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Real estate issues that must be addressed before finalizing the deal

November 17, 2021 | Silky Malhotra

Real estate issues that must be addressed before finalizing the deal

Real estate issues that must be addressed before finalizing the deal

A home is one of the most significant single investments you will ever make. You'll most certainly spend a significant amount of time and energy looking for the ideal property. It's a good idea to perform some preliminary research to find answers to any queries you may have about purchasing a home. Finding answers to your questions can help you make a more informed decision about purchasing the ideal property. Here are some common home-buying questions and their answers:

 

What is the first step in home buying?

The first step in home buying is preparing the appropriate budget. A proper budget must be planned to determine how much money will be leftover at the end of each month to fulfill your expenses. You must ensure that the property you are purchasing will meet your current demands while remaining within your budget. Understanding your family's primary demands as a house buyer can help you make the best decision.

The following stage would be to determine home loan provisions. Your eligibility for a home loan is determined by your repayment capacity, income, and current loans or debts. The maximum loan amount that can be sanctioned and the eligibility conditions differ amongst banks.

 

How much money do I require for a down payment?

A down payment is an amount you spend in advance to make a big purchase, such as a home. The down payment is calculated as a proportion of the purchase price. When you apply for a mortgage to purchase a housing property, the down payment is your commitment to the purchase and symbolizes your initial ownership investment in the property. The remainder of the funds to purchase the property is provided by the lender.

When it comes to mortgages, the maximum amount you can borrow is regulated by law at 80% of the property's worth.  The remaining 20% must be raised by you; this is referred to as a down payment. Before sanctioning the loan, some lenders may require the borrower to deposit a down payment of 15%.You can check out the real estate projects like Majestique Swapnangan by Majestique Landmarks real estate developers, Panchshil Yoo Villas, and Panchshil Towers Pune by Panchshil Realty in Pune which offers easy EMI and loan assistance during property purchase.

 

What should I do if my offer is rejected or if the offer doesn’t appeal to me?

In response to the initial offer on the property, both buyers and sellers might submit a counter offer. During purchasing a home, your seller may be dissatisfied with the conditions of the offer. If you make an offer that is significantly lower than the asking price, your seller may make a counteroffer. As a buyer, you may believe that the price is too high and wish to pay less than the listed or demanded price, in which case you may submit a counter offer. The price in the counteroffer may be more or lower than the price originally given. As a result, both the buyers and sellers may decide to renegotiate the transaction with a counteroffer.

 

How much money should I deposit before closing the deal?

If you are serious about buying the house, you can put down a deposit known as earnest money before closing the contract. Earnest money is a deposit paid to the seller to demonstrate your commitment to purchasing the home. If you receive the keys after the transaction is successful, your earnest money will be used as a credit toward your down payment. The earnest money will typically range from 1% and 5% of the purchase price. This money is not sent to the seller directly; instead, it is held in an escrow account.

 

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