Best Tips and Advice to Buy Flats in Mohali

Are you a first time home buyer? Looking for an option that is less expensive and needs less maintenance? If yes, then investing in a flat could be a safer bet for you. Buying Flats in Mohali are a great real estate investment. Thereby, it is really essential for a first time home buyer to set a foot on the first rung of the property ladder.
So what are the potential benefits of purchasing a flat?

  • It can be a source of biggest savings.
  • After owning your flat, your payments build equity in contrast to renting where your money is in the hands of the building owner. And this equity can be used in their homes as security for other loans.
  • When you buy a flat, you’re sure to see an increase in its value. This is relatively steady as compared to other volatile investments.
  • Your flat provides a substantial amount of return on investment.
  • Having your own flat and building equity is only the initial step on the property ladder. It drives you to the housing market. Makes you familiar with increasing house rates. It also puts you in a good position to trade up to better homes. But only if the circumstances are in your favor.

As buy flats in Mohali is the biggest financial decision you’re going to make, you should keep some important factors in mind before you take the plunge. Don’t forget, it could be a large yet fruitful investment.

Start With House Hunting

Your house hunting process includes aspects like an area where you want to live, and whether the area goes with your budget. Know about its proximity to retail outlets, schools, colleges, hospitals, public transport links, and work. Don’t hesitate to ask the owner and the agent about the property and suburb. Because they’ve sound knowledge to help you with all your area related queries.

Savings Should Cover All The Costs

Costs like deposit, transfer and bond registration costs of the property are also a part of your savings. If you’re facing an issue with a home loan, then ask a bank consultant to calculate how much you will be granted to know whether you can pay the monthly installments without shaking your budget.

Get Pre-qualified For A Bank Loan

This will help you gauge what you can afford and what are you comfortable with spending. Pre-qualified bank loan offers various other advantages as well. Like you can give the seller a confidence when you make an offer and also strengthen your negotiating position. It also takes into account your income and expenses to give an estimation of home loan that you might be granted.

Incentives For First Time Home Buyer

Being a first time home buyer, you can enjoy various perks such as refunds, programs, and benefits that are not available to other home buyers. Every now and then, our government is coming up with new schemes like Pradhan Mantri Awas Yojna, from which you can get a benefit up to 2.50 lakhs. Also, with low-interest subsidy rates, your monthly installment on home loans is likely to fall by Rs. 2,200.

The experienced team at SBP Group is available to help you navigate the maze of buying your first home. Should you’ve any concerns, please call on +91 93160 05252 to speak to one of our buyer specialists or you can also drop your mail at info@sbpgroup.in