Buying your dream home in India is not only financially challenging but takes a toll on your emotional and mental health as well. Since it’s a massive investment, home buyers often need to face the stress of assessing and putting together their finances. Buyers need to conduct thorough research of the property and make sure that they are making the correct decision before they can relax and enjoy the benefits of their purchase.
If you’re a first-time home buyer, here’s a list of 5 house-hunting mistakes you need to avoid before purchasing your dream home:
Going Over-Budget
During your research, you have stumbled upon the home of your dreams. While it covers several points in your checklist, it is above your budget and loan eligibility. A lot of times, home buyers often make the mistake of stretching their financial capability and assuming that they can cover it up later. But the truth is it will drain you mentally and put a huge strain emotionally. You may have unforeseen medical expenditures, a surge in school fees, insurance, etc. This financial stress will end up causing you huge emotional turmoil and disturbance in your family life.
Not Buying from a Reputed Builder
When you’re looking at properties for sale Mumbai, it is significant that you purchase them from a trusted and renowned real estate developer. An esteemed builder will ensure that the building has all legal aspects covered including proper approvals for the plan, and a clear land title, among others. You can also be guaranteed that the quality of construction will be up to the mark.
Not Conducting a Thorough Research
When you’re looking into the best homes for sale MMR, there are a ton of factors that you need to take into consideration such as location, budget, and so forth. Once you have taken all the parameters into account, you can begin researching homes that meet your criteria.
Nowadays, it’s easy to find the majority of the projects online and you can choose virtual walkthrough as well. In this way, you can peruse through many more projects as you don’t have to physically visit all of them. Conducting thorough research will help you realize the type of projects in the market.
Not Verifying Loan Eligibility
One should not go ahead with buying a new home unless the financial status is well comprehended and assessed. A typical purchase needs a down payment ranging from 10 to 25% of the actual value and the rest of the amount can be availed as a loan from banks.
You need to have an approximate figure of a loan for which you are eligible. In this way, you will not encounter any bad surprises when you realize that you’re not eligible for the amount you want.
Not Checking for Hidden Expenses
One of the common home buying mistakes is not factoring in hidden and surplus expenses in their budget. These comprise tax costs, stamp duty, registration charges, repair expenditure, maintenance expenses, costs connected to packers and movers, home interiors, and so forth. It’s vital to consider all these expenses before finalizing your budget so that you’re well prepared for the final expenditure.
To sum up, you need to keep these house-hunting mistakes in mind as you look for homes in the residential real estate sector MMR.
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