These Questions Bother Every Homebuyer
The concept by itself is quite appealing – home are not just roofs and walls made of bricks and other construction materials. They are places that fill our being with a sense of security, price, and happiness. They also stand as the testimony in front of the others that we have grown and achieved something in life. For all these reasons and more, almost all of us want to own a property. However, the gratifying concept is not without its own set of apprehensions and pangs. As we plan and work towards the implementation, many questions arise in our minds. But, in case of the new-age homebuyers who are looking for affordable options to somehow make the purchase possible, these questions are very basic.
Am I ready for this?
Your wife is fed up with shifting rented accommodations. Your colleagues are shifting into their new homes and so are your friends. The pressure on you to have a place of your own is mounting every day. Even your parents would not be convinced that you have "settled down" or have "achieved something in life" till you become a property owner. So, you gather all your courage, accumulate all your funds, and start your search for an ideal property. Not that you yourself are not charmed by the whole concept of being a property owner, you still keep questioning ― is it really that important or am I succumbing to peer pressure?
Will I be able to shoulder the debt burden?
You were about 30 when you took the loan to buy your house for a repayment tenure of 30 years. Technically, for a period of 30 years you will be obliged to follow a certain regime to shake the load off. This could be an overwhelming thought? What if I get tired of my job and want to quit? What If I get sacked? What if I begin to dislike the property and try to sell it and fail to find a taker? Worst of all, what if I pass away and this huge responsibility falls on others?
What if I default?
Bank finance has really made it possible for a common man to dream about owning a property and materialise it, too. But, one would hardly find a borrower who does not get apprehensive about the whole concept. What if I lose my job one day and am not able to pay my EMIs (equated monthly installments) for some time? They will snatch my house from me? These are scary thoughts and keep borrowers on the edge all the time. Such fears are also behind borrowers trying everything in their capacity to pre-pay the home loan.
Also Read: Not Able To Pay EMIs? Here Are Your Options
What If I get duped?
It will not be wrong to say that incidents that make the headlines are often unpleasant in nature. A piece of good news is often hard to find. The same is true of real estate, too. News reports about one developer delaying project and other duping buyers are really dampening for the spirits of someone who is planning his own house purchase in future. At the back of his mind, this prospective buyer will keep feeling the lingering fear of getting duped. It would also not be wrong to state here that this personal sentimental fear of the common man can do great harm to a sector. The current state of affairs in India's real estate is a fine example of that.