Buying a house is a major step in anyone’s life. It is a great investment.
Are you thinking about buying a house, too?
Be careful to not make a mistake when making such a huge investment. Make sure to check these 5 essential things.
Related Blog: Things to check before renting a house
1. Has the project been approved by the Government?
How many times have you seen a building project come to a halt because it didn’t have the necessary approvals.
Over the last few years, this has become very common. Several people invest their monies but get nothing in return for years, because the project stopped midway.
Make sure you do not end up in a situation like this. Before you invest any money, ensure that the project has all the necessary approvals.
2. Does the builder have a list of banks financing the project
This doesn’t guarantee timely completion of the project. But it sure increases the chances.
Projects usually stop midway because builders don’t have enough money to invest. But if the project is being financed by a bank, the chances of them running out of money automatically goes down.
Also, if a project is being financed by a bank, they usually offer loans at a low-interest rate to people buying flats in that building.
3. Is the builder trust-worthy?
Is it a new builder? Or someone who is well-known and popular?
Before investing in a property, it is advisable that you do a background check.
4. Do you really need to buy a house right now?
Buying a house is a big decision. Financially and otherwise. Are you ready for that kind of commitment?
Once you’ve invested, there’s no backing off. To avoid financial problems later on, it is best to ask yourself these questions before buying a house.
5. Does the apartment fit your budget?
It’s normal to have dreams of owning a big house in a posh locality. But does it fit your budget?
If you’ve just started working, you might not have the budget for a lavish house.
Before buying a place, make sure you access all this.
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