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9 mistakes to avoid before buying a new house

By LODHA 28 April 2021

There is no feeling like home, especially one’s own home. More often than not, it takes years of planning, saving, and commitment to realise your dream home. Its undoubtedly one of the most crucial decision that you will make in your lifetime. And when making such a crucial decision, it’s prudent to be well informed and aware of every aspect of home purchase. Here we have a list of some of the common mistakes that first time homebuyers tend to make. Be sure to avoid these!

1. Getting emotionally attached

It is easy to get emotionally attached to a property that is well suited to your requirements. It may be the house of your dreams, but one has to consider the practical details as well before making the decision. Firstly, the home needs to be within your budget. Similarly, you also need to check the reputation of the builder and their track record in terms of delivery, especially when purchasing under construction house.

2. Overextending your budget

You’ve seen the house of your dreams, your whole family loves it, but there’s a hitch. It is way above your budget and loan eligibility. You may feel that a little financial stretch in the initial months can be handled, but the truth is, it’ll drain you on various levels. You will find it hard to cover unforeseen medical expenses, rising school fees, insurance, etc. The financial strain will cause stress, disturbing your family life.

3. Not purchasing from a trusted builder

When you buy a house from a reputed builder, you can be rest assured that the building has all the legal aspects covered in terms of proper approvals for plan, clear land title, among other things. You can also be assured of the quality of construction. When purchasing under construction home, you can also be assured of timely delivery. Whereas when purchasing with an unknown builder may save you some money but you may end up compromising on quality as well as being assured of the building being legally approved. You may also face delays in getting the possession of your home.

4. Not researching enough

Have list ready for the factors that you are looking for in your new house, your location preference and your budget. Once you have this in place then start researching for projects that meet these criteria. Nowadays, you will find most of the projects online and you can opt for a virtual walkthrough as well. This way you can browse many more projects then what you could have by physically visiting each of them. Research will help you understand the kind of projects in the market. For instance, doing adequate research may help you find a project that’s a little far from your preferred location but will offer you far richer lifestyle while also saving you some money.

5. Losing focus on other expenses

The budget is finalised, the loan eligibility number is in place, you think you’ve planned it. There are hidden expenses you need to consider, like registration fees, taxes, interior design charges, moving expenses, maintenance charges, etc. These are usually not covered by the loan amount and you need to make provisions for the same.

6. Do not go after discounts

While there is no harm in looking for discounts when buying a home, be sure that it’s not the only factor you are basing your decision on. A builder offering you higher discount and other freebies may not be able to deliver quality construction or amenities that will improve your quality of life. If the builder lacks the financial wherewithal then you may also face delays in project completion. Therefore it’s crucial to look at the track record of the builder before finalizing on one.

7. Not checking loan eligibility

One should not proceed with the purchase unless the financial status is well understood. A typical purchase requires a down payment ranging from 10 to 25 percent of the actual value, the remaining amount availed as a loan from banks. You have to have an estimated figure of the loan for which you are eligible. This practice ensures that you won’t face any unpleasant surprises when you realise you’re not eligible for the said amount.

8. Avoid a resale house

A resale home is considered a safe investment by many. However, one has to consider the cost of repairs depending on the age of the property. Upkeep charges are much higher in resale homes, which tend to take a big chunk off your budget. So, if you can they avoid resale home and instead opt for a ready-to-move-in home from a reputed developer.

9. Ignoring the future requirements of the family

As the family grows, their needs and requirements also grow. Kids will require educational institutions and avenues for recreational activities. For the elderly, medical facilities should be available quickly. While purchasing a house, consider the needs of a growing family. Since buying a home for many is a once in a lifetime event, do consider your future requirements when buying your first home.

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