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13 December 2011

Facts for Today’s Home Buyers NRIs in UK Home prices have been slashed Read the facts

Home prices have been slashed- the Facts for Today’s Buyers by 10% to 30% and the headlines in the media have sure come as a welcome gesture from the builders and housing finance companies. With home loan rates going on increasing and with so many houses left unsold there is a lot of money involved here. Builders did not have much choice and the sluggish home market since the past few years and the downfall in the sales of new houses has somehow brought a welcome change in the rates of property.
With market data pointing towards much lesser percentage of first home buyers and genuine home buyers and a large percentage of  people buying  for investment it was understood that the home selling market was at a stand still.
There was no hurry from the buyers side as they had time to wait for purchasing property for investment purposes. I still do not understand this move is a genuine one or not. With the reputation of the builders and the home loan lenders from the past it may still be doubtful that all that glitters may not always be gold.
The media may be creating hype and the prices may be slashed just for the front cover. Time and again I have mentioned even if the prices are lowered you must be alert while doing home purchases, be it your first home or purchasing a house for investment purposes. Do go through the other expenditure involved and the administrative costs involved for completing the deal of purchasing a house.Especially while staying in UK being an NRI you need to be regularly updated of the finance sector.
If you are purchasing a home through an agent then their costs also add up to your purchasing amount. When having a talk with the builder and finalizing the details regarding home purchase do go thorough the transfer fees, taxes and the other costs involved even the minute details like the maintenance of the past months if the society has been established and the electricity bills for the past months which very often goes unnoticed till you shift into your new home and get your first bill.Not only in India but also in the UK the rates have gone up immensely. Those extra charges do pile up in dollars and may be an unexpected financial crunch towards you.
Since most of the houses have been left unsold for years and the society may already been established you as new buyer need to understand your rights and commitments as a new buyer of the flat in an established society. With finalising your area square feet for maintenance and the past dues to the society all these must be clarified with the builder before finalizing your home purchase. NRIs staying in UK have to face the same situations with backlog bills remaining you will be in for a surprise, hence better to go through a reputed broker in UK, though there charges will add up to the amount.
As the prices have fallen you get the upper hand at bargaining and do bring down the home rate to maximum lowest as there will be other costs involved which will again sum up to a substantial amount.
A positive trend is just beginning a new dawn with lower rates , and we do hope every home buyer and home loan applicant gets to fulfil his dream of owning a home in this coming new year of 2012.
All the Best from Rizwana!
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