Purchasing a home is both exciting and significant. Isn’t it?
As a home buyer, it might not be difficult not to get caught up in the process and fall in love with every property in the market. However, an ill-informed property investment can cost you a lot of time, effort and money and that is why it’s paramount to know what you’re getting into before making that purchase.
Already thinking now about what to do? Well, look out for these red flags that every buyer in India should be aware of and must address them while making an investment decision.
1. There’s Something Doubtful About the Price
Setting the accurate worth or home price in India determines real estate investment decisions.
Hence, the seller should explain the reasons for the set price of the house. Moreover, the explanation would also cover reasons as to why the home is overpriced (if it is at all) – possibly due to personal, financial, or even relocation reasons. However, it could be due to a problem with the house itself.
If you still need to figure out where to begin, try to find someone who can advise you on the best investment and how to bargain a lower price when purchasing a home for yourself.
2. The Surrounding Location is Unappealing
Is the area experiencing a recent influx of new people and new development, or is it losing residents?
Yes! It is essential to have an answer to these questions and determine whether the economy in your target property’s neighborhood is growing or contracting before buying. Investing in commercial real estate in an area just on the upswing could be a great opportunity, but buying in a dying town is a sure way to lose money.
An underdeveloped neighbourhood can be a sign of opportunity but also a sign of deterioration. Spending time in the area and talking with residents and business owners is the only way to actually understand what you’re dealing with.
Avoid areas with few resources or high crime rates; instead, seek out places that offer excellent schools, transportation alternatives, walkability, and entertainment attractions. A property that lacks any of these factors will not attract renters or buyers, no matter how many outstanding interior features it has.
3. Unreasonably Low Asking Price
Honestly said, if a business offer appears to be too good to be true, it most likely is.
A suspiciously low asking price is a big red flag, suggesting a fraudulent transaction. In many instances, sellers would set a low price to attract buyers quickly while concealing problems with the property until the transaction is closed.
Whatever the justification for a low asking price, you should never accept one without conducting research. Don’t make quick decisions just to get a good deal on the house. Instead, take your time and compare your options in order to make the most critical financial commitment come true.
4. House Put Up for Sale After Being Under a Contract?
This could indicate that something went wrong during the home inspection, revealing suspicions about the house that will be costly to repair.
In case something was discovered wrong during the home inspection, you, as the buyer, can decide whether the issues must be addressed before closing. Or you might go on and ignore the deal altogether.
This is why it is essentially important to never waive the home inspection before purchasing.
5. An Inadequate Inspection Means Something Fishy
An inspection is a necessary part of the home-buying process. Purchasing a home is a significant financial investment, and it is wise to invest in conducting an inspection.
If a seller avoids inspection visits or ignores details while conducting an inspection, it is a sign that he is dishonest, and you should avoid the property.
6. Land Deal Being Rushed By Seller
Take your time and make informed decisions before agreeing to any deal. You don’t rush deals, and when you notice the seller/owner is running the deal on you, you accept an offer that is too good to be true.
Conduct proper and independent research on the property and location, as well as verify the essential documents. Select a real estate partner who you can trust.
To sum up, none of us has a picture-perfect prediction of the future, and all we can do is conduct research, generate our awareness and make intelligent choices based on the information we have. Looking out for these red flags before making any buying decision and asking as many questions as possible can help us crack the best home deal of our lives!