When buying a home, a few mistakes could result in irreparable losses. This often happens to home buyers who are lured by offers, discounts and freebies and tend to forget their actual requirement and hence tend to mess up.
1. Not going through the purchase agreement before buying a home
When a buyer skips their purchase agreement, he/she makes themselves vulnerable to fraud or forgery. This also means that the buyer has not verified the document and hence, is not aware if the house possess the required clearances. This is where you have to a lawyer who can come in and read through the document thoroughly and watch out for any loopholes.
2.: Going ahead with the token money payment before the loan is approved
Inexperienced buyers sometimes tend to jump the gun and pay the token money, merely to ensure that they don’t lose their dream home to someone else. It is advisable to take the plunge, only after having your home loan approved. The consequences of this mistake include legal cases, foregoing the home, etc.
3. Opting for a home where electricity shortage, water crisis is a major concern
These issues tend to crop up in urban areas and buyers should, therefore, study the location properly, before buying a project in the area.
4.Not talking to the builder about the fixed and variable costs, with the builder
Home buyers who don’t budget are in for a rude shock. Builders may be slashing property prices but are very slyly increasing the maintenance and other charges. Therefore, make sure your budgets can accomodate a worst case scenario.
5. Super built-up versus carpet area
Usually properties whose prices are based on the super built-up area, always cost more than those based on the carpet area. Make it a point to make sure that the builder quotes a rate on the basis of carpet area.
Things to note:
- Home buyers should enlist the help of professionals, who can guide in the buying process.
- While buying a new property, preferably, choose a reputed developer.
- One of the worst mistakes that a buyer can make, is extending on their budget. You must calculate the monthly costs before you buy a house and also evaluate your loan eligibility. Any kind of negligence, can lead to problems in ownership of the property.
- With services like Snagitout, make sure your home is inspected so you avoid spending later.
- Buy a house in a location that is not only convenient, but provides better value in the future. It should also have good connectivity to other places and adequate social infrastructure.
- The buyer should also check the title and the legal aspects of the property, maintain experts.