying a house is still a daunting task since it is a life-long asset involving huge investments. Here are the important things you should keep in mind while taking the final plunge:

When buying the house:

  • Remember that the discounts and gifts are a trap to lure you. Moreover, the basic price of the house that is advertised is significantly lower than what you are supposed to pay. Ask for the break-up.

  • Make sure that you pay for the carpet area of the house. Do not end up spending on the super-built up part that includes the common amenities like corridors, club houses and parks.

  • Verify whether all the permissions are in place like the project registration, layout approval, mutation and diversion consent, and, environmental clearance.

  • Read the agreement and other legal documents carefully before signing. Get it checked by a professional for hidden terms and conditions that you may miss.

When entering the loan agreement:

  • Visit the RBI website that offers a detailed insight for the home buyers. Clarify the unfamiliar terms and riders in the loan agreement before going ahead.

  • The bank representative may insist on lending you a combo insurance plan. However, it is expensive and some of the benefits would disappear by the time you get the possession if you are buying an under-construction house.  Your priority should be to insure the loan.

Last, do not forget to bargain. In this age of coupons and cash-backs, discount is inevitable.  Your game of patience begins, now! 

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neha dewan
Neha Dewan
An environmentalist by training, I worked in the corporate sector during the initial years to find a confluence between the industries and nature. At present, I teach Biology online to higher secondary students. I love exploring the sabbatical blues faced by women like me and how the magnanimous internet could help us.

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