For first-time home buyers, the process of finding and purchasing a home can seem as stressful as having to navigate through a minefield. But here’s the thing – it doesn’t have to be a nightmare. With careful research done in advance, the entire exercise can be smooth and pleasant.
Here is a list of five common mistakes that you can avoid as a first-time home buyer.
Poor financial planning
The financial planning behind buying a home needs to be sound. One needs to ascertain one’s credit score and capability to pay EMIs ahead of the actual purchase. Additionally, it is also wise to be wary of hidden costs in addition to the quote provided by the builders.
Inadequate research
The best way to begin the quest is to do adequate research. Identifying the right locality for your needs, estimating the prices in said area, having a general idea of reliable builders, having a basic understanding of interiors and construction etc will go a long way in protecting newbies from making rookie mistakes.
Not seeking legal help
Irrespective of how much knowledge you have about buying a house, it is absolutely imperative to seek legal counsel before committing to a purchase. This will ensure that documents are free of loopholes and reduce chances of possible legal trouble in future.
Falling for superfluous aspects
In order to promote their offers, some builders often offer additional rewards to purchasing homes in their projects. Gold coins, vehicles, free interior design, free modular kitchens are some such offers. Such offers are often meant to disguise some serious issues that may not be apparent. At times, in order to make the project more appealing, builders mention the super built-up area rather than the actual carpet area. Details like these need to be clarified before deciding to invest in a home.
Expecting immediate returns
There are too many young people who buy homes in the hope that the RoI after a couple of years will be impressive. When investing in property, one needs to be very clear about the nature of investment being illiquid and the actual growth rate that can be expected.
Purchasing a home is a once-in-a-lifetime milestone for most people. In addition, the investment required is no small deal. Considering everything at stake, there’s nothing like being prepared in advance.
