Tuesday, 19 April 2016

Being a Home-Owner

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.
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.
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.

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