All set to dive
into the category of homeowner? Ready for the big leap? Though it is
a long-cherished desire for most individuals to be a house owner,
finally buying one can also carry a long list of responsibilities
which one may not be too aware of. However, you need not be scared if
you make informed decisions. The below are a set of observations
which Mrs.Veena compiled while buying an independent house forsale in Bhubaneswar.
Finances:
Am I ready with
the finances? This is the first major question every home buyer must
face with full attention. Only after a convincing ‘Yes’ one must
go ahead. To gather a general band or range of expenditure which one
is required to undertake one can seek information online or from
family,friends or consultants. If you subscribe to a few sites also
you tend to gather a lot of information.
Down Payment
Apart from
assessing your loan eligibility one must examine if one is ready with
liquid cash to bear the down payment. Usually, Indian banks bear 85%
of the property value. In rare instances like young individuals with
good salary, it may extend up to 90%.
Property Taxes
Once you are an
owner of a house or property you are supposed to pay the property tax
to the government.This is another cost usually people are unaware of.
Utilities and
Maintenence
Owning a home may
not help you do away with the utility bills. However in most of the
apartments, the water bill is taken care of by the society but in the
case of owning an independent bungalow or villa, there is no such
reprieve. Other utility bills like gas, electricity etc have to be
borne too.In fact, if you choose to have a gated community or an
apartment there is a regular maintenance cost which is to be borne by
the owners.Sometimes home owners may pass it onto the tenants but if
you choose to reside in our property it is you who is required to
bear the same.
Repairs
While you are
renting property ‘repairs’ is the house owners responsibility.
Thus, when you shift from being a tenant to a being an owner you
should be all set to bear this responsibility too.
Mr.Veena chose a
duplex for sale in Bhubaneswar. Thanks to her research and her
good friends she was quite well prepared for the new role of being a
home owner.
