Most common problems faced by first time home loan buyers
Buying a house is not an easy task. One is required to answer several questions before finalizing their house purchase. Starting from searching for the best location and the right property, there are many problems a home buyer faces while searching for their dream house. Here, we have put together a handy guide for first-time homebuyers in India that talks about how to overcome various obstacles that come in the way of buying a home.
Choosing between real estate agents versus online advertisements
Once you decide to buy a house, the first question that comes to your mind is whether you need a real estate agent or not. If you feel the need to hire a real estate agent, be aware that you will also need to a pay a brokerage fee to them. Alternatively, if you do not want to pay a brokerage fee, then you can go online and search for the best properties as per your requirement and budget.
Location of the house
One of the main problems a home buyer faces is deciding the most suitable location of the house. You need to keep certain factors such as proximity to the market, means of transport, availability of civic amenities, property value, etc in your mind when choosing the house location. After analyzing these factors, you can choose the location that best meets your requirement.
Fear of fake property owners
Another problem that a homebuyer faces is the fear of fake owners. Many house owners are not honest while selling their property. So, before buying a house, you need to cross-check all the information provided to you by the property owner. If you fail to do so, you may end up buying the wrong property.
Property titles
Before buying a house, every home buyer should check the paperwork and see if the property titles are clear or not. Getting a property with clear titles are important if you want to obtain a bank loan or sell your property in the future. With disputed property titles, reselling might become a challenging task for you.
Budget and bank loan
To find a perfect house within one's budget is a challenging task. Budget is an important factor that helps you to decide what type of house and location do you want. You can always opt for a home loan to finance your home purchase if you do not have a sufficient budget. Make sure you check your eligibility and credit score before applying for the same.
To Conclude
Purchasing a house may feel overwhelming and intimidating for first-time homebuyers. You can use the above-mentioned points to overcome the major obstacles and ensure that the process goes smoothly so that you can step into your dream home without any major hassles.
