The Top 5 Mistakes Home Buyers Make

In today’s times, it is quite tough and intimidating to buy a house, especially, for the first-time home buyers. You will get all sorts of advice and information but when the financial stakes are so high, it is best to be thorough in checking facts of the zeroed-in property.

Here are top five mistakes to avoid while investing in real estate:

Not checking your loan eligibility before booking a property – In case the lending bank doesn’t grant the loan amount you need, you have to arrange it from other sources (on heavy interests). This can be truly disastrous for your financial health! You may end up cancelling your purchase agreement and forfeiting your booking amount.

Voora Tip: You can easily figure out your investment budget by sourcing indicative loan eligibility from banks or financial institutions (in housing sector). This is known as pre-approved loan status. They gauge your ‘loan repayment potential’ by inspecting your CIBIL score, employment documents, and existing loan records. Around 40-50% of your monthly salary is considered as affordable homeloan EMI.

Selecting a property for emotional reasons – At times, people end up buying a house for its ‘vibe’ or its emotional significance to them. When they move in, many issues crop up - like insufficient electricity, poor locality, water shortage, high maintenance costs, poor construction, lack of infrastructure etc. They could have easily averted the crisis by being objective and choosing another property.

Voora Tip: Be practical about the cost, facilities and location of the property. Talk to the residents of the building or take professional help to find the red flags. Then reflect if those flaws can be rectified or lived-with because there is nothing like ‘100% perfect flat’. Objective analysis can save years of distress.

Don’t go by quoted prices – What builders promote in advertisements are never exact. They may refer the super-built up area (includes lobby, stairs etc.) as the size of the flat but the actual carpet area might be 30-40% lesser. They may not include floor rise (incremental price buyers pay for the desired floor), maintenance charges (to be paid in advance), car parking cost etc.

Voora Tip: Do your research and ask relevant questions. Apart from the usual ‘hidden charges’, don’t forget to include stamp duty, GST, registration charges and home insurance premiums while calculating the overall cost of the house and monthly EMI amount.

Not paying dues on time before applying for the homeloan – Loan lenders depend heavily on CIBIL scores for deciding on applicants’ loan eligibility. If there are delays in your EMI payments or changes in your income the CIBIL score dips. This reflects in lower loan amount (than pre-approved loan offer), higher interest rate or even loan rejection.

Voora Tip: Plan your finances wisely. Don’t allow your credit score to change before you get your homeloan approved. Remember, pre-approved loans are not guaranteed ones. Any change in bank’s policy, your CIBIL score or Government regulations might throw your planning out of the window! Also, completely avoid taking new loans or credit cards.

Not seeking professional help – Purchasing a property can be a daunting process. These days many real estate constructions get delayed (sometimes for years) due to insufficient permits or approvals. Delayed Completion Certificate further defers the possession date. You may later find that a lot of things promised to you by the seller have not materialized.

Voora Tip: Lawyers are better equipped to read the fine prints in sale deeds, permits, and other relevant documents. By not taking legal help for verifying these documents you may save a few thousand but will end up losing in lakhs.

Doing meticulous research and financial planning can make your life easy in the long run and will allow your ‘dream home’ to be just that!

About Author
Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai |Real Estate Companies in Chennai |  Apartments for sale in t nagar

Villas vs Apartment

Luxury Villas and Apartments are those that offer you more than the essentials and bare minimum necessities a standard shelter is expected to provide.  Although Apartments have its own pros and cons, what makes Villas stand out is that it defines one’s independency and standard more prominently. An independent house provides you greater degree of freedom and It gives the liberty to design the house as per one’s wish. Villas can be rebuilt to suit changing tastes and requirements, at any point of time. The house can be expanded horizontally if space permits or vertically, by adding more floors. These are impossible in a unit in an apartment. In an apartment one is restricted to regulations and space of the society/area, whereas Villas provide optimised utilization of the space around. It opens opportunity to gardening and housing/raising pets.

Construction and installation factors need immense supervisions but ensures the quality, efficiency and functioning of all plumbing and electricity mechanisms. Many people who have sold their independent houses to move into flats and are now ruing their decision , as the quality of construction of their flats was bad, especially the plumbing and electrical. In apartments, the maintenance of complexes extends to include a host of items that require a fully functional office and maintenance staff on call round-the clock.

Additional advantages of Luxury Villas:
• More privacy with no more problems with regard to sound • you can always expand the space as per requirement in the future when your children grow up.• You can develop the higher floors when you want to make some additional income through rent.Best space for Family time and best vacation residence.Can rent to tourists who come for vacations.

Own villas in gated colonies or large residential projects. This option would provide the key advantages of an apartment such as security and other facilities and also provides a greater degree of freedom similar to an independent house. However there are few disadvantages such as limited flexibility to design the exterior and amount of independent space in front of the houseVilla Projects in Chennai are growing tremendously. Real Estate groups choose Chennai due to its steady market. Luxury Villas in ECR are known for their outstanding infrastructure, location and spacious rooms, so, they will be able to fetch good returns when sold. Voora Real Estates offers Villa 96 project, a villa project with 96 residences each spread across 2,500 sq.ft of sprawling space at Injambakkam just off the famed East Coast Road (ECR) at Chennai. Built in true contemporary style across 7.5 acres of pristine land, Villa 96 is a masterpiece in luxury villa projects bringing together a host of world class, state-of-the-art amenities and conveniences that will leave you spell bound. The landscaped gardens and green environment set makes it a cut above the ordinary. These luxury villas in ECR are designed to become a landmark in OMR. The enclave is packed with exciting features.

About Author

Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai |Real Estate Companies in Chennai |  Apartments for sale in t nagar