10Things To Avoid When Buying Apartments In Borivali(E)

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You have reached a decision on buying an apartment in Borilvali East. Now, you would be looking forward to purchasing your 2 or 1 BHK apartment in Borivali East as soon as possible. Meanwhile, how about considering a few things you need to avoid during the entire process? As the saying goes – precaution is better than cure. Certain actions of yours can slow down the process or even stop the transaction. With such a big decision, it’s advisable to be cautious. Nothing is certain until thehouse keys and papers are in your hands. Therefore take some time out to read the below pointers:

1. Don’t make a big purchase just before or while buying your new home.

It is understandable that you would want to upgrade to a new vehicle as you move into your new home but hold on. If you are paying for your apartment in Borivali East through a loan, it would not be a great idea to increase your liabilities and commitments.

2. Don’t change jobs

Lenders or the institution that you seek a loan from for your1BHK apartment in Borivali East expects the borrower to fulfill certain conditions. Reliability and stability are two of those factors. Job changes at crucial times may not give the confidence of stability that they look for in a candidate. Also, procuring any kind of reference or documentation from the work place becomes difficult.

3. Don’t give advance payment without putting it in writing

Sometimes excited new home buyers get carried away and give huge amounts as deposit or advance in good faith. Doing so may lead to complications later. In case, for some reason, the project gets stalled or any other issue arises, the money is stuck and the buyer is left with very little or no option but to wait. Therefore ensure that your transactions are backed by proper paperwork.

  1. Don’t be carried away by emotions

Keep calm and be realistic throughout the process of buying any affordable apartment in Borivali East. Getting overwhelmed by emotions may make things difficult for you later. For example, you would buy a house if it meets most of your requirements and your idea of your dream home. However, investing in a house just because you like it very much no matter the price and amenities can cost you a lot in future; both financially and emotionally. Decide your budget before you conclude.

5. Don’t forget to switch utilities

When moving from an old affordable apartment in Borivali East to a newly purchased 1BHK apartment in Borivali East, do not forget to discontinue services at your old home and apply for them at your new home. It is one of those little things but relevant nevertheless as these things involve time and money.

6.Don’t change banks

Similar to the significance of the stability of employment, your banking history also needs to imply stability if you are seeking a loan to invest in any affordable apartment in Borivali East.

7. Don’t co-sign a loan for anyone

You would not want to increase your debt-to-income ratio when preparing to invest in a new 1BHK apartment in Borivali East. Hence even if you are not going to be making the payments on the loan, do not become a co-signee to someone else’s loan.

8. Don’t ignore the paperwork

Most importantly, gain an understanding of all the paperwork involved in purchasing a house and make sure you have everything on paper with you.

9. Don’t buy a house for today

Consider your future aspirations and financial status both when investing in a new home as it would probably be one of the biggest financial commitments you would make. Do not go overboard with the finances. Ensure that you are ready to complete the payments in future no matter your financial situation. Also, if you are not sure that you would want to live in the same house for a good number of years, you should consider looking further for your ideal house.

10. Don’t rush into the decision

You don’t have to buy a house within a stipulated age or due to peer pressure or any reason not worthy enough. Since it is a rather big commitment, one would be wise in taking time to consider various costs and options. While it is a sound financial investment, it need not be the rule for everyone. You may want more flexibility or mobility or your profession may demand that you move cities frequently. In case you are not sure about the new neighborhood, you may test it, by renting a home there first.

In addition to the above mentioned 10 things to avoid when buying a new apartment inBorivali East, one may have their own personal checklist which is a wise thing to do. For information on our property in Borivali East, you may click on – http://paradigmrealty.co.in/projects/ariana/.

Comments 1

  1. Very good article. Loved to read the suggestions that should be considered before buying an flat!! Keep rocking


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