Wednesday, November 21, 2012

How to Negotiate the Best Deal

Taking a home loan is a very convenient proposition for the people who want to buy the home for themselves. The government encourages credit off take in the form of property loans and, though the banks have their own set of eligibility criteria for giving these away, there is no disputing the fact that the many people have found their dreams of owning a home in a upcoming project like BPTP Princess Park come true by availing the home loan facility. Here are some tips on preparing yourself financially for taking home loans.

If the need is for owning a home and not to pay the rentals, then the obvious choice is to opt for home loan which would have a dedicated EMI, equivalent or more than the monthly rental. If you are taking the home loan with a perspective that the amount which you are spending in rents will go to the funding of your own home, then you shall ideally check out EMI-Rent gap, in case the EMI is more, you need to consider how would you raise the additional sums? With stagnation in rental rates and the increase in EMIs rates, this gap difference is increasing and the people shall take notice of it, if owning a home is not a primary task.
Secondly, there is also a need to keep EMI of some months as back-up. Ideally, the minimum back-up shall be of 3 months. This cushion is required in case there is a loss of employment or income. It provides safety for the intervening period till the time alternative arrangements are made.

Thirdly, most of the projects are financed at about 85 percent of their costs, requiring an initial down payment of about 15 per cent from the buyer. However, you can opt to make the more or less down payment depending on whether you can pay without any financial issues or not. Further, for arranging the down payment, you shall be prudent to use those savings which are giving you less returns.

Fourthly, you shall be prudent to take the loan, within the reasonable limits of what your take home salary is. Ideally, one-third of the salary component is considered to be feasible for paying the EMIs. Therefore, the loan shall be taken of that sum and for that term, at a particular rate of interest, that is equivalent to this component of the take home salary. There is no rule of thumb and the general rule is that the measure of loan shall be such that its EMI for residential units at the BPTP Princess Park Faridabad can be paid easily for years to come as the usual loan tenure is close to 10-15 years.

While taking home loan can be easy, it is better to be prudent in taking the loan and weigh all financial aspects clearly. It is better to be conservative and extremely rationale and the decision shall not be based on flimsy or highly ambitious grounds which can lead to financial problems later on.

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Biggest Mistakes that Buyers Make

As victory of an apartment investment is built on its current and future earning srange, to get this achievement you must evade the 7 major and most expensive mistakes when buying an apartment investment (and other types of investment property) that histrionically influences the returns of an investment.

Let’s take an example of a small investor such as husband and wife or an individual that purchases a 4 unit building; to a large investor such as a REIT or an investment partnership that buys an 800-unit building, obligating these incurable mistakes can lead any size offinancer or apartment building to encumbrance and failure.

Investigation the local market that you choose has good arcade judgement opportunities. Hire the best local escorts to give you advice and direction on the best locations to purchase property. If you decide to purchase outside your local area, then get connected with a local partner that knows the area to help decrease probable perils and amazements.

Look at several properties for sale before deciding on a property to buy. The more properties you look at, the better understanding of the real estate values in the market you would possess.

You need to put abundant impartiality into the purchase so you do not put too much pressure on the property to cash flow. If you do not have the impartiality, find a partner that does. Usually 20% or more cash down payment will permit for the property to cover all the monthly bills comprising cash reserves and a very small net positive cash flow. Put together a financial model that contains your genuine break even point to give you a good sign of the amount of fairness you will progressively require.

By having complete knowledge and information about these most common reasons for an apartment building to offended and have problems, you will be able to avoid the troubles and make money on your investments...

1.Purchasers donot investigate anything ahead of time from the apartment they purchase to the real estate agent they select. Choosing the right real estate agent or is key when it comes to purchasing apartment, Hence, you need to make sure you choose an experienced real estate agent.

2. Purchasing simply because it’s a good deal instead of getting something that suits your family. The market may change so that you want to purchase an apartment that will work for you even if the market averts you from selling it as initially planned.

3. Picking up a poor location. It is authoritative that you really look into the area you are assuming moving to. Do not just look at the neighbourhood or locality; look at the street and building.

4. Identifying a book by its cover. Do not allow fancy bells and whistles allow you to make concerns in regards to functionality, floor plan, etc. Just because a unit has stainless steel appliances in the kitchen doesn’t mean you can deal with a closet-sized bedroom or unusual floor plan.

5.Failing to have your apartments appropriately examined. Make sure you have an assessment done by an experienced professional.

6. Look into the facilities offered by the buildings you are considering. Make sure you give preference what you actually can and cannot live without.

7. Not being patient during the apartment purchasing procedure. Do not permit frustration to cover your judgment or cause you to make imprudentre solutions.

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