Buying a home can be a daunting process. Especially, if you are a first-time homebuyer, things can really get on to your nerves and you may feel completely confused and fed up. In such a case, it is common for the people to make few mistakes that may affect them in a long run.
Especially in the case of the first time homebuyer, where people often don’t have enough knowledge and awareness of the ongoing market trends and the complete procedures, they may fall prey to the fake brokers or builders and end up making a deal that proves to be a bane for them. With an aim to help the homebuyers look deeper into the world of the real estate and avoid the common mistakes which they are most likely to make, we have listed below some home buying mistakes that you should be careful of.
We understand that buying a home is not just a financial, but also an emotional process. It is a desire and a dream for everyone to have a home of their own. And when one finally makes a plan of buying one, such mistakes which lead to undesirable results can be disturbing and saddening.
Save yourself from this trouble and make sure that you check into every detail before arriving at the final decision to make your home buying experience worth and fruitful in the long run. Check the list below and avoid making these mistakes.
Digressing from your budget
This is perhaps the most common mistake that people make while buying the house. The budget you have set for buying the property is planned and has been made with a thorough strategy. Digressing from your budget and spending a higher amount for buying the home might seem ok at first, but it may trouble you later.
Keep in mind that there are other expenses also once you move into your house. Don’t end up spending an extra amount on the house and leaving nothing for later.
Hurrying with the purchase agreement
Comes to buying a home, it becomes all the more important to read all the agreement properly and carefully to save yourself from any fraud. If you tend to hurry with the purchase documents and do not check if all the clearances of the property are in place, you make yourself more vulnerable to getting cheated and deceived.
Therefore, an assistance of a professional real estate lawyer is advisable in such a case. You must carry out all the documentation process patiently and carefully. A professional would be able to evaluate and find the loopholes more precisely.
Not inspecting the location properly
Another major issue that the people face is realizing that they have opted for the wrong locality. There may be frequent electricity cuts, water shortage, cleanliness, and other issues in an area which you may not realize at the time of buying the home.
Therefore, you must inspect all these factors beforehand. Talking to local people and carrying out a thorough research is advisable.
Paying for the super-built-up area
Many builders tend to deceive the buyer by quoting the price for the super-built-up area rather than the carpet area. The carpet area of a house is defined as the net usable area inside the inner walls of the house where one can practically lay the carpet.
While making a deal, make sure that you pay the price for the carpet area and not the super-built-up area.
The wrong mortgage
Don’t hurry with the process. The first thing you need to do is to check your affordability. There are a number of home affordability calculators Available at various real estate websites and also on the websites of various banks. Decide the amount of loan you need to take and get your loan pre-approved before you rush into the buying process.
Believe it or not, but it can save you from a lot of trouble. Getting your loan pre-approved gives you a clear idea about your budget. Also, deciding the property first and then getting into the loan process would be a problematic decision. You need to explore more options as well. Different banks have different policies for the homebuyers. Choose the best option for you.