Things You Should Not Do Right After Home Shopping
After all the hard work, you have now become the proud owner of a home you love. By the look of it, this house and everything that has come along with it seems worth the effort. How happy you have made your family! How proud are your folks of you! How jealous your peers might be who have not been able to achieve the ownership of a property yet! Conversely, the less-unfortunate buyers may start having different feelings. After spending some days in the new house, they might start feeling that this is probably not the home of their dreams. Both these categories of buyers are advised not make any hurried decisions. This could work disastrous.
Did you just spend a bomb in buying expensive furniture?
These are your first thought as soon the house purchase is complete. You would want it to look nothing less than perfect. So, you now invest a great deal of your time, and not to mention money, in selecting the choicest of articles of furniture. The stamp duty charge you pay for a house purchase is often less than the amount you may have to spend to fill a brand-new house with fancy furniture. Now, would you not want to be sure that this is the ultimate abode in which you would want to spend the rest of your life or at least a large part of it? You will be able to find the answer to this question by and by. Months after shifting to this new house, you may find that the neighbourhood is not really as safe as you had hoped it would be. Because security happens to be a prime concern, you may have to sell this property soon to find yourself a new home. In short, give yourself some time before you start making further investments in your new home. In case you have to sell the property in a hurry, you may not be able to make a profit on your investment.
Are you not willing to stay here for another day?
When after a long wait the developer gave you the possession of your property, you could not see that the construction is of poor quality. You would want to wait another day to move to another home if only you could help it. Then, there could be issues that are beyond your control such as security concerns.
In your hot anger, you start contacting brokers who would help you sell the house as soon as possible. The rationale behind the decisions notwithstanding, this could be a knee-jerk reaction that could be detrimental to your finances. While not everything could be changed, the developer is liable to address some of your concerns, thanks to the Real Estate (Regulation & Development) Act, 2016.
Bide your time till you think you can manage while you start looking for a property which would not have the flaws of the current one. In your zeal to buy a home as soon as possible, you clearly failed to make sure you buy the right property. Let us make sure that mistake is not repeated.
Rather than going for “distress sale”, you could move to a rented accommodation and let this property on rent for the time being. Do note here that buyers who come to you may be aware of the drawbacks of your property and try to bargain. Till the time you are able to find a seller who is willing to pay you the value of the house, it would be wise to stay with it.