Home perhaps for most people is one of the biggest financial investments of their lifetime. Typical homeowners usually have 40 percent of their wealth locked up in paying for homes. Here are some essentials if you are contemplating making the big decision.
Buying a home consumes time. Though it is stressful, it is a rewarding endeavor. But make sure that you end up closing on a home that meets your requirements. You should also be able to manage your expectations just in case you are unable to immediately find a home that you can afford with the features you have in mind. Stick to what you can afford & hold fast to the list of essentials, but don’t overreach or settle for less.
Most Common Challenges Experienced by Home Buyers
Buying a home is however no easy task. While searching & getting the right kind of property is imperative, finding a safe home to invest is another problem. Some of the most common challenges buyers have to face are enumerated below.
Good News for Home Buyers
While you should carefully evaluate prospects while buying a house, there is some good news from the government. The union cabinet has approved amendments to the Insolvency & Bankruptcy Code (IBC). This will eventually allow home buyers to be treated as financial creditors. Homebuyers will now be put at par with institutional creditors & banks in priority for recovery of dues from insolvent or bankrupt realty firms. Homebuyers can now avail benefits similar to banks in case the developer undergoes insolvency proceedings. Homebuyers will no more be in flux & can promptly recover dues like any financial institution.