Buying property is a big task and it becomes a bit risky when you the aspiring homeowner decides to purchase a property from an auction event. This blog post helps you understand the key features to consider before finalizing a deal from such an event where a mortgaged property is being sold by the lender due to borrower’s inability to pay back the loan amount. So, scroll down and check out the things to consider while buying a property from an action:
Buying a home is a big task especially when you are buying a first home as it involves searching for a budget-friendly property in the location of your choice and many other things. Then come amenities and finalization of the budget of the respective property. But, one thing which you must consider as a top priority is the amenities. Every residential property offers more than one feature and thus it is the prospect alias you who needs to choose a property for purchase while considering the requirements of the given amenities.
In short, the budget for owning a home can get off the track in case you opt for a home with almost all amenities that are offered with the particular property. This result in an increase of the cost price of a residential unit and thus you must know how to choose a home with right kind of amenities for you and your family.
Selling a home is not an easy task. If you are planning to sell the home on your own without the help of a seller’s agent, you need to keep a few things in mind before putting your house on the market. Not planning everything properly can lead to all sorts of problems later on.
To help you steer clear through the home selling process, here are a few tips for the first time home sellers:
Don’t Overprice your Property- Deciding on the correct price for your property is the most difficult part of the sale. Though the Real Estate Prices in India have always been appreciating, you should not set an unrealistic price for your property. A little market research is needed for coming at the correct price since the purchasing power of the buyer depends on several economic conditions.
Make a List of Important Documents–
Documentation is also one of the most important tasks. If you have bifurcated the price of your property according to the parking spaces, modifications, etc., mention the same in the deed and keep a proof of it handy. It should also contain a record of the property tax you paid and about the home loan closure, if you opted for it. It is very important to maintain a file of all these documents as they will be needed for the income tax returns you file for the year of sale.
Flipping in the real estate world means buying low and selling high in the market. Flipping is a type of property investing which focuses on getting quick return on your investment. You buy a property and then sell it for a higher price on the total investment keeping in mind the money spent on buying, renovating and holding the property.The basic idea to enter into a real estate flip is with the help of making quick money. If you are smart and if done correctly, a flip can provide you with large profits.You should always do your market research before buying a property. Try to figure out the pros and cons before investing. Do a thorough research to know about the demands in that area, browse through the ads to find the deals that suit you. Know the present asking rate and look at the houses that have been recently sold. You buy a property and the next step would be a little bit of renovation. [Read more…]
What is your priority while selecting a home loan lending bank? For most of us it is the rate of interest that matters. But it is really important to choose the right home loan lender as you would be connected for about 10-15 years, that is, until your entire loan is cleared. In that case, making a low interest rate your only criterion would not be a good idea. Other factors like proper disclosure of terms and conditions, responsiveness to your queries, etc. also play a major role.
Given below are a few tips to help you choose the right lender:
Don’t Fall Trap to Low Interest Schemes- Nowadays a number of smaller lending companies are growing in the market. They offer unrealistically low rate of interests to their new customers and subsequently increase it in the name of increased cost of funds. You should check the credentials of such companies. It would be better to go for a company that has been in the lending business for quite sometime.
Don’t Apply to Several Banks at the Same Time- Maintaining a good CIBIL score is really important for negotiating a lower interest rate with the banks. However, if you apply at several banks at the same time, each such application can reduce your CIBIL score by 10 points which is not a good idea in the current market situation.