Did You Miscalculate Your Property Purchase?
More than often, people enter the property market without arming themselves well. The home-buying decision for this lot is more of an emotional matter. Do you know someone, a friend or a colleague, who bought a house because their parents wanted them to do so? There are also those who succumb to the peer pressure. Because a friend has bought a house, they too must. This is done without taking a close look at one's financial position. To cut a long story short, there are so many ways in which you could have miscalculated the entire thing, and might be starting to regret your property-purchase decision. However, there is always a way out.
What if you are unhappy with the developer?
There are so many ways in which your developer might be testing your patience. He could have failed to meet his promise on the project delivery. He could have tried to extract a huge sum from you in the name of maintenance charges or other taxes. The quality of the construction is so bad you think the structure would start crumbling in no time at all. Before the Real Estate (Regulation & Development) Act, 2016, came into picture, homebuyers had to fight long-drawn battles with promoters to get justice. They would first have to find fellow sufferers, form a group and then pursue a case against the faulting developers. With the Real Estate Regulatory Authority (RERA) coming into picture, things are different now. You will be able to approach the authority and get the mistakes rectified easily. However, as they say, prevention is better than cure. The law does not leave much score for developers to go wrong in the current scenario. As a buyer, you should also be aware and invest only with the trusted names (we do not necessarily mean big brands) that have a great track record.
What if you are unhappy with your lender?
In this case, borrowers always had the option to switch to another lender, albeit after paying a penalty. Most bank charge. However, let this penalty not act as a deterrent in case you have done all the calculations and think it right to switch to another bank. Banks these days offer attractive rate of interest on home loans which can substantially bring down the total cost of the house. Several public and private lenders have recently reduced rates and you can now avail of a home loan at an interest rate of 8.30 per cent. In such a scenario, why would you be paying an interest rate of nine per cent, anyway? For all you know, rates may fall further, giving you scope to bring down the cost of borrowing even further by switching your lender. However, shifting loans too frequently is not advisable as it sends across a wrong impression to banks.
You may like to read: Quick Answers to Some Frequently Asked Questions About Home Loans
What if the value of property is not increasing?
They told you your money would multiply many times over if you invested in this particular property, which is located at an emerging area. Now, you feel you were misinformed. It has been five years since you bought the property but prices have refused to move at all. This in effect means the value of the property has in fact gone down over the years. This could be disheartening, considering you had high hopes with the property. However, at this point, you need to sit, relax and think. You are now a property owner cannot react to a situation like that. A wise investor knows that property investments are long-term bets, and there is no reason to lose sleep if prices are not shooting up quickly.