Baby Steps To Reach Your Dream Home
Money is not the only thing you have to arrange when you go property shopping. You have to do much more to strike a deal that will look good on all parameters. Those who rushed into property buying only because they could afford to do so would tell you about the importance of prior planning. Unlike other purchases, the stakes in home buying are too high and it would only be too risky to hope things will work out well on their own.
“My husband and I have been saving money for a long time and when we heard of this upcoming project in the suburbs we were quite eager to book it. Apart from the fact that the property totally fit our bill, the developer was also offering a great discount. Later, we realised that our neighbours got their homes at a cheaper price. In the name of taxes, about which my husband and I had no idea, the developer extorted more money from us. Worst still, the amount was paid in case,” says Kavita Trehan, a Pune-based school teacher. “It is not just the monetary loss that hurts; the feeling of being fooled and the realisation that your trust have been broken are equally hurting,” adds Trehan.
To ensure you are not left in a similar situation, here are certain things you should do as you monetarily prepare yourself to buy a property:
Start reading
The Trehans got to know about the poor reputation of the developers after buying the house. If only they kept a track of property news, they would have not been in a situation like that. In all spheres of life, reading is of utmost importance. This is the best way to prepare yourself for property purchases.
“Not that it was a problem to arrange funds, buy we did not know the banks would not cover the cost we will have to pay as stamp duty and registration charges. This led to some last-minute hiccups and delayed the process,” says Ketan Chauhan, a Noida-based engineer. Chauhan loves reading Hindi literature; he should have shifted focus towards property and related news before he decided to buy a house.
Work on your mathematical skills
You would start questioning your own mathematical skills when an experienced developer starts baffling you with grand calculations. His verbal calculations would be so quick your jaw might drop in admiration. This is when you must turn the tables. And, to do that, it would be imperative to train yourself beforehand. Keep yourself abreast with the changes in taxing regimes as far as property matters are concerned. Even if you hire a chartered accountant, having no clue is only going to harm you.
Also read: 10 Uncommon Things To Know About Loans Before You Buy Your Dream Home
Silence is no option
There is no need to assume others will think less of you if you asked too many questions. This is a matter involving intensive capital and you have a reason to get all your doubts cleared, even if at the risk of sounding naïve. Do not jump to the next level till you clear all your doubts. Property transactions are one area where keeping quiet might be a bad idea.
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