Buying a home is akin to fulfilling a lifelong dream for most people. Since it’s a huge investment, buyers often need to face the stress of evaluating and putting together their finances. They must also research the property and ensure they are making the right purchase before they can finally enjoy the benefits of their asset. If you’re a first-time home buyer, here’s a list of the top mistakes you should avoid while buying your first home.
Not researching enough
Researching a variety of real estate properties before investing in one will help you understand what the market has to offer. Before zeroing in on a property, make sure that you have visited several properties that have been developed by different developers. This will help you better understand what can fit into your budget, in terms of the house’s size, your personal lifestyle, amenities offered, presence of basic conveniences, connectivity, and social infrastructure. Check if you will receive any financial benefits and post-sale support with different developers.
Not checking for hidden costs
Most first-time homebuyers tend to miss out on including hidden and additional costs in their budget. These include tax costs, stamp duty, registration charges, costs of repairs, maintenance costs, costs associated with packers and movers, home interiors, and so on. It’s important to consider all these costs before finalising your budget so that you are prepared for the final expenditure.
Not choosing the right property
Buying a home involves considering many aspects. It's important to take your and your family’s lifestyle, future needs into account when looking for a home. If you’re planning to live in the home for a long time, you must consider how appropriate the home is and whether it meets all your needs and requirements. For example, if the building doesn’t have a gym, it may not be a huge deal-breaker. However, if the location of the building isn’t close to public transport or easy commute options, it could be an issue. If you are planning to expand your family, it makes sense to buy a home with more rooms. If you are only planning to rent the home out, it may be okay to purchase a smaller home or a home.
Choosing a developer based on cost alone
While you may have to pay a slightly higher premium when you choose a reputed developer, it’s safer to do so than to go with a developer who might charge less but end up costing you in the long run. Choosing a reputed developer helps you avoid issues like getting stuck with a delayed home or a poor-quality home.
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