No matter what we do and where we stand professionally we are not known to be settled till we own a house. But it is easier said than done. The advertisements in paper and television by various builders financial institutions make it look simpler. But is it as simple as it seem? We rarely notice, but at the end of every advertisement there is a statutory warning “conditions applied”. How many of us have actually tried to understand the so called conditions and how are they applied? What are their impacts?
There is a very famous saying “Caveat Emptor”, that means buyers beware. So let us see some of the unknown facts which should be seeing while buying a house.
Credentials of the builders
It is very common to see new builders coming up like mushrooms shooting up in rainy season. Because of lack of credentials these buyers are more dependent on the money received by the buyers and due to lack of funding they sometimes end up scrapping the project. This results in huge loss for the buyers. It is advisable that before selecting builders we check their credentials and their past work before proceeding further.
The buyers should always remember that they are investing their hard earned money and sometimes their life time saving in buying a home. This is the most costly and biggest investment that is done by a buyer. So anything that is promised by the builder should be documented and duly signed by both the parties, that is the builder and the buyer. Make sure to note down each and every point no matter how small it is. You cannot sue the builder on a court of law for any verbal agreement.
Never invest your own money
Many of us think that going for a home loan is a very tedious process and try to avoid it by trying to invest the money that they have as savings. It is not a very wise decision. There are reasons for the bank loans being a tedious process. Apart from checking the credit history and other factors of the applicant they also check the credibility and other factors of the builders. So the buyer gets a professional help in checking the credibility of the builder. So it is advisable to apply for a bank loan rather than investing the whole money from your own pocket to buy a house.
Hidden cost and paid facilities
There are many hidden costs and paid facilities that are not discussed while discussing the plan of the house. These are revealed after the buyer has bought the house and has made considerable investment. It is advisable to discuss and get all the information related to hidden cost and services which are not covered under the actual cost of the house like parking lot for example.
These are a few very important facts which are actually unknown to the buyers but need to be considered while buying a house.