5 Most Common Problems A Home Buyer Faces And Their Solutions
Buying a home is no less than running a marathon where getting the right kind of property is just like a runner being offered an energy drink just at the right time. While searching for a suitable home is imperative, hoping that it is s safe property to invest in, is another challenge.
MakaaniQ lists five common problems that home buyers face and their solutions:
Property is approved by bank
If you are applying for a loan to own a home, make sure the property that you have shortlisted is approved by the bank. There are chances that your financer doesn't approve of the home that you chose. The reason can be the age of the construction or the condition or the title of the property. This can also be taken as a red flag as the due diligence done by bank works as an indicator about the legal soundness of the property.
Property titles are clear
Clear property titles are not just important for bank loans but also for future selling. If you are an investor, you might think to exit the property in next three to four years. With disputed property titles, reselling becomes a challenge even if there are no legal backlogs.
However, if you are an end-user, unclear titles will always remain a question and it is better to avoid such assets than to be in doubt for rest of the tenure of your stay.
While this is a very common problem, but at times this can pose a major threat to your expensive furniture. To avoid this problem, it is important that you check with the current seller if there is a need for pest control and what shall be the frequency. Also, you can check the corners, doors, garden area for the termite intrusions.
Location is in a high-risk area
Although natural disasters come unannounced, but, do check whether the area is a high-risk geography. Proximity to a chemical plant, polluting industries, factories, or a dumping ground etc. can be one of the biggest factors that you should keep in mind before buying the property. Waterlogging and sewerage problems are other issues on which you should seek clarity with your broker or seller
Not much appreciation
While this can be a task to do, source the previous selling price of the property that you are considering to investing and estimate the rate of appreciation of the property. This will help you in calculating what returns you need to expect if you plan to exit the investment after a certain period of time. Also, factor in the various growth drivers that might have pushed up the property prices in the past like any infrastructural development or renovation etc.