Home Buying Woes and their solutions

Dec 20 2018

Deciding to buy a home soon? You might want to read this article until the end!

Home buyers in India are faced with several hurdles that if not skipped in time can cause the home possession really messed up. If you are going to make your first real estate purchase, these are some points of note, you must bear in mind, to make the transfer as smooth as possible.

You should also take care of the fact that between the time of you making the payment and getting the house registered to your name, there are several laws that operate separately for you, the buyer, the seller and the lender. Hence, prerequisite knowledge is a must.

1. Loan it Right

We feel this is a mentionable point as most of the home buying transactions in India involve some amount of loaned money. If your loan amount makes up 25% or more of the total property value, you must choose the loan scheme very carefully.

It is advisable to consult a property broker or a loan officer who can guide you through various loan products available in the market.

In India, about a significant majority chooses the wrong loan plan for them. In some cases, people settle for the initial low rate of interest and sometimes they take the loan for too long a tenure. All of these mistakes can land you in wastage of money in future and can make it hard for you to pay off the loan as you plan to.

2. Inspect the house comprehensively

This might feel like an obvious fact but it is egregiously important to inspect the house once before finalizing it. In many cases, people try to pace up the transfer process in order to discourage you from inspecting the house thoroughly.

This can leave you in discomfort later on. If there is a fault with house’s roof, electrical wiring or drainage, it will continue to haunt you for a long because these are hard-to-fix problems.

So, make sure you inspect the house thoroughly. You may hire an inspector as well, who will make it a lot easier for you to peacefully finalize on your favorite home.

3. Don’t Under-estimate your budget

This is a big woe that comes in the shape of merry news. Sometimes, loan lenders or financers give you a green flag for properties that are evaluated at a much higher price than your ITR depicts.

You are bound to rejoice this situation and quickly sign-up in haste. But stop right there. Don’t underestimate your budget just because you are getting a bigger amount sanctioned. Calculate your income capacity accurately and settle for the EMI amount that doesn’t get in the way of your income.

4. Avoiding a Real Estate Realtor

For many people, the teeny bit of realtor’s fees seems like the most avoidable thing in the world, but it may become a loss of lakhs of rupees.

If you are a new to home buying, the realtor is your best friend. Realty firms help you at several stages of the deal. You being the buying party can’t rely only on the seller’s agent.

No matter what, at the end of the day, the seller’s agent will act for his client’s profit, which is why having a consultant at your end will help you dodge any petty trick being played on you from the seller’s side. This happens a lot in the real world and you must prepare for it nicely.

5 mistakes to avoid in buying a property

Dec 19 2018

Buying a property comes in handy with loads of stress.

For years we have been dealing with clients, and trust me, everyone’s different in some or the other way.

For all these reasons, we decided to share this blog.

After reading this you will know the most common mistakes buyers are making.

We promise, to keep it concise and informative.

Okay, so let’s begin.

Once in a while, everyone thinks of buying a property.

And, especially for Indians, having an own place is more than just a property owned.

Investments like these require some serious introspection, as they call for the life long saving of yours.

Being a buyer you have already so much on your plate, which includes understanding the different facets of buying which includes mortgage, requirements, earning vs expenses, et al.

While we were talking about what’s best for you in our previous blog, rent or purchase, whilst speaking of the everything you should know before going for either.

Now, it’s time to extend your knowledge about things you might do wrong before buying:

1. Paying token money for reservation

This is very common these days, people paying token money for reserving the house. Unless there is no documentation, there are bright chances that you might get betrayed.

And, many have been!

Especially in Mumbai, or we can talk about any metropolitan, where the demand for properties is huge.

You are undoubtedly gambling with your future. Plus, you have no security of that transaction, so Do not get into any fraud like that.  

Also Read: Why is it best for NRIs to invest in Real Estate?

2. Not discussing complete costs with the broker

Besides the actual cost of buying a property, there are some costs you might be overlooking.

So, this is one of the most important subjects you should be speaking to your consultant about.

What are the fixed and variable costs?

For instance, investing in real estate binds you to pay taxes, then moving charges, renovation costs, then transportation, and so on.

For instance, there is going to be a difference between what banks indicate and the loan you actually get.

3. Waiting for the appropriate time

Are you seriously thinking property prices will go down anytime in the future?

If you are looking to purchase a property in any metropolitan or big city, this is something next to impossible.

Stop letting the baffling media reports mislead you.

There is a huge influx in cities, plus real estate construction acquires 20-30% employment of the nation, then you see, on the top of which land is one of those things which they are not manufacturing anymore, and there are many other reasons why this is the lowest price it can be.

So, wait no more and purchase a property.

Also, Read Pros and Cons of buying a home in Mumbai.

4. Disregarding your budget

Like I already explained, there are going to be hidden costs in purchasing a property.

So, if you fall in love with a home you just saw, which is out of your budget.

Firstly, don’t let the seller know, for obvious reasons.

Secondly, try making negotiation, but do not go beyond your set budget.

Remember, you do have financial constraints and banks don’t spare the loan takers.

5. Not consulting Spacio Realtors

It is cardinal to consult reliable and eminent Consultants and brokers to get the best deal.

You can not quite comprehend the market without a professional.

Being into consulting and broker services for long enough, we have had plenty of experiences where people choose to do solo hunt for a home and end up getting duped.

Also, Read Reasons to buy a property before 2017 ends.


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