9 things you must verify before buying a Flat

New Delhi, April 06, 2019: Property rate always fluctuates and due to that the rate of interest also changes. But these are not the only things that come in mind of a person before buying the house. If someone is looking forward or planning to buy their own house or flat some other important aspects that need to be learned or analyzed before making the purchase.

9 things to lookout before buying your house or flat

What EMI one can afford?

Many buyers get confused with loan process and rates offered by banks and this can lead to a problem. The person who is looking to buy the house should focus on getting the EMI around 4o percent of the total household income. If the EMI is higher then there are chances that the budget of the house will be in pressure and the person will face problems in giving the EMI’s.

Other hidden charges

Suppose if you are planning to go for 1 bhk flats in Chembur in Mumbai then you must be knowing the circle rate and loan rate with a rate of interest implied but what buyer doesn’t get that there are some hidden charges as well which are not revealed by the property agent and later it comes to the buyer as additional charges which increase the pressure on the buyer.

Checking the risk

While buying the house you can’t take any risk and every person wish that they should crack a risk free deal. Calculating the amount of EMI always help you to found out that after paying the EMI how much amount you are left with every month and whether it’s affecting your savings or not?

Does the rate of property rise?

If you are looking to buy 1 bhk flats in Chembur then firstly you must check that what will be the rate increase of your property in the area.  The rate of every area is different but if one is buying in Chembur they must know they are paying a higher amount on the rate of interest of loan and later the property price hike will be lesser then the amount they are paying then one should not go for this deal as it is not worth.

Is the purchase really important?

If the purchase of your house is compelling you to postpone you’re other goals which you have set in your life or in some way if the purchase is actually affecting your daily needs or monthly budget then surely postponing the purchase is the better idea then postponing other goals.

Emergency funds are worth having

Well, property investment never includes liquid money. If one is thinking to invest in property then surely they must know that it won’t be possible to get short notice money returns. If the one invests in the property for buying purpose and later they expect to sell it early and get the profit that is not possible so for other expenses one should have emergency funds.

Living criteria

One should not buy their house at the early stage of their career. The stability in life takes time to come and when one is fully stable then only he/she can think of buying their own house. If you are a person who doesn’t have the stability in career and chances are you can move to any place because of work then surely buying a house at that stage is not worth.

The gain in rent form

If you are buying the property you must know that it’s not only the gain in prices one should also know that there should be the benefit of high rent as well if the property will be rented.

Covering aspects

With the purchase of a house, one should also take insurance cover of all loans, especially for a big home loan. Because if anyhow in life your income stops you should have cover for it that can help you in difficult times. So, if you are looking to buy 1 bhk flats in Chembur just clear al you’re these things before purchase.

Corporate Comm India(CCI Newswire)