Its Time To Shun Over The Problems Before Buying Homes
Home is a place where we nurture our hopes, it takes years of planning, commitments to realize your goals and take a crucial decision that will make your life. When one is in a house he is aware of every aspect of its existence. The reason he bought, the time he bought, and most importantly the circumstance in which our parents bought their dream. 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 the under-construction house.
2. 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 an 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 possession of your home.
3. Not Researching Enough:
Have a 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 than 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 a far richer lifestyle while also saving you some money.
4. 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 realize you’re not eligible for the said amount.
5. Losing Focus on Other Expenses:
The budget is finalized, 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. 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 then avoid resale home and instead opt for a ready-to-move-in home from a reputed developer.
7. 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.