Each one of us craves for a space of our own – our own house- no matter big or small. The satisfaction of owning one’s abode is unparalleled and is one of the major investments a buyer makes in his lifetime. Since a huge amount of our money is involved, buying a residence merits certain forethought and research.
Lack of knowledge can lead to mistakes and complicate the situation. Here in this article, we present some common oversights to watch out for!
Do not blow your budget
Investing in a home is an emotional proposition and one may get carried away and as a result, go overboard with the originally planned budget. However, one must act prudently and avoid such situations.
Buyers often look at the top end of their affordable monthly income and do not give much thought to the probability that they may change jobs in the future and earnings may fluctuate.
The home loan EMI must be based on real income, objective analysis of future earnings, and must be affordable. Going overboard may take a heavier toll on your income and cause trouble.
Do not ignore added costs
While finalizing the budget and cost estimates, the buyer must take into consideration costs like stamp duty, registration charges, maintenance costs, utilities, property taxes, insurance, etc. which heavily add to the eventual amount.
Do not be misled – do active Market Research
As a buyer, one must try to understand the changing dynamics of the real estate market with the help of individual research and the advice of an experienced realtor. Based on the study of the market one may decide whether it’s a good time to buy or whether waiting a while will be a prudent decision.
Do read the Project Documents
It is crucial to ensure that the project is legally sound and the developer has got all necessary clearances from the authorities. Failure to do so may lead to the buyers’ money being stuck in a stalled project. Hence, read the project documents carefully.
Don’t neglect to get everything in writing and on paper
In the case of property transactions where huge amounts of investments are at stake, it is always wise to have a written document.
The buyer must go through his contract with a fine-toothed comb and if something is missing, get it added in writing!
Don’t skip the Pre-Handover Inspection
Before paying the final installment to the developer, get a professional inspection done to ensure that everything is in a good shape and as previously promised.
A pre-handover inspection is a must and must not be skipped.
Do not jump on the brand bandwagon
Make an informed decision after investigating the history of the developer – whether big or small, quality of their construction, track records of delays, etc. Making impulsive decisions based on hollow brand names may prove harmful.
Avoid a panic buy
Maintain your composure and continue your search for a suitable property even if you had been on the lookout for months. Panic buys often cause more harm than good.
Do not follow advice blindly
Rely on your realtor for professional advice but do your bit of research as well. It’s possible to conduct research over the internet from the convenience of your home as well. It never pays to follow the advice in an unthinking way.
Avoid going solo!
Some buyers are under the illusion that they can handle everything on their own. Independent decisions and professional advice must go hand in hand to avoid future complications. An average buyer can always gain from the expertise and perspective of a professional realtor.
Keep the above reminders in mind and enjoy a hassle-free home buying experience!