A homebuyer has many things in mind when planning property purchase. In fact, this is the most crucial time as the prospects are likely to make common mistakes that have longtime effect in life. So, here in this blog post, we suggest you consider the below-mentioned tips to avoid common mistakes while buying a residential unit.
- Incomplete Market Study
Of course, you are not expected to be a real estate expert but this also doesn’t mean that one should step into the property market without a basic understanding of the situation. Yes, a prospect must have an idea about the present circle rate, builder equity, property age, amenities available, connectivity and infrastructure around.
These are basic things you must look for at the time of purchasing an asset as a huge sum of money is involved in property purchase.
- Non-Calculation of Funds
Home buying procedure includes handsome money and thus a prospect must check fund availability. Banks are the best option to borrow a home loan but here also you need to need act smartly as the loan is sanctioned maximum upto 80 percent. So, you have to manage the remaining amount and thus it is important to check about investments maturity time and more.
- Not Taking Professional Assistance
The professional assistance is of utmost important to get a fair insight of the project. But, the Indian homebuyers prefer family opinion which is completely illogical. This is so because only a professional knows about the current property price, market conditions, builder reputation and more such key issues. Hence, finalizing a deal without availing professional assistance is wrong as the property might have certain issues that need to be addressed.
But, the non-availability of a professional in the deal will make you land in trouble as only professionals know the way out.
- Doing Online Booking
Patience is a virtue. This is true when it comes to home buying as booking a unit without making an actual site visit is a complete blunder. The excitement level is high when you are going to be a property owner and this increase the chance of falling into the trap of exciting offers.
You are suggested not to make a home buying decision in haste. In fact, make site visits to multiple projects before taking the final decision as the comparison between properties allow you to buy the right kind of property.
- Not Calculating Overhead Charges
Did you notice the terms and condition written in small text below the advertisement? If not then definitely look for it as the hidden charges like PLC, GST, Club membership and more are there to escalate the budget.
So, take extra budget in hand to deal with these overhead charges when completing the home buying process.