Are you a first-time home buyer? Then you must be in a state of confusion with regards to multiple things. You have to check the background of the property, developer, project, legal documents, neighbourhood, and many other things. However, in order to avoid last-minute hassles or any future consequences, rechecking all the above things is quite important. So, here’s a checklist which first-time homebuyers must follow to avoid any kind of discomfort and insecurity:
Property purchase is one of the major financial decision of an individual’s life. To make it less burdensome for the buyers, the developers have come up with innovative payment plans. But every plan has its own terms and conditions; its own advantages and disadvantages.
To get a better idea as to which real estate payment plan is best suited for you according to your financial condition and other requirements, let us analyze the plans in some details:
Down Payment Plan (DP)- As the name suggests, the Down Payment Plan requires you to pay a major part of the amount at the time of booking. It is good for entrepreneurs and businessmen or those who have enough saving to pay a major amount upfront. This plan, however, is not very safe in case the project is delayed. Since you would have paid a considerable amount, recovering it from the developer can be a frustrating affair. Given the risks involved, developers also offer higher rates of discounts on Down Payment Plan. [Read more…]