Common Real Estate Frauds that you must be Aware of

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Real Estate Frauds

Real estate frauds have become very common today. There are a lot of cases being reported every single day about the people are being cheated and robbed of their properties or hoe they lose the properties to unknown persons. Here we are listing the different ways in which real estate frauds can take place, and it is important that you are aware of what you are doing. There are five possible ways in which real estate frauds can happen. The following is the list of the five things due to which people are being cheated.

Real Estate Frauds

Delay in projects:

In case if there are traces of any frauds happening, you may find that sellers may delay in finalizing the projects or in case of construction the builders might delay the project. In such instances, the buyer must be aware of the reason as to why the project is getting delayed. There could also be a genuine reason for the delay. But as long as you aren’t justified with the delay, it is better that you have a conversation with the concerned person.

Delay in approvals:

Delay in approvals is similar in nature to delay in projects. But the two things happen during different time periods. Project approvals happen during a much early period where the person is yet to begin the project. This can happen when the person has unnecessary financial expectations from the potential buyer.

Ownership frauds:

This is one common type of frauds that are quite prevalent in the market. In the ownership frauds, the title of the property is under dispute and the person selling it hides the issue and sells it to the buyer. In some cases, the buyer will be held responsible for buying a property that is owned by someone else. This is a prevalent type of fraud in the real estate market

Unrealistic offers:

You should always keep in mind that all sellers require margin and it impossible to offers that are beyond a limit. Against this law, if a person is offering discounts, then it is the time that you watch your foot. They are high chances that you land up in trouble. So unrealistic offers are not a part of the market that is as rich as this.

Income from the investment:

Just like the above cases the seller or the builder might come up with business offers that are irrelevant to you, and also they promise reliable returns from them. If you have been a part of the real estate business and if you know the up and downs of the industry probably you might not fall prey to it. But if you are a first timer there are high chances that you might lose track.

Buying Your First Home

Things to Know Before Buying Your First Home

Buying a new home is a dream come true for almost all of us. All is undoubtedly one of the toughest things that you are going to do in your life. Most of you looking out for help are first-time buyers. There are a lot of factors that influence your purchase. These factors make the act of buying a house a complex task, and this makes a lot of people to push their plans for home investments quite always. But do not worry. We are here to help you realize your dream of buying a new house. All you have to do is to remember the tips and you are done. So here are the tips that you should before investing in a new house, especially if you are first-timer:

Buying Your First Home

Decide on the basic facilities:

The first thing that you have to do when you are looking for a new house is to list the facilities that you are looking for in the new house. These facilities that you are looking for will be profoundly influenced by the number of people in the family, your profession, kids and seniors at home and even at times your medical conditions. Only after listing the factors, you will have to decide the type of house that you are looking for.

Measure your Affordability:

Your financial fitness is of paramount importance before you buy a house. It is not a wise idea to invest in a house that is beyond your affordability. It is fine to borrow funds and buy a house but your ability to repay counts. Simply remember one point your assets have to more than your liabilities. Also in most of the countries, there are a lot of financial support facilities that are extended to help the first time buyers. So make sure you avail the benefits and strengthen the financial position.

Strengthen your credit score:

There is something called your credit score. Most of the countries except the south Asian countries follow a system called credit score. The credit score is a means to measure the creditworthiness of a person. This helps the seller analyze your financial credibility. Thereby it is important you strengthen your credit score. This will improve the chance of you receiving good offers and deals.

Check out the location:

Understand the location where you are going to buy your house. The location of your house should match your needs and the external facilities that you would often look for. For example, if you have a senior person at home, it is highly important that your place has a hospital nearby, or if you have kids at home, it is important that you have a daycare nearby.

Do not Compromise:

Especially if you are a first-timer, it is not a great idea to compromise on the deals that you strike. It is agreeable if the deals are beneficial. But if you are buying a house just for the sake of buying it, then you will be put into a situation where you have to compromise a lot. In this case, we would rather advise you to push your plan of buying a house than buying something that you don’t like.