Golden rules for young home buyers: Do not make this mistake while buying a house, will always be in profit
Buy house Interest of youth has increased rapidly. If we look at the data of the last several years, the most property deal has been done by the youth. In all the cities including Delhi-NCR, Mumbai, Bangalore, youth are being treated by youth. There are many reasons behind the rapid growth of youth in real estate. Among them, good salary along with job and stability in real estate market is important. The Indian Property Market has consecutively given better application. However, there have been many cases of fraud while purchasing property with the youth. It is noteworthy that buying a house is the biggest financial decision of a person. Therefore, for the first time, the youth who buy the house need to take special care. If you are also a young, then what should be taken special care of before buying a property, let us know.
Youth develop this skill inside themselves before buying a house
- Budget set: Set the budget before purchasing the house. Do not spend more than 30% of the monthly net income in housing loans.
- Location Research: Look for areas where metro, mall or commercial projects are developing.
- Help of agent: Trusted real estate agents can provide good deals.
- Physical Inspection: Check home location, construction quality and legal status.
- Infrastructure condition: See close to road/rail connectivity, school, hospital, market and entertainment hub.
- Legal Knowledge: Understand the RERA rules, know the state-level changes and check the credibility of the developer by visiting the RERA portal.
Do not ignore these things in buying a dream house
Real estate sector veteran expert and Space India CMD Rakesh Yadav Says that the youth should first assess their financial status and existing income while buying a flat. Often people decide the EMI of home loan only according to the current salary, but forget to assess the changing jobs, decreasing income or increasing spending in future. This causes trouble later. Apart from this, only the builder’s brochure or model flat should not be decided to book. Rera registration, land title, approved map and previous record of builder must be checked. If the project is in the construction stage, check the possession timeline and penalty clause. Apart from this, find the location of the project and the facilities available. One of the most important things that youth should not bear more than 35–40% home loan EMI of their monthly income. Buying a house is an emotional decision, but always try it as a long-term investment. With the right research, legal investigation and financial planning, you will be safe and benefited in buying your dream house.
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